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Long-awaited Vegas arena-resort project funded

New Las Vegas Nets resort

The long-planned Las Vegas Strip All Net Resort & Arena is a step closer to reality, as $4.7 billion has been pledged toward the retractable-roof arena project.

To say that All Net Resort & Arena has been a long-running project is an understatement: the Silver State Arena was first pitched in 2010 at the Wet ‘n Wild water park site on the north end of the Strip as a home for NBA and NHL teams. Since then T-Mobile Arena has opened as home of the Vegas Golden Knights (NHL), the NFL’s Las Vegas Raiders set up shop at Allegiant Stadium, the Oakland A’s have explored a move to a Vegas ballpark and MLS is negotiating over an expansion team in 2024 or later.

Still, the news that Active Capital Holdings is committing more than $4.7 billion toward the project is notable. The current plan calls for a large retractable-roof arena–some 23,000 seats designed for the NBA– as well as two luxury hotels at 44 stories and 63 stories, retail and conference space, and entertainment options, including a bowling alley and movie theater. Construction had begin several years ago, with the site laying fallow for many years; project organizer Jackie Robinson now says construction on the unique project will begin in June or July, per the Las Vegas Review-Journal:

Active Capital Holdings executive trustee Arthur “AJ” Lewis told a gathering Tuesday night at Las Vegas’ upscale Stirling Club that he was there “to support the event, to support the project and to formally let Jackie know that we are going to finance the project,” an announcement that drew cheers and applause.

“I’m really appreciative to be here tonight, I’m honored,” Lewis said. “And Jackie, you have the money, buddy.”

In an interview afterward with the Review-Journal, Lewis said that the funding package for Robinson’s All Net Resort & Arena totals just over $4.7 billion, and that he expects the deal to close by the end of this week or early next week.

RELATED STORIES: Las Vegas All Net Arena project still alive; Clark County Approves Proposed Las Vegas Arena Plan