AECOM (ACM - Free Report) has been selected as a general contractor for MSG Sphere at The Venetian — The Madison Square Garden Company’s (MSG) state-of-the-art entertainment venue.
MSG Sphere at The Venetian, currently under construction in Las Vegas, will feature an iconic spherical shape, with a fully programmable LED exterior. This first-of-its-kind venue will connect to Las Vegas Sands’ Venetian Resort, the largest resort under one roof in North America, via an approximately 1,000-foot long pedestrian bridge. MSG Sphere at The Venetian is expected to open in 2021.
AECOM, which built the T-Mobile Arena, specializes in providing integrated services for planning, construction and maintenance of infrastructures that includes consulting, architecture, engineering as well as managing the requirements for energy, water and environment to various private and public clients.
The company is witnessing robust prospects in all the segments. Notably, it achieved 7% organic growth in second-quarter fiscal 2019. This marked the 10th consecutive quarter of positive organic growth, courtesy of higher-margin Americas design and Management Services or MS business.
AECOM ended the first half of fiscal 2019 on a strong note, as is evident from 16% adjusted EBITDA growth. It reported record backlog of $61 billion in the fiscal second quarter, up 22% year over year. New order wins during the quarter were recorded at $8.1 billion (up 17% from the prior-year period), marking the sixth consecutive quarter surpassing the $6-billion mark. The company’s solid backlog levels, which are a key indicator of future revenue growth, indicate significant opportunities in the forthcoming quarters.
For fiscal 2019, AECOM, which shares space in the Zacks Engineering – R&D Services industry with Altair Engineering Inc. (ALTR - Free Report) , Quanta Services, Inc. (PWR - Free Report) and Jacobs Engineering Group Inc. (JEC - Free Report) , expects to deliver strong revenue growth, 12% adjusted EBITDA improvement at the mid-point of the guided range, and 600-$800 million of free cash flow.
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