A major $1.4 billion project confirmed, including up to $215 million in bond issuance
The world's second stage for Las Vegas's famous 'Sphere'... to be built with a 6,000-seat capacity
County officials: "Expecting $63 million in annual tax revenue growth and massive economic ripple effects"
The "Sphere," the innovative venue and new landmark of Las Vegas, USA, is coming to National Harbor in Prince George's County, Maryland.
On the 27th (local time), the last day of the legislative session, the Prince George's County Council unanimously passed (8-0) a public financing package worth approximately $200 million to bring the Sphere to National Harbor during its plenary session.
With this vote, the county government will issue up to $215 million in Special Obligation Bonds to build the 6,000-seat, cutting-edge venue and surrounding complex. The developer, "Sphere Entertainment," will repay the bonds over time using revenues generated from future facility operations. The total project cost amounts to roughly $1.4 billion; the county will provide a $40 million parking garage and $130 million in bond financing, while the State of Maryland will also contribute more than $13 million in funding.
Immediately following the vote, Prince George's County Executive Aisha Braveboy held a press conference, declaring, "Today, Prince George's County steps onto the global stage, leaping forward as a new hub for investment, entertainment, technology, and innovation."
Executive Braveboy continued, emphasizing, "This project will generate an economic impact of $1.3 billion for the county and $1.5 billion for the State of Maryland as a whole. We expect to secure $63 million in new annual tax revenue from pure property taxes, sales taxes, and admissions and amusement taxes alone."
Attracting the Sphere is expected to be a major turnaround for Prince George's County, whose local economy was recently hit by the NFL's Washington Commanders' stadium relocation plans and the closure of the Six Flags amusement park in Largo. The county estimates that the tax revenue boost brought by the new entertainment venue will be more than triple the losses incurred from the departure of existing facilities.
Reaching approval was not without hurdles. Initially, the County Council majority demanded a "Project Labor Agreement (PLA)" mandating the hiring of unionized workers as a condition for approval, which brought negotiations to the brink of collapse when Sphere firmly resisted. However, after proactive mediation by the county executive's office and the Maryland Governor's Office, a dramatic compromise was struck centered on a "Labor Peace Agreement" guaranteeing workers' right to unionize after opening, alongside the creation of a community giveback fund.
Executive Braveboy assessed, "Securing robust commercial tax bases is essential to ease the tax burden on residents who have excessively relied on residential property taxes," adding, "This decision sends a message to global investment markets that Prince George's County is ready for world-class investment and high-caliber development."
Meanwhile, the National Harbor Sphere, the second in the world to be built after Las Vegas, plans to hold a groundbreaking ceremony in the near future. County authorities intend to accelerate the project with the goal of an official opening in early 2030.