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[BUSINESS] · United States · 4 sources

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Prince George’s County Council approves National Harbor Sphere project

The Prince George’s County Council has granted final approval for the proposed Sphere entertainment venue at National Harbor. The project, which features the signature high-resolution LED technology and immersive sound seen in Las Vegas, is expected to accommodate approximately 6,000 guests.

The development carries an estimated cost of up to $1.4 billion. To support the project, the Council advanced a funding framework that includes authorizing up to $215 million in bonds, to be repaid through tax revenues generated at National Harbor. Sphere Entertainment Group is reportedly seeking nearly $184 million in public assistance from the county and state.

County Executive Aisha Braveboy projected that the venue will generate $63 million in annual tax revenue and provide a significant economic impact, estimated at $1.3 billion for the county and $1.5 billion for the state of Maryland. While the project faced contention regarding labor requirements, the Council passed amendments for a labor peace agreement and a community benefit agreement in lieu of a mandatory project labor agreement (PLA).

Entities

Aisha Braveboy · Maryland · National Harbor · Prince George’s County Council · Sphere Entertainment Group