3.9k Share this
A developer is preparing to build a $1 billion ‘NBA-ready’ arena in Las Vegas to bolster a budding sports scene that has added NFL, NHL, and WNBA teams in recent years.
The Oak View Group, an international stadium developer, has announced plans to build a $3 billion sports and entertainment district just south of the Strip after acquiring 25 acres from the city of Las Vegas. The proposed 20,000-seat arena will cost close to $1 billion and is expected to be privately funded, an OVG spokesman told DailyMail.com.
For comparison, the city’s T-Mobile arena was finished for the NHL’s Vegas Golden Knights in 2016 at a cost of $375 million in private funding. Meanwhile Allegiant Stadium, home of the NFL’s Raiders, was finished for $1.9 billion in 2020, thanks to $750 million in public funds from municipal bonds and hotel taxes.
The executive who is spearheading the project, Tim Leiweke, said he hopes the project will help bring a team to Sin City – but added that he knows there are ‘no guarantees.’
‘Las Vegas is the entertainment capital and so what we have to build is the best we have ever built for Las Vegas,’ OVG chief executive officer Tim Leiweke told CNBC.
‘Should the NBA decide to come and by the way, there’s no certainty or no guarantees that the NBA is ever coming to Vegas, but should they come, we certainly will be NBA ready.’
The project is expected to break ground next year just 10 minutes away from the Las Vegas Strip. The proposed arena will be adjacent to Interstates 15 and 215, and close to a new high-speed rail station. The proposed $1 billion arena should be completed by 2025 at the earliest
Las Vegas (pictured) is preparing to build an ‘NBA-ready’ arena to bolster a budding sports scene that has added NFL, NHL, and WNBA teams in recent years
The Oak View Group, an international stadium developer, has announced plans to build a $3 billion sports and entertainment district just south of the Strip after acquiring 25 acres from Las Vegas. The proposed 20,000-seat arena will cost $1 billion and is expected to be privately funded, an OVG spokesman told DailyMail.com
The NBA has no current plans to add any expansion teams, but commissioner Adam Silver described that scenario as ‘inevitable’ last year and has mentioned Las Vegas and Seattle as possible destinations.
A league spokesman at the time cautioned to DailyMail.com that the NBA was not yet looking to add additional teams. The price of an expansion franchise is expected to be at least $2.5 billion – and possibly much more.
OVG should break ground next year just 10 minutes away from the Las Vegas Strip. The proposed arena will be adjacent to Interstates 15 and 215, and close to a new high-speed rail station. It should be completed by 2025 at the earliest.
Oak View Group co-founder Tim Leiweke poses for a portrait on the floor of the New York Islanders new UBS Arena in Elmont, New York back in October. Leiweke’s Oak View Group also recently finished Seattle’s new Climate Pledge Arena, home of the NHL’s Kraken
For comparison, the city’s T-Mobile arena (pictured) was finished for the NHL’s Vegas Golden Knights in 2016 at a cost of $375 million in private funding
Allegiant Stadium, home of the NFL’s Raiders, was finished for $1.9 billion in 2020, thanks to $750 million in public funds from municipal bonds and hotel taxes
Leiweke’s firm recently finished Seattle’s new Climate Pledge Arena and the UBS Arena in Elmont, New York, where the NHL’s Kraken and Islanders play, respectively.
The NBA has no current plans to add any expansion teams, but commissioner Adam Silver (pictured) described that scenario as ‘inevitable’ last year and has mentioned Las Vegas and Seattle as possible destinations
‘We understand that this is similar to what we did with Climate Pledge Arena in Seattle before we were able to get the 32nd franchise in the NHL,’ Leiweke said, referencing the Kraken.
Las Vegas is also in discussions with Formula 1 to add an event as early as 2023, according to CNBC.
The city is scheduled to host the NFL Draft next month and the Super Bowl in 2024.
And of course, Las Vegas remains a top destination for music acts, as well as combat sports.
‘We have to be very driven by music, we have to make sure that we’re looking at other sporting events like the UFC or boxing or wrestling,’ Leiweke said. ‘We have to go out and try to find every big event today that’s not in Las Vegas and bring it today to Las Vegas.’
OVG co-founder Irving Azoff predicts the proposed Las Vegas arena will become his company’s premiere property.
‘It doesn’t get much bigger or better than Las Vegas,’ Azoff said in a statement. ‘From the world-class Climate Pledge Arena in Seattle to UBS Arena in New York, and Moody Center in Austin, Las Vegas will be the next jewel in the OVG crown.’
OVG co-founder Irving Azoff predicts the proposed Las Vegas arena will become his company’s premiere property
Source: dailymail
