Prince George County Approved $215M for Las Vegas-Style Sphere in Maryland

With its unusual shape for a building and brightly illuminated facade, the Sphere in Las Vegas is one of the most visually striking venues in the city. For some time, Sphere Entertainment, the owner of the unusual music hall, has been looking to build other Spheres in other places across the US. Recently, the company’s project in National Harbor, Maryland, has seen progress as Prince George’s County has approved $215 million in public financing toward the project. County Council Unanimously Approved the Bonds The Prince George’s County Council unanimously approved funding of up to $215 million in special obligation bonds to support the development of Sphere National Harbor. As part of the project, the county will provide about $130 million in site and infrastructure support through a Tax Increment Financing (TIF) arrangement. The sum also includes a county-owned parking garage valued at $40 million on the 14-acre development site. Sphere Entertainment will repay the public financing through future property, sales, hotel occupancy, and amusement tax revenues generated by the venue. The proposed 6,000-seat domed venue will feature high-definition LED displays across both its exterior and interior, just like its larger 17,600-seat counterpart in Las Vegas. According to an Ernst & Young study, Sphere National Harbor could welcome more than two million visitors annually, with approximately half expected to stay overnight in the area. The study estimates that overnight visitors will spend an average of $820 on accommodations, dining, entertainment, transportation, and gambling. Prince George’s County’s contribution to the $1.4 billion project is a major step forward for the National Harbor Sphere, which hasn’t always enjoyed such smooth sailing. Earlier this summer, for example, the Federal Aviation Administration raised concerns that the huge illuminated building might interfere with the flight operations of the nearby Ronald Reagan Washington National Airport and some of its flight paths. The New Sphere Could Generate Thousands of Jobs and Millions in Tax Income Sphere Entertainment is controlled by New York billionaire James Dolan, whose sports and entertainment empire includes Madison Square Garden, Radio City Music Hall, the New York Knicks, and the New York Rangers. Naturally, some residents and labor groups initially questioned the use of public funds to support Dolan’s project. However, County Executive Aisha Braveboy and the County Council maintain that the investment will deliver significant economic benefits to the region. Citing the study by Ernst & Young, county officials project that Sphere National Harbor will generate $63 million annually in local tax revenue. The construction phase alone is expected to produce $1.6 billion in economic benefits and create approximately 3,350 full- and part-time jobs. Once operational, the venue is projected to generate an annual economic impact of $1.3 billion and support about 7,100 direct and indirect jobs. In other news about the Sphere, this time the first Las Vegas one, legendary metal group Metallica took up residency in the venue earlier in October.