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MGM and AEG to Build Las Vegas Strip Arena

MGM and AEG to Build Las Vegas Strip Arena

Years of speculation surrounding the building of an arena capable of hosting professional sports and big-name concerts in Las Vegas finally came to a head when MGM Resorts International and AEG announced that they will be building a 20,000 seat indoor venue on the strip.

MGM and AEG to Build Las Vegas Strip Arena

MGM and AEG have announced that they will be building a 20,000 seat arena on the Las Vegas Strip.

The arena, which will cost $350 million, will be built on land that MGM Resorts owns between the New York-New York and Monte Carlo resorts.

Construction will begin next summer and be completed in the spring of 2016.

The arena is being designed by Populous and will include premium seating and hospitality areas for entertainment and sports events. Populous is also behind London’s O2 arena, Kansas City’s Sprint Center and other projects.

MGM Resorts International chairman and chief financial officer, Jim Murren, said that “Finalizing our agreement with AEG and selecting Populous … are both important milestones in this process.”

It is expected that the arena will be the centrepiece of an outdoor pedestrian mall which will contain restaurants and shops and stretch from Las Vegas Boulevard to Frank Sinatra Drive.

The President and Chief Executive of AEG, Dan Beckerman, said “Bringing together the knowledge, experience and assets of our respective organizations, we will create an arena that offers fans the best live entertainment experience.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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