Group building MSG Sphere in Las Vegas begins trading on NYSE
The entity building the MSG Sphere in Las Vegas has officially spun off from parent company Madison Square Garden Sports Corp.
Madison Square Garden Entertainment Corp. began trading on the New York Stock Exchange under MSGE on Monday. Each MSG common shareholder received one share of MSG Entertainment common stock for every share of MSG common stock, according to a Monday news release.
The Madison Square Garden Co. announced in late March that it was suspending construction of the $1.66 billion MSG Sphere and no longer expects to finish construction next year. The 17,500-seat spherical venue, just east of the Strip, is expected to feature massive video screens, both inside and out.
The company also plans to build a second MSG Sphere in London, pending approvals.
“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” James Dolan, Executive Chairman and CEO of MSG Entertainment, said in the release.
Mark FitzPatrick has been named Executive Vice President and CFO. He most recently served as Deputy CFO at WeWork, starting in 2016. He had previously spent 10 years holding a variety of senior finance roles at Time Warner Cable.
“We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies,” Dolan said. “We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”
As of Monday morning, MSGE shares were trading at $70.96 per share, up $2.90, or 4.26 percent.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.