MGM, AEG Announce JV Deal for Development of New Las Vegas Arena
AEG and MGM Resorts International (NYSE: 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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