When you think of Las Vegas and all its glitz and glamour, probably the last thing on your mind would be going to see a symphony orchestra, right? Despite its history, orchestral pops music was very popular in the late ’70s and mostly through the ’80s with acts like Engelbert Humperdinck, Barry Manilow, and even the famous Italian soprano Pavarotti graced the stage with the LVSO. The Las Vegas Symphony Orchestra mainly had its home at the Riviera Hotel casino, which was demolished in 2015 for the new updated construction & expansion of the Las Vegas Convention Center.
In 2017, businessman, entertainer, and former Broadway producer of the Tony-nominated musical “A Night with Janis Joplin,” Shea Arender, and his investors bought the Las Vegas Symphony Orchestra brand and assets for just a little over half a million from wine maker and entrepreneur Patrick Marano of New York, who originally owned the brand during its last days of existence and the early part of 2002 before closing its doors. That year, it saw one of its last concerts with famous singer Elton John. It was later said that members of the old orchestra formed the new Orchestra, the Las Vegas Philharmonic.
However, it has been a bit of a struggle for the Las Vegas Symphony Orchestra to find a home venue for itself due to factors beyond our control, Vice Chairman Lance Peterson says. Also, with all the sports teams, local politics and new developments, the orchestra is not at the forefront of the minds of the people who are making all of this happen. The orchestra remains an international brand that continues to thrive on their online platforms and national corporate events, Peterson says.
We often don’t look at orchestras actually having a net worth, but the revenues that these often nonprofit entities draw are quite amazing. Not every orchestra is nonprofit. Most of them are. For example, the Los Angeles Philharmonic, having a $35 million net worth, however, they have been around for over 100 years. Other major orchestras like the Philadelphia Orchestra, San Francisco, all have $15,000,000+ net worths. Despite the challenges, and along with all of the assets that the Las Vegas Symphony corporation owns, still has a competitive substantial value.
Shea Arender, CEO of the Las Vegas Symphony Orchestra, has been creating original programming that stands out among other orchestras. The show productions themselves have been a brand-building entity as their orchestra is contracted out across the world. Shea Arender created productions like “Elvis Journey,” “Sons of Mozart,” “Rockabilly Revolution,” and “Symphonic Mob Hits.”
We will continue to monitor and see what’s in store for the Las Vegas Symphony Orchestra as things continue to evolve. Will we see once again a resurrection or will we see the entity sold once again to another interested party of symphonic investors?
