Madison Square Garden teams up with Las Vegas Sands
The agreement was set for the next 50 years to cover the theatre in Las Vegas Sands’ lands.
US.- Madison Square Gardens and Las Vegas Sands announced a 50-year agreement to collaborate in the construction of a concert venue in Las Vegas city. The deal includes mutual marketing support and commercial benefits. Las Vegas Sands will receive 25 percent of the tax cash flow in excess of the objectives which were not detailed.
The first project in which both companies will be working on is the 16,000-seat theatre in Las Vegas Sands’ lands. The building will be leased to Madison Square Garden for 50 years. The agreement also establishes Madison Square Garden as the owner, whilst Las Vegas Sands will invest US$75 million in a pedestrian bridge that will link the Venetian-Palazzo-Sands Expo Convention Center complex.
The new agreement will position both brands as the leaders of Las Vegas businesses. The two companies are setting major competition against MGM Resorts’s 20,000-seat new venue premiered last month.