Gambling in the USA

Shares of Madison Down 9.3%

Published

6 years ago

August 22, 2019

Niji Narayan

Photo source: msg.com

Reading Time: < 1 minute

The Shares of Madison Square Garden Co have fallen their most ever after it disclosed the steep cost of building a new venue in the gambling mecca. The stock fell as much as 9.3% to $266, hitting its lowest mark since January.

Investors were jarred by potential cost overruns of a concert and event venue called the Las Vegas Sphere. MSG approved a preliminary construction budget of $1.2 billion, but a contractor estimated the expense would be $1.7 billion.

Even $1.2 billion would dwarf the budget of other venues. Las Vegas’s T-Mobile Arena, which opened just down the street in 2016, cost $375 million.

MSG plans to open the high-tech Las Vegas venue in 2021. It will host concerts, product launches, award shows and sporting events and feature an interior display the size of three football fields, the company said.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.