Exhibit 99.1
MSG ENTERTAINMENT PROVIDES UPDATE ON CONSTRUCTION
OF MSG SPHERE IN LAS VEGAS
MSG Entertainment to Serve as Construction Manager;
Jayne McGivern Named President of Development and Construction
AECOM to Continue Supporting Project Through New Services Agreement
Over the Next Year Team to Focus on Critical Path Construction Elements
New York, N.Y., December 17, 2020 — Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE) today provided an update on MSG Sphere at The Venetian, the Company’s planned state-of-the-art venue in Las Vegas, including that it has assumed the role of construction manager of the project. AECOM has transitioned from its role as general contractor to supporting MSG Sphere with a new services agreement that facilitates the company’s continued involvement through the project’s completion.
MSG Sphere Construction
MSG Entertainment, through a wholly-owned subsidiary, will manage construction of MSG Sphere in Las Vegas, with direct responsibility for strategic planning and the construction timeline, as well as management of all subcontractors.
The project will continue to be led by Jayne McGivern, who has been named President of Development and Construction. Ms. McGivern has assembled a world-class team of construction management professionals who will be responsible for driving the completion of the Las Vegas venue and retaining the knowledge gained for future MSG Sphere projects. MSG Entertainment’s internal team will direct all aspects of the project, including oversight of 30 seconded AECOM employees who will continue supporting key areas such as health and safety.
Ms. McGivern said: “We have taken significant steps to strengthen our internal construction team. This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise. MSG Sphere will be a venue unlike any other, and we believe we are well-positioned to not only advance our Las Vegas project, but also deliver on our long-term vision for MSG Sphere.”
Significant Progress
Significant progress has been made on construction of MSG Sphere in Las Vegas. Earlier this year, the superstructure reached its widest point with the completion of the venue’s sixth-level concrete ring beam, which is 490 feet wide and sits 113 feet above ground. The construction team recently completed the successful placement of two 240-ton steel girders that sit 140-feet off the ground and span the length of what will be the venue’s stage, paving the way for continued vertical construction.
Over the next year, construction efforts will focus on several of MSG Sphere’s critical path elements. Current work is being done to finish all superstructure concrete pours, which includes completing stair and elevator cores and the venue’s proscenium wall. Steel for the remaining exterior ring beams and inboard decks will then be placed, leading to the start of construction of the steel domed roof in early 2021.
As previously disclosed, MSG Entertainment expects to open MSG Sphere in Las Vegas in calendar 2023.
