Sphere Entertainment, the State of Maryland, Prince George's County, and Peterson Companies Announce Intent to Develop a Sphere at National Harbor

National Harbor, Maryland Would Become Second U.S. Location For Sphere And First To Utilize Smaller-Scale Venue Design Model

Project Would Receive Approximately $200 Million In State, Local, And Private Incentives

Sphere Entertainment Co. (NYSE: SPHR), the State of Maryland, Prince George's County, and Peterson Companies announced today their intent to develop a new Sphere venue – which would be the second in the U.S. and first to utilize a smaller-scale design model – at National Harbor, a premier destination in the Washington, D.C. metropolitan area. The addition of Sphere would create a new Maryland landmark that drives significant economic, cultural and community benefits for the County, State, and region, and provides unparalleled immersive experiences powered by advanced technologies.

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"Our focus has always been on creating a global network of Spheres across forward-looking cities," said James L. Dolan, Executive Chairman and Chief Executive Officer, Sphere Entertainment. "Sphere is a new experiential medium. With a commitment to bringing innovative opportunities to residents and visitors, Governor Moore, County Executive Braveboy, the State of Maryland, and Prince George's County recognize the potential for a Sphere at National Harbor to elevate and advance immersive experiences across the area."

"Maryland has a long history of providing world-class entertainment and we could not be more excited to work with Sphere Entertainment to bring this cutting-edge project to life," said Governor Wes Moore. "This will be one of the largest economic development projects in Prince George's County history – proving once again our state is the best place in the country to bring dreams to life. We're excited for what this means for our people, and how it will showcase the best of what Maryland has to offer to everyone who visits."

"This is a world-class win and an incredibly exciting moment for Prince George's County. This achievement reflects the strong partnership we have built with Governor Wes Moore and the State of Maryland, as well as a disciplined, experienced team that knows how to compete and win major projects at a national scale," said Prince George's County Executive Aisha N. Braveboy. "As only the second Sphere venue in the United States, this project demonstrates the future of economic development in Prince George's County, how we compete, how we win, and how we attract other world-class destinations that will become flagship projects for our County, our State, and the entire region. I love winning for Prince George's County."

"We are excited to partner with Sphere Entertainment, the State of Maryland, and Prince George's County to bring a Sphere to National Harbor," said Jon Peterson, Chief Executive Officer of the Peterson Companies. "This innovative project will further reinforce National Harbor as the national capital region's premier destination for conventions, entertainment, retail and dining, and hospitality; deliver more economic activity and jobs; and elevate National Harbor, and Maryland, as one of the country's preeminent tourism and entertainment hubs."

This project would utilize 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. Once open, the economic impact of Sphere National Harbor is expected to be greater than $1 billion annually.

Located just 15 minutes from Washington, D.C., National Harbor is a top entertainment and tourism destination in the DMV (District of Columbia, Maryland, and Virginia) region. Situated along the Potomac River, National Harbor offers world-class entertainment, dining, retail, gaming, convention, and leisure activities to more than 15 million visitors annually. A Sphere at National Harbor would become a major year-round draw, offering an array of immersive experiences, including original Sphere Experiences, concerts, and brand events, for residents and the millions of domestic and international visitors who travel to the area each year.

Sphere in Las Vegas was recently ranked #1 on both Billboard's and Pollstar's 2025 lists of top-grossing venues worldwide. As part of Sphere Entertainment's vision for a global network of venues, which now includes Sphere in Las Vegas and the planned venue in Abu Dhabi, the Company has designed plans for various sized Spheres that deliver the fully immersive experiences that are the signature of Sphere in Las Vegas.

The proposed National Harbor venue would be the first smaller-scale Sphere, with capacity of 6,000 seats. Smaller-scale Spheres would feature an Exosphere – the exterior LED display of Sphere that showcases both artistic and branded content and reaches audiences globally. The venue would also feature a 16K x 16K interior display plane – the world's highest-resolution LED screen. All of Sphere's advanced technologies would be incorporated, including Sphere Immersive Sound, as well as haptic seating and 4D environmental effects.

Any construction, development, financing and operation of a Sphere venue at National Harbor is contingent upon, among other things, negotiation and execution of definitive agreements, as well as receipt of certain governmental incentives and approvals from Prince George's County and the State of Maryland.

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About Sphere

Sphere is an experiential medium that is redefining the future of immersive experiences. Powered by advanced technologies that ignite the senses, Sphere is a venue where the foremost artists, creators, and technologists create extraordinary experiences that bring storytelling to a new level and transport audiences to places both real and imagined. The venue hosts original Sphere Experiences from leading Hollywood creatives; concerts and residencies from the world's biggest artists; and premier brand events. The first Sphere opened in Las Vegas, with a second venue planned for Abu Dhabi. More information is available at thesphere.com.

About Sphere Entertainment Co.

Sphere Entertainment Co. is a leader in immersive experiences, technology and media. The Company includes Sphere, an experiential medium powered by advanced technologies. The first Sphere opened in Las Vegas, with a second venue planned for Abu Dhabi. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at www.sphereentertainmentco.com.

About Peterson Companies

Peterson Companies is one of the largest privately-owned real estate development companies in the Washington, D.C. region, with a diverse portfolio spanning mixed-use, retail, residential, office, industrial, and self-storage assets. For more than 60 years, the company has delivered prominent destinations such as National Harbor, Rio, Fairfax Corner, Tysons McLean Office Park, and Fair Lakes. Combining market expertise with a fully integrated development platform, Peterson Companies develops vibrant residential and business districts throughout the region. For more information, visit www.petersoncos.com.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Sphere Entertainment's plans, strategies, beliefs and expectations. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including the negotiation and execution of definitive agreements for a Sphere at National Harbor, the receipt of governmental incentives and approvals from Prince George's County and the State of Maryland and the factors described in Sphere Entertainment's filings with the United States Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. Sphere Entertainment disclaims any obligation to update any forward-looking statements contained herein.

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For Sphere Entertainment: [email protected]

For State of Maryland: [email protected]

For Prince George's County: [email protected]

For Peterson Companies: [email protected]