MGM Resorts, AEG to develop new Las Vegas arena
AEG and MGM Resorts International have completed agreements, formalizing the details to build a new arena in Las Vegas.Photo: Video by ktnv.com
Las Vegas, NV (KTNV) -- AEG and MGM Resorts International have completed agreements, formalizing the details of a previously announced joint venture to build a new arena in Las Vegas.
It will be the centerpiece of a complete revitalization of the area between New York-New York and Monte Carlo resorts, extending from Las Vegas Boulevard to Frank Sinatra Drive.
They have selected Populous to design the new approximately 20,000-seat indoor arena.
The arena is expected to break ground in summer 2014, with the grand opening projected for spring 2016.
The project is expected to cost approximately $350 million.
"The combination of MGM and AEG, along with the excellent Las Vegas Strip location, is already driving interest from potential investors in this exciting new development," said Jim Murren, MGM Resorts International Chairman and Chief Executive Officer.
Populous is underway creating designs for the area, with the hope it'll become the premier destination in Las Vegas for sporting events, major headline entertainment and special events.