The project, known then as the MSG Sphere, was announced in February 2018.

The project was initially a partnership between the Madison Square Garden Company (MSG) and Las Vegas Sands Corporation.

The Sphere is just off the Las Vegas Strip and east of the Venetian resort, which was opened by Las Vegas Sands in 1999.

Las Vegas Sands contributed the 18-acre (7.3 ha) site for the project.

Apollo Global Management purchased the Venetian in 2022 and became MSG's new partner on the Sphere project, replacing Las Vegas Sands.

As part of the sale, the land beneath the Venetian and the Sphere was purchased by Vici Properties.

The sphere-shaped project was designed by Populous,

with an interior that includes the world's largest LED screen.

MSG initially estimated the project cost at $1.2 billion.

In February 2020, the company said the cost had increased to $1.66 billion as a result of design changes consisting of guest enhancements.

The cost continued to increase,

eventually surpassing $2 billion due to the 2021–2023 global supply chain crisis and the 2021–2022 inflation surge.

With a final expected cost of $2.3 billion, it is the most expensive entertainment venue in Las Vegas history, beating out the $1.9 billion Allegiant Stadium.