![]() MSG did not disclose specifically what the proceeds of the sale would be used for, but analysts have said that some of it is expected to be used to pay for the Sphere’s rising construction costs.Ī Securities and Exchange Commission filing Monday said the company “expects to receive at closing approximately $300 million of net proceeds (taking into account the payment of accrued management fees) in connection with the transaction. In the fiscal year 2022, Tao Group generated about $485 million in revenue, $37 million in operating income and $67 million in adjusted operating income.Īfter the sale closes, New York-based MSG will enter into multi-year agreements with Tao Group for ongoing consulting, marketing and support services at Madison Square Garden in New York and the MSG Sphere in Las Vegas. ![]() Tao Group oversees the Tao, Hakkasan, Omnia, Marquee, Wet Republic and Lavo brands in Las Vegas and has a portfolio of more than 80 branded locations in over 20 markets across four continents. MSG and Mohari came to an agreement on the sale after a bidding process involving multiple parties. Mohari Hospitality purchased Madison Square Garden Entertainment Inc.’s 66.9 percent stake in Tao Group for $550 million, according to a Monday news release. (Bizuayehu Tesfaye.Las Vegas Review-Journal) developers behind MSG Sphere at The Venetian sold off its majority stake in Tao Group Hospitality - a move that analysts have said may help the company pay for the Sphere’s rising construction costs. MSG Sphere at The Venetian is seen on Monday, March 20, 2023, in Las Vegas.
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