One Night Entertainment

One Night Entertainment (ONE) is an entertainment company focused on building permanent, technology-driven live experiences that bring impossible music moments to life. The initial platform asset is a purpose-built venue on the Las Vegas Strip, designed to host multiple immersive shows. The first two productions are a Britney Spears avatar-driven show and a country music experience bringing together the greatest artists across eras.

ABBA Voyage demonstrated that audiences will pay premium pricing for avatar-based music experiences at scale, generating over $135M annually on a $175M build. ONE expands the audience base with both a global megastar (Britney Spears) and a genre-based format (country), increases asset utilization with multiple shows in one venue, and captures full guest economics through integrated food, beverage, and nightlife.

Las Vegas offers 50M+ annual visitors, year-round demand for premium entertainment, established pricing power, and built-in distribution through casino and hotel ecosystems. The site sits in a high-traffic mid-Strip corridor connected to the new $1B BLVD project, adjacent to the MGM Grand and across from the Cosmopolitan and Aria. Target opening is approximately 24 months following financing.

Britney Spears is one of the most recognizable global pop artists, with a proven Las Vegas draw (~$138M across ~250 shows) and strong cross-generational nostalgia. Country music is the fastest-growing major genre with a highly loyal fan base. Together they demonstrate the flexibility of the ONE format: megastar-driven experiences and multi-artist, genre-driven experiences.

The Las Vegas venue is the first asset under One Night Entertainment. The underlying model combines avatar-based performance, purpose-built venues, and multi-format programming designed to scale into additional shows, artists, and markets. No expansion is required for the base investment case. Future expansion represents upside, not dependency.

The business is built around a single, purpose-built venue operating two flagship shows. The model is primarily ticket-driven, supported by food, beverage, retail, and on-site experiences. Multiple shows within one venue increases utilization and throughput, while shared infrastructure keeps costs efficient.

Based on a ~3,000-seat venue, ~14 shows/week, ~$125 average ticket price, and ~80% occupancy: ~$210M in annual ticket revenue, ~$170M+ in annual net event cash flow. Projected investor returns are ~55%–65% annual gross return on equity (Years 1–5), with full return of capital in approximately 3 years. Modeled IRR is ~63% on operating cash flows.

Total capitalization is approximately $410M ($205M equity / $205M debt), deployed across venue and infrastructure (theater, LED volume), content production with ILM (two full-length shows), talent acquisition (anchor artists and likeness rights), and supporting infrastructure (parking, venue shell, operating costs).

The model is most sensitive to average ticket price, occupancy, and show frequency. Once fixed costs are covered, incremental attendance flows efficiently to the bottom line. The two-show format provides additional flexibility in programming and scheduling.

Investor capital receives a 12% preferred return, full return of invested capital, then a 50/50 profit split. Distributions are made from excess cash after required reserves and debt service.

Three primary paths: ongoing cash distributions from stabilized operations, refinancing once EBITDA is established, or strategic sale of the venue and operating entity. A refinance or sale becomes actionable after approximately one year of stabilized operations, typically two to three years post-opening.

Approximately 50% equity and 50% senior secured project debt. Equity funds early development and execution, while debt is introduced after key de-risking milestones including site control, finalized scope, and committed equity. Construction-period interest is capitalized.

Yes. Capital is deployed in phases tied to defined milestones: site control, talent commitments, finalized construction pricing, permitting, and debt commitment. This limits capital at risk during early development and aligns investor exposure with demonstrated progress.

A land purchase by an institutional real estate partner is being actively pursued. Acquiring the land removes the completion guaranty gap and strengthens the equity raise. The relationship can be structured as a ground lease, co-investment, or combination. Natural fit for a 1031 exchange buyer or any institutional investor seeking a Strip-adjacent asset with operating upside.

Investor approval is required for material decisions outside the approved business plan, including major budget overruns, significant talent or technology commitments, new or modified debt terms, material changes to capital structure, asset sales or refinancing, and related-party transactions. Day-to-day operations within the approved plan remain with management.

A designated managing entity oversees execution, hiring, budgeting within approved parameters, and ongoing commercial decisions. The operating agreement sets clear approval thresholds, voting mechanics, and escalation procedures.

Industrial Light & Magic (ILM), the $4B technology team behind ABBA Voyage, Star Wars, and The Mandalorian, is leading technology and content development. The core capture, rendering, and playback systems have already been deployed at scale. What is new is the format—bringing multiple shows and genres into a single venue.

ONE owns the show brands, formats, and production elements created for the project. ILM retains ownership of its proprietary tools and pipelines. Artist likeness, performance rights, and music publishing remain with the artists or estates, secured through licensing agreements.

The system has been operating flawlessly for over three years with ABBA Voyage. It includes standard redundancy and failover protocols, mirrored playback systems, backup power, and asset duplication. The show format is modular, allowing individual segments to be updated or replaced without interrupting the full production.

The Britney Spears agreement is in process (terms agreed) and progressing toward long-form documentation. Country artist conversations are ongoing and will formalize in parallel with key structural milestones. This sequencing preserves negotiating leverage and aligns commitments with project certainty.

The model includes an advance pool to secure anchor talent. Ongoing compensation includes annual payments and backend participation tied to performance (~10% of ticket revenue). ONE licenses likeness and performance rights; music publishing rights are structured on a recurring basis.

ABBA Voyage validates the category. ONE expands the model with two distinct show formats, a broader audience base, and a more fully integrated guest experience including food, beverage, and nightlife. Where ABBA Voyage validates, ONE is designed to expand.

Sphere depends on rotating headline acts; traditional residencies rely on artists appearing live. ONE is a permanent, technology-driven format that does not depend on an artist being physically present, allowing more consistent scheduling and long-term programming flexibility.

The team holds 22 avatar-related patents, secured talent and likeness rights, a purpose-built venue in a prime location, ILM-led production, and a unique format combining marquee and multi-artist programming. A fast follower would need to replicate the technology, venue, rights aggregation, creative development, and operating model simultaneously.

Pre-construction runs approximately 12 months, construction and buildout approximately two years. Target opening is approximately 30 months after financing closes, followed by a stabilization period before a refinance or sale becomes actionable.

The budget includes contingency across major line items, validated through third-party contractor input including Marnell (the GC behind Bellagio, Forum Shops, and every Cirque theater). The theater design mirrors the ABBA Voyage theater, uses above-grade parking to avoid excavation, and includes advanced structural engineering and meaningful content budget buffer.

Tim Staples (CEO of Shareability, co-founder of Down Home) leads creative, content, and talent. Russell Geyser (CEO of Geyser Holdings) leads real estate and development, with experience including the Borgata land acquisition. Dan Charney (Vice Chair at TD Securities, former Co-President of Cowen) leads capital markets strategy.