{"id":323615,"date":"2024-06-24T21:52:00","date_gmt":"2024-06-25T02:52:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=323615"},"modified":"2024-06-25T09:11:21","modified_gmt":"2024-06-25T14:11:21","slug":"ny-mets-owner-buys-50b-share-of-las-vegas-sphere","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ny-mets-owner-buys-50b-share-of-las-vegas-sphere\/","title":{"rendered":"NY Mets Owner Buys $50M Slice of Las Vegas Sphere"},"content":{"rendered":"

Baseballs aren\u2019t the only round things fancied by Steve Cohen. According to Sportico,<\/em> the owner of the New York Mets recently picked up a 5.5% stake in the Las Vegas Sphere.<\/p>\n

\"\"
Steve Cohen owns 97% of the New York Mets. (Images: Foreground, Getty; Background: YouTube)<\/figcaption><\/figure>\n

Cohen bought 1.56 million shares of Sphere Entertainment, which includes the spherical concert venue built for $2.3 billion by majority owner James Dolan, and opened last September.<\/p>\n

The new investment came to light via a Schedule 13G filing, which is required for investment firms with an ownership stake in a company\u2019s total stock exceeding 5%. Though the filing didn’t include Cohen’s purchase price, 1.56 million shares of Sphere Entertainment today is worth approximately $52 million.<\/p>\n

Sphere Phishing<\/h2>\n

Cohen purchased the stock sometime in this year’s second quarter through his Point72 Asset Management hedge fund. It was the second time the Cohen-founded group invested in the Sphere. Last year, Point72 owned 262,102 shares, but sold them in the first quarter of 2024.<\/p>\n

\n

The tremendous infusion of Cohen cash comes at an urgently needed time. Dolan is reportedly negotiating for Sphere residencies with the most expensive acts in the music business — including Beyonce, Harry Styles, Lady Gaga, and the Eagles, who just announced a 12-date residency<\/a> this fall.<\/p>\n<\/div>\n

The Eagles will play only the Sphere\u2019s third residency, following 24 shows by Dead & Company and 40 by U2.<\/p>\n

It’s widely believed that the unprecedented offer made to U2 to serve as the Sphere\u2019s guinea pigs — a reported 90% of ticket sales plus $10M to finance a dedicated video production — hurt the Sphere\u2019s bottom line, not only at the time, but to this day because other A-listers feel deserving of identical terms.<\/p>\n

Luckily for the Sphere, the bulk of its revenue derives from movie screenings, not concert performances. The Darren Aronofsky sci-fi opus \u201cPostcards from Earth\u201d reportedly grossed more than $1 million in average daily ticket sales, producing $100.5 million in revenue for 257 performances during the most recent quarter.<\/p>\n

Two more Sphere films are reportedly in production.<\/a> One will be a documentary about U2, the other a new spin on \u201cThe Wizard of Oz.\u201d<\/p>\n

Dolan and his family still own a controlling stake (6.9 million) in Sphere Entertainment. However, Cohen isn’t known for purchasing minor stakes in entities he\u2019s not thinking of eventually controlling.<\/strong><\/p>\n

He first bought into the Mets via an 8% stake in 2012, for $40 million, and then purchased 89% more of the team in 2020, for $2.4 billion — one of the largest transactions in the history of professional sports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Baseballs aren\u2019t the only round things fancied by Steve Cohen. According to Sportico, the owner of the New York Mets recently picked up a 5.5% stake in the Las Vegas Sphere. Cohen bought 1.56 million shares of Sphere Entertainment, which includes the spherical concert venue built for $2.3 billion by majority owner James Dolan, and […]<\/p>\n","protected":false},"author":78,"featured_media":323616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3313,81886,82963],"tags":[89383,84936,85030,23,82012,82676,83667,87683,83882,90459,81968],"acf":[],"yoast_head":"\nNY Mets Owner Buys $50M Slice of Las Vegas Sphere - Casino.org<\/title>\n<meta name=\"description\" content=\"Baseballs aren\u2019t the only round things fancied by Steve Cohen. 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