$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.”
‘Luxury Experiences’
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.
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Last Comments ( 7 )
Look, I know this guy used to be the Anschutz CEO, and this group has built some big projects, but how exactly do they intend to fill a billion dollar arena? By the same token that the dome had to be within walking distance, so does an NBA arena. They would be more likely to play in Jackie Robinson's unbuilt arena than this one. I highly doubt our future NBA team is going to play that far down the street. To pay the nut, they would need a bare minimum 100 event nights a year. They need that at T-Mobile, which cost a third of the price. Without AEG or Live Nation, how do they expect to lure big name talent? I'll help you out, MGM and Caesar's aren't about to make room for this arena by giving up event nights, it's not going to happen. Those companies have long relationships with those two promoters. Live Nation is by far the biggest player in concerts and event promotion, and if you're not in bed with them, you won't be able to fill that 20,000 seat arena with any regularity.
Why so many Stadia or Arenas.... insanely insane.
We can all see that there is room throughout the valley to build whatever we want or need. I suppose my challenge to developers, new and old, how about redeveloping areas that are in great disrepair? I know it will cost more, but it will make the valley better in the long run. Anyone can build on an open lot with lots of room, but how about closer to downtown? Areas in the city need to be rebuilt, why not help in making Las Vegas better? True, not only would you have to deal with the homelessness problem closer to downtown, but also some of the burdensome regulations that comes from building in the city. The area around The Strat (Neon City), to downtown needs help in revitalization. The Arts District is a great start, but that area seems to be limited to the Main Street area. The area along Las Vegas Blvd needs help. If a large developer or an entrepreneur with lots of money, would invest in this area of Las Vegas, then all of Las Vegas would be grateful. Heck, did this developer try to buy the area between Circus and Sahara? That would have been another great place for this project.
You may want to correct an error in this story. It says T-Mobile Arena is home to the Las Vegas Raiders. This is incorrect. The Raiders play at Allegiant Stadium. The Vegas Golden Knights play at T-Mobile.
T-Mobile Arena is not home to the Las Vegas Raiders! It's home to the Vegas Golden Knights
Thanks Chris. Our mistake.
"The T-Mobile Arena was a joint venture between Anschutz and MGM Resorts. It’s now the home of the Las Vegas Raiders." Umm...I thought Allegiant Stadium was the home of the Raiders...?