Unique Las Vegas Strip Site Nears Completion
Las Vegas has just about every kind of structure imaginable. The famous Las Vegas Strip is literally home to a casino that looks like an Egyptian pyramid (MGM Resorts International’s (MGM) – Get the MGM Resorts International Report Luxor) as well as replicas of the Statue of Liberty and the Eiffel Tower (at MGM’s New York, New York and Caesars Entertainment’s (CZR) – Get the report from Caesars Entertainment Inc. Paris Las Vegas respectively.
These structures don’t even stand out as so unique on a street that offers an almost endless array of properties designed to grab your attention. It could be in the garish style of Roman architecture of Caesars Palace or the bold gold color of Wynn Resorts. (WYNN) – Get Wynn Resorts, Limited Report Properties.
Las Vegas has become a city where it takes a lot to grab anyone’s attention. On a 4.2 mile stretch of road where it’s not uncommon to see Batman talking to Captain America or scantily clad showgirls and shirtless muscle men selling photos just steps away from Mickey Mouse or PAW animal officials Patrol, it takes a lot to get someone to be curious.
The new project being built just east of the Venetian’s Expo convention center looks like a giant circular structure. It attracts attention and approaches opening for business.
What’s built on the Las Vegas Strip?
The mysterious structure is actually the first of its kind MSG Sphere, a new type of entertainment venue. According to Las Vegas Review-Journal. “The 17,500-seat venue will have a high-resolution display plan, which is larger than three football pitches, the world’s largest beam-forming audio system with over 160,000 speakers and it will deliver superior to every seat in the house.”
The structure will soon be “completed,” according to the newspaper, but it’s not expected to open until 2023. It’s an eye-catching venue that promises to deliver unique experiences that cost owner MSG Entertainment. (MSGE) $1.3 billion so far, according to comments made during the most recent earnings call.
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“Our first MSG Sphere location remains on track to open in Las Vegas in the second half of the 2023 schedule,” MSG Entertainment Chief Financial Officer David Byrnes said on the call. “…We plan to complete the building’s steel exosphere later this month, a key milestone in our construction process. It will be an impactful display for partners to showcase their brands, create activations unique and promote content.”
MSG partners with Formula 1
And while MSG hasn’t fully explained exactly how the sphere will be used, the company has already struck a deal with Formula 1 that will bring a race to Las Vegas in 2023.
“We recently formed an exciting multi-year partnership for MSG Sphere with Formula 1, starting with the inaugural Las Vegas Grand Prix next year. F1’s entry into Las Vegas strengthens the market’s position as a destination for major sporting and entertainment events,” Byrnes said.
He also explained why the deal was made and the role the Sphere will play.
“MSG Sphere’s prime position along the circuit presents a prime opportunity for our business and F1. We will be able to showcase the site to a global audience of entertainment and sports fans both in person and online. watching the event broadcast around the world,” he said. “And this integrated partnership will give F1 meaningful access to the venue and our grounds for thousands of racing fans, as well as takeovers of our outdoor LED screen for race-related content activations and advertising. ”
The CFO made it clear that the company had a broad vision for the new site.
“As we move towards the opening of the site, we have been energized by the interest we are seeing from potential partners,” he added. “This includes discussions with leading filmmakers about creating original immersive attractions with global artists for on-site concert residencies, with marquee event promoters and with potential business partners, who see a substantial value in platform capabilities inside and out.”