A short drive from the neon-drenched skyline of the Las Vegas strip, sits the newly unveiled MSG Sphere, an 18,000-capacity entertainment venue set to dominate Vegas’ famed entertainment industry and could shape the future of the Formula 1 schedule.

Officially named the Exosphere, the $2.3 billion (~$3.5 billion AUD) stadium is the brainchild of Madison Square Garden Entertainment and its billionaire CEO James Dolan, owner of sports teams New York Knicks in the NBA and the New York Rangers in the NHL.

The Sphere is the largest spherical structure in the world, sitting 366ft (112m) high and 516ft (157m) wide. 1.2 million LED lights adorn the exterior facade of the building, with hyper-realistic visual imagery beaming out into the Vegas night; the Sphere is so large that it can be easily seen from space.

WATCH The MSG Sphere light up for the NBA Summer League below.

The possibilities for the exterior of the stadium are seemingly endless, with millions of puck-sized lights that can project infinite scenes and stratospheric possibilities. Before the venue has even officially opened, MSG Entertainment has agreed to advertise the NBA Summer League throughout the 11-day competition, signalling the start of a possible $25 million-a-year (~$36.8 million AUD) windfall through available advertising space.

The Sphere organised a breathtaking display for the Fourth of July holiday this month, transforming the outside of the building to resemble the moon, a realistic eye, a Halloween jack o’lantern, mesmerising fireworks displays and a glittering American flag, resembling that of a planet.

Inside the venue will be equipped with a 250ft (76m) 16K resolution wraparound LED screen – the largest and highest-resolution LED screen in the world – with as many as 18,000 people able to attend some of the biggest music, sports and arts events in the world. More than half of the seats will have state-of-the-art Haptic technology that moves and vibrates with the audio and visual on display, with changing temperatures and evolving wind patterns, for a truly immersive experience that will feel completely other-worldly.

The Sphere will officially open in September with a residency announced for rock band U2, but the possibilities for this new space are seemingly endless, with an ever-changing appearance that can effortlessly lend itself to the number of planned events that are set to be held here.

In November, the inaugural Las Vegas Grand Prix will take place during the 2023 Formula 1 Season; thousands of eager Formula 1 fans will be lining the street circuit as 20 F1 cars cascade through the famous Las Vegas strip at break-neck speeds. The newly-devised Las Vegas street circuit runs through Las Vegas Boulevard past Caeser’s Palace and the Bellagio Fountains, and encircles the new MSG Sphere, with the Sphere itself serving as a dedicated fan zone during the three-day race event.

Las Vegas will host a Formula 1 circuit for the first time since 1982, with an entirely new 50-lap street track developed to encapsulate the modern Las Vegas landmarks and reflect the magnitude of such an impressive sporting event.

With its striking architecture and innovative features, the MSG Sphere has already captured the imagination – and attention – of people around the world. Once this monumental arena finally opens its doors, it will undoubtedly deliver world-class, fan-centric live experiences; its enduring legacy in Sin City will continue to redefine the boundaries of what’s possible, using tomorrow’s technology.