AEG, MGM reveal first look at new arena on Strip - FOX5 Vegas - KVVU

AEG, MGM reveal first look at new arena on Strip

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The new arena planned by MGM along the Las Vegas Strip appears in this artist's rendering. (Source: AEG/MGM Resorts Int'l) The new arena planned by MGM along the Las Vegas Strip appears in this artist's rendering. (Source: AEG/MGM Resorts Int'l)
The new arena is seen from west of the Las Vegas Strip in this artist's rendering.  (Source: AEG/MGM Resorts Int'l) The new arena is seen from west of the Las Vegas Strip in this artist's rendering. (Source: AEG/MGM Resorts Int'l)
LAS VEGAS (FOX5) -

MGM Resorts International and AEG released the first renderings of its planned 20,000-seat arena on Tuesday.

The $350 million privately funded venue, located behind the New York-New York and Monte Carlo resorts, will break ground in April 2014, and is scheduled to open in the spring of 2016, according to a news release.

"It's a bigger venue, it's a state of the art venue and it's going to bring events that either would have left our community or are going somewhere else today," said Jeremy Aguero, principal with Applied Analysis.

The companies said the arena will be designed to host concerts, award shows and professional sports, including the National Basketball Association and National Hockey League.

Aguero says the impact of having a major event center in Las Vegas is a major boost because tourists aren't spending as much money on gambling than in years past.

"Less money being spent on gaming, more on food beverage entertainment, all of those type of things," Aguero said.

Images provided by the companies show an exterior view of the arena plaza, a view from a suite-level balcony, and the arena as it would look to drivers passing by on Interstate 15.

Aguero says enthusiasm from tourists is critical for Las Vegas' livelihood. He says seeing construction crews working on the Strip is a sign the city is back on the mend.

"Going down there and seeing the number of people that are physically working, back to work on that project, I think it is an incredibly good sign for our economy," Aguero said.

When completed, the arena will be the centerpiece of MGM's new $100 million entertainment district, currently under construction between New York-New York and Monte Carlo.

While that last bit is likely to whet the appetite of Las Vegas sports fans, there are currently no plans to move a professional team from either league to southern Nevada.

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