LAS VEGAS (KTNV) — A new spin-off company from Madison Square Garden Entertainment is set to manage several properties here in Las Vegas.
On Thursday, the company said its board of directors has approved the spin-off of its traditional live entertainment business.
Once that transaction is complete, the current parent company will be renamed Sphere Entertainment Co. and will include the MSG Sphere, MSG Networks, and Tao Group Hospitality businesses.
Meantime, the newly-formed live entertainment company will be named Madison Square Garden Entertainment Corp. and will include performance venues, the entertainment and sports bookings business, and the Christmas Spectacular starring the Radio City Rockettes production.
"With [today's] announcement, we are one step closer toward our goal of creating two distinct companies, each well-positioned to generate long-term value for our shareholders," executive chairman and CEO James Dolan said.
The transaction is expected to be completed on April 20.
The company first announced they were considering this plan in August 2022.
Earlier this year, MSG Entertainment also announced they're considering selling their majority interest in Tao Group Hospitality, which includes brands based here in Las Vegas like Tao, Hakkasan, Omnia, Marquee and Lavo.
The company paid $181 million for that majority interest back in 2017.
As for the MSG Sphere, the company is looking to hire up to 3,000 people.
Officials said The Sphere will be holding over 30 hiring events in Las Vegas over the next couple of months.
The Sphere is set to open in September when U2 takes the stage.
