Oak View Group Announces $3B Investment In Las Vegas Sports Arena, Casino-HotelPlanning Is Still In Early Stages, But Ground To Be Broken In 2023 |
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The California-based Oak View Group on Wednesday announced a plan to build an estimated $3 billion entertainment complex in Las Vegas, including a casino.
OVG said it will build an “entertainment district including an arena,” along with an unnamed casino-hotel. Ground is expected to be broken in 2023. No renderings of the project have been released.
OVG said it acquired 25 acres of an undeveloped 66.5 acres of land near the intersection of I-15 and I-215, an ideal spot for visitors.
“South of the Las Vegas Strip represents one of the few areas of potential future growth of the gaming and entertainment corridor,” said Tim Leiweke, CEO of Oak View Group. “This unprecedented project is an industry game-changer, and we will usher in the evolution of Las Vegas as the new entertainment AND sports capital of the world.”
“It doesn’t get much bigger or better than Las Vegas,” said Irving Azoff, co-founder of OVG. “From the world-class Climate Pledge Arena in Seattle to UBS Arena in New York, and Moody Center in Austin, Las Vegas will be the next jewel in the OVG crown.”
Marc Badain, former president of the NFL’s Las Vegas Raiders, partnered with OVG to “spearhead and consult on the new project.”
“In the time I have spent in Las Vegas,” Baldwin said, “I have been overwhelmed by both the entrepreneurial spirit and the willingness of its residents and leaders to embrace the innovation and vision that guides its future. This project represents the next step in that exciting evolution. It is an honor to be a part of it and to help deliver on the vision provided by Oak View Group.”
The project will be privately financed, according to the announcement.
Nevada Governor Steve Sisolak responded to the news.
“We are proud Oak View Group has chosen Nevada for its next and largest project,” Sisolak said. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans. I look forward to seeing the many opportunities this creates in Las Vegas.”
The project announcement follows ground being broken on a new casino in southwest Las Vegas from Station Casino, first for that company in 17 years.
Oak View Group is headed to Las Vegas!
Today, OVG announced our newest development, a multi-purpose Retail & Entertainment district south of the Las Vegas strip that will include a 20,000-seat Arena, Casino, Hotel, and additional entertainment amphitheater. pic.twitter.com/dT3VSsPyP0— OVG (@oakviewgroup) March 30, 2022
""Should the NBA make the decision to look at Las Vegas, does a billion-dollar, brand new arena help make that decision? Probably so."
oakviewgroup</a> CEO <a href="https://twitter.com/leiweketim?ref_src=twsrc%5Etfw">leiweketim tells @contessabrewer about the Group's new investment in Vegas entertainment: pic.twitter.com/Rpfdoi836U— Worldwide Exchange (@CNBCWEX) March 30, 2022
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