The Coachella Valley Music and Arts Festival, a multi-weekend outdoor music festival, is back in 2022 after a two-year hiatus. Amid the onset of the COVID-19 pandemic, the festival was postponed and eventually canceled in 2020 and 2021.
The first weekend of the 2022 Coachella has already sold out, and tickets for the second weekend go on presale on Jan. 14 at 1:00 p.m. ET. Philip Anschutz, the 82-year-old billionaire who owns Coachella, has been on the Forbes list of the richest Americans every year since the ranking started in 1982.
Philip Anschutz is a mogul in real estate, entertainment, and railways.
Anschutz is the man behind Coachella and various other entertainment events. His company, Anschutz Entertainment Group (AEG) owns not only the Coachella festival but also the Los Angeles Kings hockey team, a one-third stake of the LA Lakers, his own cruise ship line, and two well-known luxury resorts.
Anschutz made his early money in the 1960s, when the oil drilling company he purchased from his father made exceptional returns in Wyoming.
From there, Anschutz expanded into real estate investments and railroads. Purchasing the Rio Grande Railroad and the Southern Pacific Railroad added to his holdings, which he sold in 1995 for $1.4 billion. He retained the right to lay fiber optic cable and the lines became part of Qwest Communications.
In the entertainment niche, Anschutz bought several bankrupt theater chains to create Regal Entertainment Group. His Regal Cinemas chain was bought by Cineworld in 2018 for $3.6 billion, according to Business Insider. Later, hundreds of Regal Cinemas were forced to close due to the COVID-19 pandemic.
Anschutz has owned the Broadmoor, a Colorado Springs luxury mountain resort, since 2011. He also bought the Sea Island resort in Georgia in 2016. His company owns Windstar Cruises as well as stakes in other sports teams and arenas.
How much is the Coachella owner's net worth?
Currently, Anschutz’s multi-decade career over many lucrative fields gives him an approximate $11 billion net worth. He and his wife Nancy have long resided in Colorado, although most of his business operates in Los Angeles.
The billionaire has donated to a variety of causes over the years, particularly to Republican campaigns and corporations considered to be anti-LGBTQ in nature. However, he made a public statement in 2017 to unequivocally state his support of everyone’s rights “regardless of sexual orientation.”
How much do Coachella tickets cost?
Although Coachella is only a small part of Anschutz’s empire, it's a lucrative one. The popular festival, known for its flashy outfits and overnight camping, isn't cheap to attend. The LA Times reported that ticket prices for 2022 range from $499 to $5,366 depending on the type of admission purchased and accommodations.
AEG and former Staples Center
AEG was in the news last fall when the Staples Center name change was announced. The former Staples Center is the home arena for Los Angeles sports teams—the Kings (hockey), Lakers (basketball), Clippers (basketball), and Sparks (women’s basketball). AEG sold the stadium’s naming rights to Crypto.com for 20 years.