$215M Financing Plan Approved For $1.4B Sphere At National Harbor

NATIONAL HARBOR, MD — A $1.4 billion entertainment venue planned for National Harbor is one step closer to becoming a reality after the Prince George's County Council approved a financing package this week.

The council voted 8-0 to authorize up to $215 million in special obligation bonds for the proposed Sphere, a 6,000-seat entertainment venue that would be built near MGM National Harbor. Three council members were absent from the vote, according to NBC Washington.

The financing package includes $130 million toward the project and a $40 million county-owned parking garage. The bonds also would help refinance existing debt at National Harbor.

Sphere Entertainment will develop the new venue using a combination of public and private funding, including approximately $200 million in state, local and private incentives. Sphere would support approximately 2,500 jobs during the construction phase and 4,750 jobs once operational, in addition to generating millions in additional revenue for the county and state, Patch reported previously.

Prince George's County Executive Aisha Braveboy said the development could generate approximately $63 million annually in tax revenue once operational.

The proposal has faced opposition from labor unions seeking stronger protections for construction workers. While the legislation includes requirements for community benefits and a labor peace agreement, it does not require the project labor agreement unions had sought, NBC Washington reported.

A groundbreaking date has not been announced. Developers previously indicated they hoped to open the venue in early 2030.

Related:

Smaller Vegas-Style Sphere Proposed For National Harbor