MGM, AEG to develop 20K seat Las Vegas Strip arena - Hawaii News Now - KGMB and KHNL

MGM, AEG to develop 20K seat Las Vegas Strip arena

Source: MGN Online Source: MGN Online

By KEN RITTER

Associated Press

LAS VEGAS (AP) - Casino giant MGM Resorts International and entertainment company AEG say they've inked a deal to build a 20,000-seat Las Vegas Strip arena.

Officials with Las Vegas-based MGM Resorts and Los Angeles-based AEG say the joint venture will provide a centerpiece for a renovation of the area from Las Vegas Boulevard to Frank Sinatra Drive between the New York-New York and Monte Carlo resorts.

Groundbreaking for the $350 million arena is expected next summer, with completion by spring 2016.

The companies say an unnamed privately funded third-party will also provide financing.

MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalizing the agreement a project milestone.

The international design firm Populous has been hired to design the arena with premium seating and hospitality areas for entertainment and sports events.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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