MGM Resorts, AEG Plan To Develop New Las Vegas Arena
LAS VEGAS -- MGM Resorts International (NYSE: MGM) and AEG today announced the companies have entered into an agreement to pursue the development of a privately funded, 20,000-seat indoor arena in Las Vegas on land located west of the Las Vegas Strip, between New York-New York and Monte Carlo. The new arena would be a venue capable of hosting boxing and other sporting events, major headline entertainment, and other special events.
The arena will be the centerpiece of a complete revitalization of the area between New York-New York and Monte Carlo, extending from Las Vegas Boulevard to Frank Sinatra Drive. The overall project will involve new retail shops, dining and entertainment offerings, both between the two properties and along their frontage on the world-famous Las Vegas Strip.
Jim Murren , MGM Resorts Chairman and Chief Executive Officer said, "This project will help our company optimize our existing assets at New York-New York, Monte Carlo, CityCenter, and beyond. This new facility would be an extension of our entertainment legacy and continue our leadership position in the worlds of boxing, sports, concerts and other events that drive significant visitation and revenue to Las Vegas. AEG's dominant position in arena development, programming and management, makes it an ideal partner for this venture."
AEG President & Chief Executive Officer Timothy J. Leiweke said, "We are proud to announce this new venture with MGM Resorts International to build a state-of-the-art arena. 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, Los Angeles, and San Diego, will allow us to maximize booking and operations opportunities. This partnership with MGM brings together the two largest promoters and operators of live entertainment venues in Las Vegas, guaranteeing the long-term success of the new arena."
The project is anticipated to be financed with equity contributions from each of the partners as well as privately funded third-party financing.
"The combination of MGM and AEG along with the superior Las Vegas Strip location is already driving strong interest from potential investors in this exciting new development," said Mr. Murren.
Design and planning is well underway and the partners will begin seeking appropriate approvals immediately.
Don't they have plans to build a 100 yard TV screen at the UNLV Football stadium too?Comment by BabyFaceAssasin on 03-06-2013
[QUOTE=wja1966;13111690]A bit disappointed with the attendance. 20,000 it should be more like 35,000. In Britain we can get 20,000 fans for a British title fight, for a massive world title fight the new stadium should hold a lot more[/QUOTE] Vegas…Comment by OnePunch on 03-05-2013
Since this is an MGM / AEG deal, and AEG is the 2nd largest shareholder of Golden Boy stock, I dont think Bob will be getting any great deals on using that arena lolComment by Kenny MF Powers on 03-05-2013
lol edgargle****... Still riding Arum as usual. You're a failure bro.Comment by wja1966 on 03-05-2013
A bit disappointed with the attendance. 20,000 it should be more like 35,000. In Britain we can get 20,000 fans for a British title fight, for a massive world title fight the new stadium should hold a lot morePost a Comment - View More User Comments (11)