After years and years of talk, we have movement on a new Las Vegas arena, with AEG and MGM Resorts International finalizing plans for a new Populous-designed project between New York-New York and Monte Carlo resorts.
The new arena, set to open in 2016, will seat approximately 20,000, and groundbreaking is expected in summer 2014. The project is anticipated to cost approximately $350 million and be financed with equity contributions from each of the partners as well as privately funded third-party financing.
“Finalizing our agreement with AEG and selecting Populous, a world-class design firm, as the architect of this project are both important milestones in this process,” said Jim Murren, MGM Resorts International Chairman and Chief Executive Officer. “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.”
The venue will feature a variety of unique premium seating offerings as well as other hospitality areas for entertaining and private events.
Dan Beckerman, President & Chief Executive Officer, AEG, said, “After spending many years exploring a variety of arena opportunities in Las Vegas, we are excited to have consummated a partnership with MGM Resorts International, the leading gaming and hospitality company, to begin designing and building a state-of-the-art arena on such an ideally located site. Bringing together the knowledge, experience and assets of our respective organizations, we will create an arena that offers fans the best live entertainment experience.”
AEG Global Partnerships, an affiliate of AEG that collaborates with more than 100 venues and other AEG assets worldwide to create sales and marketing platforms, will undertake the sales of sponsorships, premium seating and luxury suite sales as well as seeking a naming rights partner for the new Las Vegas showplace.
“The new MGM-AEG arena in Las Vegas will provide the nation’s preeminent entertainment destination with a world-class venue that will redefine amenities and premium offerings tailored to the demanding Las Vegas market,” said Chris Carver, Senior Principal at Populous. “We very much look forward to working with MGM and AEG to fulfill their progressive aspirations and quality standards for the entire development.”
World leaders in the design and development of iconic arena projects, Populous’ portfolio of sports facilities includes more than 20 projects in association with AEG or ICON Venue Group (serving as project managers for the project) including London’s O2 arena, Berlin’s O2 Worldarena and Kansas City’s Sprint Center.