One of the world’s largest arena and stadium developers, Oak View Group, reportedly acquired 25 acres in Las Vegas to build a sports and entertainment district for USD 3 billion.
The land is located nearly ten minutes from the Las Vegas strip close to the I-215 and Interstate 15, and near the new high-speed railway station.
Entrepreneur and sports executive Tim Leiweke stated that the group intends to develop an arena of 20,000 seats with a casino and hotel. The arena itself is anticipated to cost USD 1 billion. The project’s groundbreaking is expected to take place in 2023.
While the NBA had a long-standing presence in Las Vegas through WNBA’s Vegas Aces and their summer league, it is yet to introduce a team in the region. This new project will potentially prove enticing to bring an NBA team to Vegas.
Speaking about the proposition, Leiweke added that there is still uncertainty surrounding the arrival of the NBA in Vegas. However, he assured that the upcoming project will be ready for the NBA.
Adam Silver, the Commissioner of the NBA, has been trying to expand into Las Vegas for years. Last year, he stated that Sin City will be in contention to get a franchise when the association decides to expand the league.
Leiweke’s Oak View Group also constructed the UBS Arena in Elmont, New York, and the Climate Pledge Arena in Seattle. He has been influential in developing dozens of arenas and stadiums throughout the country coupled with his experience of twenty years of spearheading AEG.
Interestingly, Las Vegas has quickly expanded beyond boxing and betting to become one of the world’s hottest destinations for sports. For instance, the NHL (National Hockey League) expanded in the region with the Vegas Golden Knights in 2017. A year later, the team played in the Stanley Cup Finals.
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