Oak View Group has its sights set on a big 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 close to Harry Reid International Airport, according to reports.
“We’re going to go after every big event that exists,” Oak View Chief Executive Officer Tim Leiweke told Bloomberg. “It’s exclusive, it’s high-end and it will be built in a way where it’s the perfect experience for those willing to spend the money to have the greatest experience in live entertainment.”
“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.”- Tim Leiweke https://t.co/qIFrxIqt12
— OVG (@oakviewgroup) March 30, 2022
The arena would be competing with other venues including AEG’s T-Mobile Arena (20,000 capacity and home to 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 to the Las Vegas Raiders. But the company – led by former AEG CEO Leiweke and former Live Nation Entertainment chairman Irving Azoff – is confident it can break through and draw the top names in entertainment. There are also plans for an amphitheater in the complex.
Luring an NBA team to the new stadium is reportedly a big part of the plans, and the league has indicated that it would be interested in landing a team in the city should it expand.
The Oak View Group has announced plans to build a $3 billion sports and entertainment district on 25 acres of land in Las Vegas.
➖ 20,000 seat arena
➖ 2,000 guest hotel
➖ Casino, amphitheater, retailCEO Tim Leiweke says the development will break ground next year 🏗 pic.twitter.com/oPFsEuNsqV
— Front Office Sports (@FOS) March 30, 2022
Oak View Group, formed in 2015, has ties through Azoff to Azoff MSG Entertainment, and a myriad of other facilities through its OVG Facilities division. It operates and books arenas, theaters, convention centers and amphitheaters. OVG is part-owned by Silver Lake Partners, which also owns peices of companies such as Endeavor, and Australia’s TEG. It recently signed a ticketing contract with Ticketmaster to cover six of its venues opening between now and 2023, including New York’s UBS Arena, Seattle’s Climate Pledge Arena, Austin’s Moody Center, Coachella Valley Arena in California, 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.
