New York Knicks owner James Dolan currently serves as the executive chairman and CEO of Madison Square Garden Sports and Madison Square Garden Entertainment, which also owns the ‘Sphere’ in Las Vegas. The early hype surrounding social media’s most viral entertainment venue will make him very, very rich.
First and foremost, James Dolan is getting compensated very well for his role with MSG. He has an estimated net work of approximately $2 billion, and receives a very lucrative salary for his day job.
Part of his day-to-day, in recent years, has been the development of the Sphere. The $2.3 billion event space first lit up its exosphere on the 4th of July and immediately captivated the entire world with its incredible visuals.
Located at the Venetian Resort, the Sphere offers a mind-blowing concert experience. Its interior is equipped with the world’s largest LED screen and a whopping 164,000 surround-sound speakers, which creates an unbelievable setting for live music.
U2 is the first band to hold a residency at the Sphere. The first month of concerts was such a big hit that they extended their stay from December to February. Every ticket is already sold out!
Because of the overwhelming success, the venue is off to a lucrative start.
James Dolan is set to cash-in!
Sphere Entertainment granted James Dolan with 1.2 million stock options at a value of $17.2 million. It was announced in a filing earlier this week.
The long-term success of expanding the Sphere business, and its transformative venues and productions, is contingent upon our Chief Executive Officer and his team of valuable individuals continuing to lead the effort, and having the Company draw on their unique skills and hands-on, teams-based experience acquired during years of working together.
— Sphere Entertainment in its proxy statement
Considering that Dolan is already filthy rich, the grants will only boost his net worth. He had total compensation of $16.3 million in the company’s fiscal year, which ended in June. That doesn’t include his salary as the executive chairman of MSG Sports.
The Sphere was ultimately Dolan’s brainchild. He conceived the idea and saw it all of the way through.
The Knicks even advertised the Sphere on its jersey during the 2023 NBA season-opener and will continue to do so for the foreseeable future. Dolan is very involved with every aspect of the company, and his compensation is well-deserved. However, the lucrative stock options seem unnecessary.
Dolan, the rich, get richer!