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Sands Expo and Convention Center seen in this undated photo. (File/FOX5)

The Sands Corporation and Madison Square Garden Company are joining forces to bring a next-generation entertainment venue to the Las Vegas Strip.

The two companies announced they are working together, along with other partners, on a 400,000 square-foot site that will be the world's largest venue built specifically for music and entertainment.

“Through our experience with the Forum, we’ve realized that there’s a real need for venues that focus specifically on music and entertainment,' said James Dolan, Executive Chairman of The Madison Square Garden Company.

When finished, the venue will be located on Sands Avenue, between Manhattan Street and Koval Lane, with direct access to the Venetian and Palazzo hotel-casinos.

This entertainment center will also feature 17,500 seats which will face the front of the stage with scalable seating capacities for a wide variety of shows.

“At a time when significant conversations are taking place about the city’s future tourism needs, a state-of-the-art venue designed, built and exclusively dedicated to bringing the world’s greatest musical and entertainment acts to Las Vegas is the type of development we should all be excited about,” said Sheldon G. Adelson, Las Vegas Sands Chairman and CEO.

The building will have superior acoustics with state-of-the-art technology that will be utilized throughout a performance. This combination will create a space capable of delivering new and innovative experiences for both artists and fans, according to designers.

"Las Vegas is known for many things, but until now its entertainment options did not include a state-of-the-art, large-scale destination created specifically for major concerts," said Irving Azoff, Chairman and CEO of Azoff MSG Entertainment.

Sands and MSG are working with Azoff, Live Nation Entertainment and Oak View Group on this project. All involved said this venue will be a premier destination for people around the world who want to see today’s best concerts and events.

“This new venue will pioneer the next generation of fan experiences and content development, and raise the bar for innovative branding opportunities,' said Tim Leiweke, CEO of Oak View Group.

The companies involved did not immediately release an official opening date for the project.

Stay with FOX5 for further updates on this story.

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