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AEG and MGM Resorts International
MGM have completed and executed transactional agreements formalizing
the details of the previously announced joint venture to build a new arena
project, which will be the centerpiece of a complete revitalization of the
area between New York-New York and Monte Carlo resorts, extending from Las
Vegas Blvd. to Frank Sinatra Drive. They have selected Populous, designers of
many of the world's most memorable sports, concert and entertainment venues as
the Architect of Record and designer for the new approximately 20,000-seat
indoor arena.
The arena is expected to break ground in summer 2014, with the grand opening
projected for spring 2016. 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.
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