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$10 billion, 66-acre project coming to Las Vegas to include NBA-sized arena

NBA Commissioner Adam Silver and LeBron James have expressed interest in bringing a team to Las Vegas

[Photo: TheStreet]

Las Vegas has been picking up steam in the world of professional sports over the last several years, since the acquisition of the NFL’s Raiders, the Las Vegas Golden Knights recently winning the Stanley Cup, and even speculation that the MLB’s Oakland Athletics will soon relocate to the city. There may even be more coming to Las Vegas, as CEO of investment firm Oak View Group Tim Leiweke has announced his intention to build a $10 billion project that would cover 66 acres and include a 20,000 seat arena, which many take as a sign to entice an NBA team to the city.

Speaking at a Las Vegas Global Economic Alliance event, Leiweke laid out his plans.

“On this arena, I’m not asking you for any money,” Leiweke explained during the event. “We’re not going before the state. We’re not going before the county. We will go build it on our own privately.”

This wouldn’t be Leiweke’s first venture into sports arenas, having previously developed the Climate Pledge Arena in Seattle, home of the NHL Krakens.

Leiweke explained that the arena would pay for itself by hosting basketball games, following as similar strategy he used for Climate Pledge Arena. NBA Commissioner Adam Silver has already expressed interest in Las Vegas being the home of an upcoming expansion team, and superstar LeBron James has made it clear that he would be interested in co-owning the franchise.

The NBA wouldn’t be the only entity helping pay for the project, however. Outfitting the venue to handle large concerts and events with the absolute latest equipment would be key, says Liweke.

“You’ve got to build an arena that’s on the cutting edge of premium, suites, hospitality, merchandise and experience,” he said. “We’re going to have to build something extraordinary.”

Lieweke says he hopes to break ground on the project in 2024.


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