Las Vegas to welcome $10B entertainment district

Oak View Group created a lot of attention last year when they announced their plans to build an arena in Las Vegas. It will be located 3 miles south of Mandalay Bay on Las Vegas Blvd., and it is intended to become a complete entertainment hub, including a casino and hotel.

Since the initial announcement of OVG’s Las Vegas plans, there has been little development. However, Tim Leiweke – Chairman and CEO of OVG – recently shared further details in a series of interviews. He is known for his success in arena projects in Seattle and Long Island, NY, and he expressed enthusiasm for what lies ahead with regard to their presence in Vegas.

Oak View Group has made major changes to the plan for its entertainment district in Las Vegas. At a conference, Leiweke confirmed OVG’s dedication to building an arena there. They hope to get all the permits they need by the end of 2021, with possible construction beginning in 2022. This project was originally supposed to be on 25 acres and have a budget of $3 billion, but it will now take up 66 acres and cost more money.

In an interview with Billboard, Leiweke highlighted the importance of their project in Las Vegas, saying that “the largest wager they have ever taken was on their venture in Las Vegas.” OVG has already put forth $27 million for the property and gotten $1 billion from private financing to contribute to the entire entertainment district’s enormous $10 billion budget. Of this large sum of money, a total of $1 billion will be used to build a modern 20,000-seat arena equipped with the most advanced technology.

According to the latest Sports news, Leiweke wants the new stadium to be one of the best in the country, seeing as it will be in a competitive market. Money is an issue when considering how much this project will cost, but Nevada Governor Joe Lombardo just signed a bill offering up to $380 million for incentives if Oakland A’s decide to build and move their team to Vegas.

Rumors of an NBA team relocating to Las Vegas have been around for a while now. The OVG project included plans for a new arena suitable for hosting basketball games, but the league has yet to confirm this move. Recently, Bill Simmons from the Ringer mentioned the possibility on his podcast and noted that Fenway Sports Group is likely in line to bring an NBA franchise to Las Vegas. Additionally, LeBron James, who owns part of Fenway Sports Group, strengthened his involvement with that group this year, which further suggests potential movement towards bringing them over.

The NBA hasn’t made any definite statements concerning expanding their league, but Commissioner Adam Silver has alluded to the potential for including Seattle and Las Vegas as new franchises. With the upcoming Summer League tournament in Las Vegas, it is likely that conversations about the expansion will become more prominent.

The OVG Entertainment District plans to be more than just an NBA stadium; it will also have a hotel and a Las Vegas-style casino. Leiweke, drawing on his experience with LA Live in Los Angeles and the building of T-Mobile Arena, is trying to make music and other forms of entertainment part of the complex. Although there may be worries that there are too many places with entertainment in Las Vegas already, Leiweke still believes that overall “Las Vegas does more live entertainment than both New York City and Los Angeles combined.”

Having an NBA team in the arena would be a great addition, but OVG’s dream for the arena goes beyond just having sports.