SBI Holdings is exploring plans to build a large-scale immersive arena in Tokyo aiming to replicate the Sphere in Las Vegas as part of a broader push by the group into media and entertainment.

At a media briefing on Tuesday, the Tokyo-based financial group said it has entered into negotiations with U.S. company Madison Square Garden (MSG) Entertainment to develop a Japan version of the spherical arena, known for its wraparound LED dome and immersive visual experiences.

SBI is considering the Odaiba waterfront district as a potential site for the project, with total construction costs currently estimated at about ?350 billion ($2.2 billion), though Chairman and President Yoshitaka Kitao indicated the final price could rise closer to ?500 billion depending on global conditions and construction costs.

¡°This is a project we are determined to pursue no matter what,¡± Kitao told reporters at the briefing.

The proposed arena would be capable of accommodating around 20,000 people, and would feature a fully enclosed spherical structure covered in 360-degree LED displays. The venue would host a mix of immersive film-style experiences and live concerts.

Executives said the facility could serve as a flagship for the government¡¯s ¡°Cool Japan¡± tourism promotion strategy, leveraging the country¡¯s globally popular intellectual property ¡ª including anime, gaming and music ¡ª by providing a next-generation platform for large-scale experiential content.

SBI said discussions with MSG Entertainment have already begun and that materials outlining the proposal have been shared with the U.S. company. Talks are expected to progress further in the coming months.

The venue is expected to target younger audiences and inbound tourists, with executives emphasizing its potential to draw visitors from overseas on a sustained basis.

SBI executives also said the group intends to link entertainment assets with financial services ¡ª including digital securities and tokenization ¡ª to create new revenue streams and investment opportunities.

The group also highlighted the venue¡¯s potential to generate continuous revenue through daily programming, rather than one-off events.

While the Sphere project remains at an early stage, executives stressed its strategic importance for the company, positioning it as a cornerstone of SBI¡¯s expansion beyond financial services into entertainment and digital content.