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 as well as replicas of the Statue of Liberty and the Eiffel Tower (respectively at MGM’s New York, New York and Caesars Entertainment’s Paris Las Vegas ).
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 at Caesars Palace or the bold gold color of Wynn Resorts 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. It’s a 366-foot-tall steel sphere that will be “covered with approximately 580,000 square feet of fully programmable LED panels, forming the largest LED screen on Earth,” according to the 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 beamforming audio system with over 160,000 speakers and it will provide audio 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. $1.3 billion so far, according to comments made during the company’s latest earnings call.
“Our first MSG Sphere location remains on track to open in Las Vegas in the second half of the 2023 schedule,” MSG Entertainment CFO 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 to promote the 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,” said Byrnes.
He also explained why the deal was made and the role the Sphere will play.
“MSG Sphere’s privileged position on the circuit presents a prime opportunity for our business and F1. We will be able to introduce the site to a global audience of entertainment and sports fans both in person and watching. broadcasting the event worldwide,” he said. “And this integrated partnership will give F1 significant access to the venue and our grounds for thousands of racing fans as well as reruns of our outdoor LED display 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 concert residencies at the site, with marquee event promoters and with potential business partners, who see a substantial value in platform capabilities inside and out.”
TheStreet, Inc. All rights reserved. Action Alerts PLUS is a registered trademark of TheStreet, Inc.
This story was originally published May 17, 2022 3:35 p.m.