NEW YORK, May 25, 2016 (GLOBE NEWSWIRE) -- 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.
Source: The Madison Square Garden Company