AEG and MGM Resorts International have ironed out the details of a deal to build a $350 million arena behind the Monte Carlo and New York-New York resorts.
Planned as the centerpiece of MGM’s ongoing $100 million project to revitalize the cluttered pathway between the two resorts and bring more visitors outside, the 20,000-seat arena will stretch from Las Vegas Boulevard to Frank Sinatra Drive.
Officials expect to break ground on the arena in summer 2014 and open in spring 2016. Finances will be siphoned from equity contributions made by each of the partners and funds from a third-party source.
“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,” Jim Murren, MGM Resorts International chairman and CEO, said in a statement.
Populous, a leading design company with large arenas in London and Berlin, has signed on to design and develop the arena, expected to house major sporting events, concerts and private events.
“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 CEO Dan Beckerman said.