AEG To Build Major Vegas Arena

AEG and MGM Resorts International announced March 1 they have entered into an agreement to develop a privately funded, 20,000-capacity arena in Las Vegas.

The arena, to be located between New York-New York and Monte Carlo, would be part of a revitalization of the area between Las Vegas Boulevard and Frank Sinatra Boulevard, according to a statement. The project would include retail shops, dining and entertainment.

Photo: MGM Resorts International

“We are proud to announce this new venture with MGM Resorts International to build a state-of the-art arena,” AEG President Tim Leiweke said. “Our extensive sports and music assets together with our global network of venues, including arenas in key west coast markets such as Seattle, Portland, Oakland, Las Angeles, and San Diego, will allow us to maximize booking and operations opportunities.”

Design and planning are “well under way” according to a statement and the partners “will be seeking appropriate approval immediately.”

The arena will reportedly be built with equal contribution from each of the partners along with third-party financing.

A timeline was not provided.