Las Vegas Sands will contribute $75m to the MSG Sphere arena project being built behind two of its Las Vegas Strip properties.
Documents filed to the Securities and Exchange Commission show Sands will pay out the money to Madison Square Garden Co incrementally upon construction milestones being met on the site owned by the gaming giant. The project's final price has yet to be revealed.
The 360ft tall by 500ft wide facility features a 580,000sq.ft spherical shape wrapped in an open-air trellis structure that includes 190,000 linear feet of LED lighting that is fully programmable to create a digital showcase.
The money is part of a ground-lease agreement, as MSG is developing the planned music and special events arena on land owned by Sands. The sum will go toward project construction costs, including for a 1,100ft long pedestrian bridge planned to link the arena and the Venetian, Palazzo and Sands Expo Center.
