{"id":227376,"date":"2022-08-18T17:52:34","date_gmt":"2022-08-18T22:52:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=227376"},"modified":"2022-08-19T16:43:42","modified_gmt":"2022-08-19T21:43:42","slug":"madison-square-garden-eyes-sphere-tao-group-spinoff","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/","title":{"rendered":"Madison Square Garden Mulling Spin-Off of MSG Sphere, TAO Group Unit"},"content":{"rendered":"

Madison Square Garden Entertainment Corp. (NYSE:MSGE) said today its board of directors granted the company permission to evaluate a spin-off of its live entertainment business. The news has Las Vegas implications.<\/p>\n

\"Madison
Workers at the MSG Sphere site in Las Vegas. Madison Square Garden Entertainment is considering spinning off the unit that includes that venue. (Image: Jeff Scheid\/Nevada Independent<\/em>)<\/figcaption><\/figure>\n

The company owns the eponymous arena in New York City, The Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, among other interests. It could separate those businesses with a new MSG Entertainment retaining the MSG Sphere in Las Vegas and TAO Group Hospitality, as well as a one-third stake in the spun-off entity and the bulk of the company\u2019s cash on hand.<\/p>\n

There can be no assurance that the proposed transaction will be completed in the manner described above, or at all. The Company has not set a timetable for completion of this process. Completion of the transaction would be subject to various conditions, including certain league approvals, receipt of a tax opinion from counsel and final MSG Entertainment Board approval,\u201d according to a statement issued by MSG Entertainment.<\/p><\/blockquote>\n

News of the proposed transaction sent shares of Madison Square Garden Entertainment higher by almost 7% in Thursday\u2019s after-hours session.<\/p>\n

MSG Move Is Vegas-Related<\/h2>\n

Should MSG proceed with the spin-off, the company’s new version would have a heavy Las Vegas footprint.<\/p>\n

\u201cThe first MSG Sphere is currently under construction in Las Vegas and is expected to open in the second half of calendar 2023,\u201d notes the company.<\/p>\n

That venue\u2019s first event is slated to be a U2 concert<\/a>, and it already inked an agreement with Formula One<\/a> in advance of the circuit\u2019s upcoming Las Vegas Grand Prix in November 2023. The proposed corporate action is also meaningful to TAO Group.<\/strong><\/p>\n

That entity is \u201ca global entertainment dining and nightlife provider, with over 70 branded locations within 60 venues in more than 20 markets across five continents,\u201d according to the press release.<\/p>\n

TAO\u2019s Sin City venues include Asian and Italian restaurants, namesake day clubs and nightclubs Hakkasan, Marquee Nightclub, OMNIA Nightclub, and the famed Wet Republic Ultra Pool. The bulk of those venues are located in Strip integrated resorts.<\/a><\/p>\n

If Spinoff Happens, Here\u2019s What Remains<\/h2>\n

In addition to Madison Square Garden, The Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, MSG\u2019s live entertainment business would retain some assets that could be compelling to investors.<\/p>\n

\n

Those include coveted licensing accords with the New York Knicks and New York Rangers, both of which play their home games exclusively at Madison Square Garden. The Knicks and Rangers are two of the most valuable franchises in the NBA and NHL, respectively, and are controlled by Madison Square Garden Sports Corp. (NYSE:MSGS).<\/p>\n<\/div>\n

Assuming the spin-off materializes, the new division will also include MSG Networks, \u201cwhich owns two regional sports and entertainment networks, MSG Network and MSG+, as well as a companion streaming app, MSG GO, and features exclusive live local games of 5 NBA and NHL sports franchises,\u201d according to the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Madison Square Garden Entertainment Corp. (NYSE:MSGE) said today its board of directors granted the company permission to evaluate a spin-off of its live entertainment business. The news has Las Vegas implications. The company owns the eponymous arena in New York City, The Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre […]<\/p>\n","protected":false},"author":46,"featured_media":227377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3313,81886],"tags":[81990,23,24],"acf":[],"yoast_head":"\nMadison Square Garden Eyes Sphere, TAO Group Spinoff<\/title>\n<meta name=\"description\" content=\"Madison Square Garden considering spinoff of Las Vegas assets, including Sphere, TAO Group.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madison Square Garden Eyes Sphere, TAO Group Spinoff\" \/>\n<meta property=\"og:description\" content=\"Madison Square Garden considering spinoff of Las Vegas assets, including Sphere, TAO Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-18T22:52:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-19T21:43:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sphere.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1227\" \/>\n\t<meta property=\"og:image:height\" content=\"866\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/\",\"url\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/\",\"name\":\"Madison Square Garden Eyes Sphere, TAO Group Spinoff\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sphere.jpg\",\"datePublished\":\"2022-08-18T22:52:34+00:00\",\"dateModified\":\"2022-08-19T21:43:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Madison Square Garden considering spinoff of Las Vegas assets, including Sphere, TAO Group.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/madison-square-garden-eyes-sphere-tao-group-spinoff\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sphere.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sphere.jpg\",\"width\":1227,\"height\":866,\"caption\":\"Workers at the MSG Sphere site in Las Vegas. Madison Square Garden Entertainment is considering spinning off the unit that includes that venue. 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