LAS VEGAS (KSNV) — Sphere Entertainment has inked a deal for its second venue in the United Arab Emirates.
The company, which recently reincorporated in Nevada, announced in a filing with the U.S. Securities and Exchange Commission that it finalized a 25-year franchise agreement with Abu Dhabi’s Department of Culture and Tourism.
Under the terms of the deal, Sphere Entertainment grants Abu Dhabi the exclusive right to build and operate a new Sphere venue. The city government will also have at least 10 years to build additional venues in the Middle East and North Africa.
Sphere Abu Dhabi will have licenses to use all of Sphere Entertainment’s intellectual property, technology and ancillary content. The contract also carries two 10-year renewel terms that Abu Dhabi can exercise.
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In exchange, Abu Dhabi will pay Sphere Entertainment an undisclosed “franchise initiation fee,” plus royalties based on the ticket sales and other revenues.
Sphere Las Vegas first opened in 2023 and has served as the home for residencies from U2, Phish, the Eagles, Dead & Company, Kenny Chesney and the Backstreet Boys.
It’s also shown the films “Postcard from Earth” and “V-U2 An Immersive Concert Film” and hosted the 2024 NHL Draft and UFC 306.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source news3lv.com ’
