Not only is MGM buying into it, but an outside company that knows arena management.”ĪEG had been in talks with Caesars about building a $500 million arena funded by a 1 percent sales tax on purchases within a 3-mile radius. “Once you’ve got spectators going through the turnstiles the race will be over,” said David Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas. for a similarly-sized arena on land it owns on the other side of Las Vegas Boulevard. Tuesday’s announcement signaled an end to an arena proposal by casino company Caesars Entertainment Corp. “Bringing together the knowledge, experience and assets of our respective organizations, we will create an arena that offers fans the best live entertainment experience,” he said. The arena is expected to be a centerpiece of an outdoor pedestrian mall featuring restaurants and retail shops stretching from Las Vegas Boulevard to Frank Sinatra Drive, visible from Interstate 15.ĭan Beckerman, AEG president and chief executive, noted that his company spent years talking with potential arena developers in Las Vegas before signing with MGM Resorts. No professional sports teams have committed to the deal. Las Vegas-based MGM Resorts and Los Angeles-based AEG expect their equity contributions will be augmented by private third-party financing from as-yet unnamed sources. “Finalizing our agreement with AEG and selecting Populous … are both important milestones in this process,” said Jim Murren, MGM Resorts International chairman and chief financial officer.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |