MGM Resorts International and AEG have finalised a US$200m bank facility to fund the development and construction of a new 20,000 seat arena.
Located on the west side of the Las Vegas Strip, between New York – New York and Monte Carlo resorts, the new $375 million privately funded world-class arena is currently under construction. The Las Vegas Arena is scheduled to debut in the spring of 2016.
“We are grateful for the support of our financial partners in helping MGM and AEG bring a world-class arena to Las Vegas. This financing along with the equity contributions of both partners fully funds the development and construction of this new and iconic venue,” said Dan Beckerman, President and CEO of AEG.
Jim Murren, Chairman and CEO of MGM Resorts International, said, “This partnership was committed from the start that this would be a privately funded arena and we are proud to have accomplished this goal. While construction is progressing on site, our industry-leading entertainment teams are working behind the scenes, already seeking out and developing new and expanded events to fill this new stage. This entertainment programming will carry our city forward for years to come, fortifying Las Vegas as the Entertainment Capital of the World.”
Las Vegas Arena Company is jointly owned by AEG and MGM. Construction of the indoor arena began in May 2016.
Expected to host more than 100 events annually, the arena designed by industry-leading architect Populous, will feature 20,000 seats, 50 luxury suites, more than two dozen private loge boxes and other specially designed exclusive hospitality offerings never before featured in a facility of its kind. Designed to meet the US Green Building Council’s standards for LEED Gold Certification, the arena will house multiple locker facilities, premium dressing rooms, complete broadcast facilities and a variety of staging innovations that will bring the biggest stars and most important events to Las Vegas’ newest landmark.