Oak View Group is aiming to make a splash in Sin City, announcing a $3 billion development plan south of the Las Vegas Strip that will include an arena, hotel and casino. The company will center the development on a 25-acre parcel of land near Harry Reid International Airport, according to reports.
“We’re going to tackle every big event that’s out there,” Oak View CEO Tim Leiweke told 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.”
“This unprecedented project is a game-changer in the industry, and we will usher in the evolution of Las Vegas as the new entertainment AND sports capital of the world.” – Tim Leiweke https://t.co/qIFrxIqt12
— OVG (@oakviewgroup) March 30, 2022
The arena would compete with other venues, including AEG’s T-Mobile Arena (20,000 capacity and home of the Las Vegas Golden Knights) and MGM’s Grand Garden Arena (17,000 capacity) for events, as well as larger spaces like the new Allegiant Stadium, home of the Las Vegas Raiders. But the company – led by former AEG CEO Leiweke and former Live Nation Entertainment president Irving Azoff – is confident it can break through and attract the biggest names in entertainment. There are also plans for an amphitheater in the complex.
Attracting an NBA team to the new stadium would be a big part of the plans, and the league has indicated it would be interested in landing a team in the city if it expands.
The Oak View Group has announced plans to build a $3 billion sports and entertainment district on 25 acres of land in Las Vegas.
➖ Arena with 20,000 seats
➖ Hotel with 2,000 customers
➖ Casino, amphitheater, shops
CEO Tim Leiweke says development will start next year 🏗 pic.twitter.com/oPFsEuNsqV
– Front Office Sports (@FOS) March 30, 2022
Oak View Group, formed in 2015, has ties through Azoff with Azoff MSG Entertainment and a myriad of other facilities through its OVG Facilities division. It operates and delivers arenas, theatres, convention centers and amphitheatres. OVG is partly owned by Silver Lake Partners, which also owns shares in companies such as Endeavour, and Australia’s TEG. It recently signed a ticketing deal with Ticketmaster to cover six of its open venues by 2023, including UBS Arena in New York, Climate Pledge Arena in Seattle, Moody Center in Austin, Coachella Valley Arena in California, the Savannah Arena and Co-Op Live in Manchester. , England. Its most recent major deal involved a merger with Spectra to add venue management and hospitality to its sprawling portfolio.