Investment group buys 25 acres in Las Vegas for $3B entertainment, sports district
LAS VEGAS, Nev. (FOX5) - An entertainment investment company announced Wednesday it has purchased 25 acres of land south of the Las Vegas Strip for a $3 billion sports and entertainment district.
Spearheaded by former Las Vegas Raiders President Marc Badain, Oak View Group said the land will feature an 850,000 square-foot arena, a casino, a hotel and additional entertainment venue amphitheater. The land is near the intersection of I-15 and I-215 and the project is expected to break ground in 2023.
“South of the Las Vegas Strip represents one of the few areas of potential future growth of the gaming and entertainment corridor,” said Tim Leiweke, CEO of Oak View Group, in a news release. “This unprecedented project is an industry game-changer, and we will usher in the evolution of Las Vegas as the new entertainment and sports capital of the world. As the largest arena developer in the world, we look forward to driving good paying job creation to Clark County as well as creating the most innovative and environmentally sustainable live entertainment point of destination in the world.”
The arena will feature as many as 20,000+ seats and is expected to host concerts, sporting events, conventions, award shows and more. The arena is also expected to create thousands of jobs, according to the investment group.
“In the time I have spent in Las Vegas, I have been overwhelmed by both the entrepreneurial spirit and the willingness of its residents and leaders to embrace the innovation and vision that guides its future,” Badain said. “This project represents the next step in that exciting evolution. It is an honor to be a part of it and to help deliver on the vision provided by Oak View Group.”
“We are proud Oak View Group has chosen Nevada for its next and largest project,” Nevada Governor Steve Sisolak said. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans. I look forward to seeing the many opportunities this creates in Las Vegas.”
The land is near the planned Brightline high-speed rail station and will have easy access to and from I-15 and Las Vegas Boulevard.
OVG helped develop Climate Pledge Arena in Seattle, home to the NHL’s Seattle Kraken, along with UBS Arena, host of the NY Islanders.
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