Public money bets on James Dolan’s $1.4bn Sphere venue
The financing plan also includes a $40m county-owned parking garage on the 14-acre site.
The hit
Prince George’s County in Maryland has voted to back James Dolan’s Sphere Entertainment with up to $215m in public financing for a $1.4bn venue, according to Casino.org. The County Council approved the special obligation bonds unanimously on Tuesday. The project sits next to MGM National Harbor.
Why it matters
The county provides site & infrastructure support through TIF, repaid by the owners from future tax revenues, according to Casino.org. Bettors & operators should watch whether the casino floor next door sees a lift from Sphere crowds, since EY’s projections include gambling spend among visitor outlay.
The record
| Bonds approved | up to $215m approved by Prince George’s County Council (unanimous vote, 27 October) |
|---|---|
| TIF site & infrastructure support | roughly $130m from Prince George’s County |
| Parking garage | $40m county-owned, 14-acre site |
| Projected county tax revenue | $63m a year, per Ernst & Young study |
| Construction economic impact | $1.6bn & 3,350 jobs, per Ernst & Young |
| Annual impact once open | $1.3bn & 7,100 jobs, per Ernst & Young |
What happens next
Watch for construction timelines & whether Sphere National Harbor’s 6,000-seat venue takes shape, plus early tax receipts that will determine how fast the county recovers its money.
Sources: Prince George’s County Backs $215M for Sphere National Harbor
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