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MSGN - Knicks And Rangers Owner James Dolan's Las Vegas Dreams Are A Boondoggle
MSG Networks Inc.
James, could I have a word?
Sometimes I think of you as the Rodney Dangerfield of investing—investors just don’t give you the respect you deserve. They’ve gone so far as to assign a “Dolan discount” to entities you control—even though long-term shareholders of both Cablevision and Madison Square Garden (MSG) (my firm included) have been handsomely rewarded thanks to your shareholder-friendly actions. But your latest plan to build a concert/entertainment venue, the Sphere, in Las Vegas for $1.2 to $1.7 billion (and that’s just for the Las Vegas version) makes me wonder whether