$3B Las Vegas Arena with High-End Hotel-Casino Planned South of Strip
Posted on: March 30, 2022, 06:33h.
Last updated on: June 16, 2023, 12:57h.
A new arena is in the cards for Las Vegas, Bloomberg reports. Developers Oak View Group have acquired a plot of land just south of the Las Vegas Strip, minutes from Harry Reid International Airport, for the project.
The 20,000-seat arena promises to be the centerpiece of a $3 billion high-end “entertainment campus,” including a casino and a 2,000-room hotel.
Los Angeles-based Oak View Group is a development and investment company specializing in the entertainment industry. It has already built arenas in Seattle, New York, and Austin. But this will be its biggest project yet.
The $1 billion earmarked for the stadium alone will dwarf that of the T-Mobile Arena, which cost $375 million, Bloomberg notes.
Future Las Vegas NBA Venue?
Oak View CEO Tim Leiweke also had a hand in that project. He is the former CEO and president of the Anschutz Group, which owns the L.A. Lakers, the L.A. Kings, and the L.A. Galaxy. The T-Mobile Arena was a joint venture between Anschutz and MGM Resorts. It’s now the home of the NHL Vegas Golden Knights.
Leiweke hopes that the venue might one day be the base of a future NBA team, although he concedes that there’s no guarantee the league will opt to expand in Las Vegas.
The city has transformed itself into a major sports and entertainment destination in recent years, and would seem like a natural fit for the NBA. But earlier this month, a league spokesperson denied it was eyeing Las Vegas as an expansion franchise, saying, “There’s no truth to it.”
Meanwhile, the cofounder of Oak View, Irving Azoff, hopes to use his credentials as a music executive to attract the world’s biggest performing artists. Also involved in the project is Marc Badain, the former president of the Las Vegas Raiders.
“We’re going to go after every big event that exists,” Leiweke told Bloomberg. “It’s exclusive, it’s high-end, and it will be built in a way where it’s the perfect experience for those willing to spend the money to have the greatest experience in live entertainment.”
The complex will cater to people looking for “luxury experiences.” Customers will be able to buy package deals that include hotel accommodation and live events. They will also receive access to a private club at the arena.
While Leiweke declined to talk about specific business partners for the project, a Bloomberg source has said Oak View Group will need to partner with a casino and hotel operator, and has held discussions with several potential candidates.
According to the source, Oak View is in preliminary talks with concert promotion giant Live Nation Entertainment Inc.
Related News Articles
November 14, 2023 — 28 Comments—
November 16, 2023 — 9 Comments—
November 10, 2023 — 9 Comments—
November 17, 2023 — 8 Comments—
October 19, 2023 — 6 Comments—