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Madison Square Garden’s Vegas Misadventure Sends Shares Plunging

  • Shares drop after company reveals $1.2 billion venue budget
  • Las Vegas Sphere to host concerts, award shows, sports events
Rendering of the Las Vegas Sphere.
Rendering of the Las Vegas Sphere.Source: Madison Square Garden Co.

Madison Square Garden Co.’s big Las Vegas bet has investors sweating.

Shares of the New York live-entertainment company fell their most ever after it disclosed the steep cost of building a new venue in the gambling mecca.