Madison Square Garden’s new international venue in London will reportedly will bring an additional £2.7bn (€3.05bn/$7.74bn) to the UK economy through an increase in ticketing, investment and jobs.

The Madison Square Garden Company has revealed plans to open new, multi-use venues in the English capital and Las Vegas, Nevada, in the US, as part of an effort to expand its global network.

The company has set up an official ‘MSG London’ website and social media feeds for the UK-based project, pledging to deliver a “groundbreaking new music and entertainment venue” in the Stratford area of the city.

On the MSG London website, Madison Square Garden Company said that the new ‘MSG Sphere’ venue will bring jobs, investment and further music acts to the UK, with an early estimate that the new facility will bring an additional £2.7bn to the UK economy.

Madison Square Garden Company has purchased a plot of land next to Westfield Stratford Shopping Centre, near to the Queen Elizabeth Olympic Park, the site of the 2012 summer Olympic and Paralympic Games. The Guardian newspaper said that planning application for the project is yet to be approved.

James Dolan, executive chairman and chief executive of Madison Square Garden Company, said: “London is one of the world’s greatest cities, and we are delighted to be taking this first step towards making it the location for MSG’s first international venue.

“We believe that a large-scale, next-generation venue will not only become a premier destination, but also drive growth in London’s overall music and entertainment market – benefiting artists and fans, and serving as a long-term investment in the future of this incredible city.”

Mayor of London Sadiq Khan has also reacted positively to the plan, saying in  a statement: “It’s great to welcome another world-class venue to the capital, to confirm London’s position as a music powerhouse and to boost still further our city’s thriving night-time economy.”

Meanwhile, plans have also emerged for a new Madison Square Garden Company venue in Las Vegas. According to the Las Vegas Review-Journal, work on MSG Sphere Las Vegas will begin later this year, with the goal of opening the facility before the end of 2020.

MSG Sphere Las Vegas will run as an 18,000-capacity arena and cover an area of 400,000sq ft at an open-air storage lot site at Sands Avenue between Koval Lane and Manhattan Street, just off the city’s famous Strip.

In addition, early reports suggest that the nearby Palazzo and The Venetian will be connected to the new venue through the upstairs lobby of the Sands Expo and Convention Center.  Details as to the exact location of this ‘bridge’ are expected to be unveiled at a later date.

Speaking about the Vegas project, Dolan said:  “What we’re building in Vegas will become the platform for the musicians, artists, storytellers and the leaders of commerce, a platform that will connect thousands of attendees to subject matter in a way that will resonate as never before.”

Image: Madison Square Garden Company