The Madison Square Garden Company and Las Vegas Sands to Bring Groundbreaking New Venue to Las Vegas
May 25 2016 - 8:00AM
The Madison Square Garden Company (NYSE:MSG) and Las Vegas Sands
Corp. (NYSE:LVS) announced today that they are bringing a
first-of-its-kind, large-scale venue to Las Vegas that will
re-define the live music and entertainment experience. The
two companies, along with Azoff MSG Entertainment (Azoff MSG), Live
Nation Entertainment, Inc. (NYSE:LYV) and Oak View Group, will work
together to create a premier destination for people around the
world who want to see today’s biggest and best concerts and events.
This groundbreaking 400,000 square foot venue, located on Sands
Avenue between Manhattan Street and Koval Lane, will be the world’s
largest venue built specifically for music and entertainment.
The venue will feature a unique seating design that places all
17,500 seats in front of the stage and, with a scalable seating
capacity, will present a wide variety of shows – from the largest
touring concerts to specially designed residencies and full-blown
productions and events. In addition to superior acoustics,
state-of-the-art technology will be utilized throughout the
building, creating a venue of the future capable of delivering new
and innovative experiences for both artists and fans. The
venue will re-invent the VIP experience, with luxurious seating
options and exclusive clubs and lounges. It will also feature
first-class amenities in deluxe, dedicated areas specifically
designed to elevate the artist experience.
James L. Dolan, executive chairman of The Madison Square Garden
Company, said, “Through our experience with the Forum, we’ve
realized that there’s a real need for venues that focus
specifically on music and entertainment. Now we’re taking
what we’ve learned and expanding MSG’s portfolio of celebrated
venues into key markets, where we can use our building expertise,
operational excellence and industry relationships to ensure they
become thriving destinations that continue to set the standard for
entertainment. Las Vegas, as an underserved concert market,
is an opportunity that Irving Azoff cultivated and brought to our
attention. With his continued involvement, and our
relationship with Sands, we look forward to creating a world-class
venue that exceeds the expectations of both artists and music
fans.”
“A world-class performance venue with direct connectivity to our
Venetian and Palazzo resorts will undoubtedly be positive for our
business in Las Vegas, but it is also exactly the type of
investment that is important to the long-term interests of Las
Vegas as a leading international tourist destination,” said Las
Vegas Sands Chairman and CEO Sheldon G. Adelson. “At a time
when significant conversations are taking place about the city’s
future tourism needs, a state-of-the-art venue designed, built and
exclusively dedicated to bringing the world’s greatest musical and
entertainment acts to Las Vegas is the type of development we
should all be excited about.”
Irving Azoff, chairman and CEO of Azoff MSG Entertainment, said,
“The tremendous success of the Forum illustrates the power a
world-class music and entertainment-focused venue has in attracting
both leading artists and music fans. We believe this
opportunity in Las Vegas, which welcomes more than 40 million
people a year, will take this model to a whole new level. Las
Vegas is known for many things, but until now its entertainment
options did not include a state-of-the-art, large-scale destination
created specifically for major concerts. That will change
with this never-before-seen venue, which will be an experience in
itself, bringing people to Vegas for the biggest concerts and
events in the world. This will include the excitement of
mixed martial arts as we look forward to working with the Fertitta
brothers on bringing UFC events to the new venue.”
Michael Rapino, president and CEO of Live Nation Entertainment,
said, “Live Nation is dedicated to creating the two most magical
hours of live entertainment possible. By working with the
best team in the business, we have no doubt that this new venue
will raise the bar for the live experience in Las Vegas.”
“We’re thrilled to join this incredible team to help usher in a
new era for music and entertainment in Las Vegas,” said Tim
Leiweke, CEO of Oak View Group. “This new venue will pioneer
the next generation of fan experiences and content development, and
raise the bar for innovative branding opportunities.”
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve a number of risks, uncertainties or other
factors beyond the control of the companies, which may cause
material differences in actual results, performance or other
expectations. These factors include, but are not limited to, the
uncertainty of whether the required regulatory approvals and
entitlements will be granted on a timely basis, or at all, whether
the parties will enter into the lease, whether the construction of
the new venue will commence, and whether the venue will open.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
thereof. The companies assume no obligation to update such
information.
Contacts:
Kimberly Kerns
The Madison Square Garden Company
212-465-6442
kimberly.kerns@msg.com
Ron Reese
Las Vegas Sands Corp.
702-414-3607
ron.reese@sands.com
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