CNBC’s Jess Golden reports that Tim Leiweke’s Oak View Group announced they’d bought 25 acres of land in Las Vegas to build a $3 billion sports and entertainment district.
Breaking on CNBC: Tim Leiweke's Oak View Group announces they have acquired 25 acres of land in Las Vegas to build a new $3B sports and entertainment district. This will include a 20K capacity arena, casino and hotel project.
— Jess Golden (@JGolden5) March 30, 2022
The project will include a 20,000 seat arena, a casino, and a hotel.
CEO Tim Leiweke said, “The arena will be world-class. We’re prepared to spend about a billion dollars on building the new arena. It will be for music. It will be for sports. It will be for cultural activities. And should the NBA decide to come, and by the way, there’s no certainty or no guarantees that the NBA is ever coming to Vegas, but should they come, we certainly will be NBA ready.”
Leiweke is the former CEO of Anschutz Entertainment Group. AEG owns the Los Angeles Kings, the Los Angeles Galaxy, part of the Los Angeles Lakers, the L.A. Live entertainment complex, and other sports and entertainment venues. Leiweke is also the former president of Maple Leaf Sports and Entertainment. MLSE owns the Toronto Maple Leafs, Toronto Raptors, Toronto Marlies, Toronto Argonauts, Raptors 905, Toronto FC, and the Scotiabank Arena.
In October, NBA commissioner Adam Silver said of Vegas, “It’s on a list at the point that we do turn to expansion, which isn’t right now, but at some point, no doubt Vegas will be on the list.”
Of the big four pro leagues, the NFL’s Raiders moved from Oakland to Vegas in 2020, and the NHL expanded to the city with the Golden Knights in 2017. Leiweke’s group was also behind the redevelopment of Seattle’s Climate Pledge Arena that welcomed the NHL’s expansion team, the Kraken, in 2021.
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