Developer and investment company for sports and entertainment sites Oak View Group plans to build an arena south of the Vegas Strip, which will serve as the centerpiece of a new entertainment center that will include a casino and hotel.
“We’re going to go after every big event that exists,” Tim Leiweke, CEO and co-founder of Oak View said, according to Bloomberg. “It’s exclusive, it’s premium and it will be built in such a way that it’s the perfect experience for those who are willing to spend the money to have the greatest live entertainment experience.”
To this end, the company acquired 25 acres on 66.5 acres of land, located minutes from Harry Reid International Airport. Oak View expects to usher in the ambitious development next year. The site would serve as a home for events and professional sports teams not yet coming to Vegas.
According to the cited source, the area is designed as a $3 billion entertainment campus offering luxury experiencessuch as hotel and live event packages, with hotel suite keys providing access to a private club at the arena. The hotel is expected to seat around 2,000 guests, while the 20,000-seat arena seeks to attract major pop concerts and sports teams..
Bloomberg reports that the company has already held talks with potential partners to operate the hotel and casino, as well as preliminary conversations with Live Nation Entertainment for concert promotion. However, sources cited by the prestigious news agency said the deals were not yet final and Oak View has declined to discuss partnerships until now. But what seems certain, according to the news source, is that former Las Vegas Raiders president Marc Badain will work with Oak View on the project.
Oak View too shares an investor, Silver Lake, with Endeavor Group Holdings Inc., owner of the Ultimate Fighting Championship (UFC), which hosts multiple events in Las Vegas.
The project comes as Vegas transforms into a sports and entertainment destination, with professional teams arriving, new venues being built and pop artists booking regular residencies. It also follows reports that the NBA is considering adding a team to Vegas if the league expands.with Fenway Sports Group – owner of the Boston Red Sox – allegedly interested in a team.
“There’s no guarantee the NBA will come to Vegas; we are well aware of this, ”said Leiweke, reports Bloomberg. “But if the NBA comes to Vegas, this building will be an option. It will be built to the highest NBA specifications.
Leiweke designed the plans for T-Mobile Arenawho is now the home of the Vegas Golden Knights hockey team. This new arena will cost up to $1 billion, more than double the cost of T-Mobile.
Oak View's Climate Pledge Arena in Seattle
What seems like a safer bet is the arena that hosts top musicians: the company could rely on the connections of music mogul Irving Azoff, co-founder of Oak View with Leiweke. While the company is well aware that Vegas has no shortage of entertainment venues, Leiweke says the new arena would take the offerings to the next level.
Los Angeles-based Oak View was founded by Azoff and Leiweke in 2015. The company’s biggest project to date has been the redevelopment of the former KeyArena in Seattle., partly in preparation for the Seattle Kraken, the city’s National Hockey League team. The new 18,100 point arena has been renamed Climate Pledge Arena.
Additionally, the company is also a partner of the UBS Arena on Long Island in New York, home of the Islanders hockey team.. It is also set to open the Moody Center in Austin, Texas, an upcoming multi-purpose arena under construction on the University of Texas campus, slated to open in April 2022.