MGM, AEG Developing 20K Seat Las Vegas Strip Arena

Officials with Las Vegas–based MGM Resorts and Los Angeles-based AEG say the joint venture will provide a centerpiece for a renovation of the area from Las Vegas Boulevard to Frank Sinatra Drive between the New York–New York and Monte Carlo resorts.

Groundbreaking for the $350 million arena is expected next summer, with completion by spring 2016.

The companies say an unnamed privately funded third-party will also provide financing.

MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalizing the agreement a project milestone.

The international design firm Populous has been hired to design the arena with premium seating and hospitality areas for entertainment and sports events.