The company has blamed higher costs on construction delays from the COVID-19 pandemic and supply chain disruptions.Įarlier this month, the company announced it settled a two-year-old series of class action lawsuits from shareholders for $48.5 million stemming from the approval of a merger with MSG Entertainment in a cost-saving move. ![]() That ballooned to $1.8 billion in 2019, $2 billion in 2020 and $2.2 billion last year. The project had a $1.2 billion price tag. ![]() Over the past few years, investors have been concerned about escalating costs of the 17,500-seat entertainment venue. Proceeds from the sale are expected to be used for general corporate matters, as well as Sphere initiatives.” MSG did not disclose specifically what the proceeds of the sale would be used for, but analysts have said that some of it is expected to be used to pay for the Sphere’s rising construction costs.Ī Securities and Exchange Commission filing Monday said the company “expects to receive at closing approximately $300 million of net proceeds (taking into account the payment of accrued management fees) in connection with the transaction. In the fiscal year 2022, Tao Group generated about $485 million in revenue, $37 million in operating income and $67 million in adjusted operating income.Īfter the sale closes, New York-based MSG will enter into multi-year agreements with Tao Group for ongoing consulting, marketing and support services at Madison Square Garden in New York and the MSG Sphere in Las Vegas. Tao Group oversees the Tao, Hakkasan, Omnia, Marquee, Wet Republic and Lavo brands in Las Vegas and has a portfolio of more than 80 branded locations in over 20 markets across four continents. MSG and Mohari came to an agreement on the sale after a bidding process involving multiple parties. Mohari Hospitality purchased Madison Square Garden Entertainment Inc.’s 66.9 percent stake in Tao Group for $550 million, according to a Monday news release. (Bizuayehu Tesfaye.Las Vegas Review-Journal) developers behind MSG Sphere at The Venetian sold off its majority stake in Tao Group Hospitality - a move that analysts have said may help the company pay for the Sphere’s rising construction costs. If you're in the market for a splashy dinner reservation with sceney street cred, this is it.MSG Sphere at The Venetian is seen on Monday, March 20, 2023, in Las Vegas. The selection of playful and whimsical cocktails spotlight Japanese spirits and flavors, with standouts like the Liquid Swords, a savory twist on the old-fashioned with Mizunara oak-aged rum that has been filtered with Japanese coral. "We traveled to Japan to immerse ourselves in the culture and used the knowledge we gained there to perfect every item on the menu and feel it’s a proper homage to Japanese cuisine."Īnd since it wouldn't be a party without cocktails, the beverage program, helmed by Erin Davey, Megan Ardizoni, and Nikki McCutcheon, is, of course, equally on-point. ![]() "We took a lot of care with conceiving the Sake No Hana menu," said Executive Chef Jason Hall. The menu spans sushi, noodles, seafood entrees, sizzling skewers, and "imperial cuts" of steak including Niigata Snow-Aged Sirloin, A5 Miyazaki Tenderloin, and Imperial Wagyu Ribeye, all presented with the flair you'd expect from the Tao Group team. In the Izakaya-style dining room, accented with latticed wood, embroidered fabric panels, and lantern-esque light fixtures, guests can expect an upscale offering of Japanese bites reimagined by Chief Culinary Officer Ralph Scamardella, Chef Yoshi Kojima (VP of Culinary Development), and Chef Jason Hall (VP of Culinary Operations), executed by Executive Chef Nick Phongmekin. Joining the lineup of watering holes and night spots is Sake No Hana, the hospitality group's swanky take on modern Japanese dining.Ī dramatic bar flanked by two curving staircases welcomes guests to the moody Rockwell Group-designed space, whose interiors are inspired by the New York neighborhood's 1980s punk scene and yankii, a Japanese street subculture of the same era that celebrated American rock music and rebellious style. With the arrival of the Moxy Lower East Side hotel comes a slew of buzzy new Tao Group venues located at the Bowery destination.
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