LAS VEGAS (KSNV) — Sphere Entertainment, the company behind the Las Vegas venue Sphere, has reincorporated in Nevada.
A filing with the U.S. Securities and Exchange Commission stated the company’s conversion took effect Thursday after shareholders approved a proposal to move from Delaware to Nevada during an annual meeting on Wednesday.
Executives wrote earlier this year that Sphere Entertainment’s board believed moving to the Silver State would provide “more predictability and certainty in decision-making” and reduce the “risk of opportunistic litigation.”
Delaware has long been considered a corporate haven because of its business-friendly laws, but some executives, including Tesla CEO Elon Musk, recently accused the state’s courts of being too friendly to shareholder lawsuits.
That has resulted in companies turning to Nevada as an alternative.
“Nevada is proving itself as a smart investment for businesses,” Secretary of State Francisco Aguilar said in a statement earlier this year. “From our business-friendly laws to our processing improvements and excellent customer service, there are more and more reasons to incorporate here.”
Despite the change in incorporation, Sphere Entertainment says there won’t be any changes to its business, net worth or the location of company offices.