Huge Las Vegas Strip Properties Likely up for Sale
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Some of the biggest names on the Las Vegas Strip are up for bids. One of them is Madison Square Garden Entertainment (MSGE) - Get Free Report. MSGE is selling the Tao Group, which owns the MSG Sphere performance venue. MSG sphere was originally budgeted at $2 billion but has seen costs increase by at least $175 million. The company is looking for a buyer. Las Las casinos are not sympathetic to people with money problems. They will get their money.
Madison Square Garden Entertainment hired Goldman Sachs to explore a sale of Tao Group. First-round bids for Tao are being submitted now. Houston Rockets and Golden Nugget Casino owner Tilman Fertitta is a rumored suitor for the club. FERTitta bought a piece of land on the Las Vegas Strip in April. He is expected to build a high-end resort casino on that site.
MSG Entertainment has to pay for the rising costs of its massive Strip project without a sale. The company's CFO David Byrnes commented on its funding plans during the company’s first-quarter earnings call. MSG Sphere is expected to open in the second half of 2023 with a U2 residency rumored as its first artist. The interior display plane will be the highest-resolution LED screen in world.
