TLDR Prince George’s County Council unanimously approved up to $215 million in bonds for a Sphere venue in National Harbor, Maryland. The planned venue will have 6,000 seats and could draw more than two million visitors a year. Sphere Entertainment will repay the financing through future property, sales, hotel, and amusement taxes. County officials project $63 million in yearly local tax revenue and about 7,100 jobs once the venue opens. The full project is expected to cost $1.4 billion.
The Prince George’s County Council in Maryland has approved up to $215 million in public financing for a new Sphere venue in National Harbor. The vote was unanimous.
The project is led by Sphere Entertainment, the company behind the Sphere in Las Vegas. The company has been working to build more Sphere venues in other parts of the United States.
How the $215 Million Deal Works
The money will come from special obligation bonds. About $130 million will go toward site and infrastructure support through a Tax Increment Financing arrangement.
The total also includes a county-owned parking garage valued at $40 million. The garage sits on the 14-acre development site.
Sphere Entertainment will repay the public financing through future taxes generated by the venue. These include property, sales, hotel occupancy, and amusement taxes.
The full project is expected to cost $1.4 billion. The county’s support moves the plan forward after earlier hurdles.
Earlier this summer, the Federal Aviation Administration raised concerns about the building. The agency said the large illuminated structure could interfere with flight operations at nearby Ronald Reagan Washington National Airport.
Visitors, Jobs, and Tax Revenue
The planned venue will have 6,000 seats. Like the 17,600-seat Las Vegas Sphere, it will feature high-definition LED displays on both its outside and inside.
A study by Ernst &