Here’s what to know about the planned $10B NBA arena project in Las Vegas
LAS VEGAS, Nev. (FOX5) - The plan to bring an NBA team to Las Vegas is becoming a bit clearer.
Speaking at a Las Vegas Global Economic Alliance event last week, Tim Leiweke, CEO of investment firm Oak View Group, laid out his vision for a $10 billion campus that would also include a 20,000 seat arena along with a resort and casino.
“On this arena, I’m not asking you for any money,” Leiweke explained during a Q&A session. “We’re not going before the state. We’re not going before the county. We will go build it on our own privately.”
The massive project would go south of the Las Vegas Strip near the I-15 and I-215 interchange, on land that his group bought last year.
Leiweke has spearheaded similar projects before, like the Climate Pledge Arena in Seattle, where the NHL’s Kraken play.
“There are seven new arenas that have been built around the world during and in the middle of COVID,” Leiweke said. “(Oak View Group) did all seven of them.”
The complex would have to pay for itself by hosting more than just basketball games. Leiweke says that should not be a problem, since the new arena would be built to rival the nearly-completed MSG Sphere in terms of a world-class concert experience.
“You’ve got to build an arena that’s on the cutting edge of premium, suites, hospitality, merchandise and experience,” he said. “We’re going to have to build something extraordinary.”
Leiweke’s strategy of building an arena before a league expands into that city, worked in Seattle. He says that’s his plan in Las Vegas as well. He hopes to break ground on this project sometime in 2024.
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