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MGM announces plans to build 20,000-seat arena on Strip

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Updated: 3/01/2013 6:38 pm
LAS VEGAS (KSNV MyNews3.com) -- MGM Resorts International and AEG have agreed to join forces to pursue building a 20,000-seat, privately-funded indoor arena on land between New York-New York and the Monte Carlo.

In a news release issued early today, MGM said the arena will be the centerpiece of a revitalization of the area between the two casinos/hotels. It said the 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."

The release said the project is expected to be financed with equity contributions from each of the partners as well as privately funded, third-party money.

The release said arena design and planning is well underway and the partners will begin seeking appropriate approvals immediately.

AEG is one of the leading sports and entertainment presenters in the world. It is a wholly owned subsidiary of Anschutz Co. and owns or operates more than 100 of the world's top facilities such as the Staples Center in Los Angeles, the Best Buy Theater in New York City, the Rose Garden Arena in Portland, Ore., the MasterCard Center in Beijing, China., and numerous others.

"This project will help our company optimize our existing assets at New York-New York, Monte Carlo, CityCenter and beyond," said Jim Murren, MGM Resorts chairman and chief executive officer. "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."

MGM last month said that a proposed 60,000-seat events center on the UNLV campus had become too expensive for the community to afford.
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