{"id":1004077606,"date":"2013-06-19T12:58:58","date_gmt":"2013-06-19T20:58:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=140949"},"modified":"2022-12-06T08:56:59","modified_gmt":"2022-12-06T16:56:59","slug":"aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\/","title":{"rendered":"AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004077655\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\/mgm-park-view-pmbstudio-lg\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg\" data-orig-size=\"800,378\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"MGM-Park-View-pmbstudio-lg\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg\" alt=\"\" title=\"MGM-Park-View-pmbstudio-lg\" width=\"300\" height=\"141\" class=\"alignleft size-medium wp-image-1004077655\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg?resize=300,142 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg?resize=768,363 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>In the latest sign that large-scale development is stirring again on the Las Vegas Strip, AEG and MGM Resorts International said June 18 that they are teaming up to build a $350 million arena between the New York, NY and Monte Carlo resorts.<\/p>\n<p>If it comes to fruition, the plan would close a major gap in the city\u2019s entertainment venues. AEG and MGM Resorts are proposing a 20,000-seat indoor venue that would presumably be suitable for a National Basketball Association team as well as for large-scale concerts and other events.<\/p>\n<p>The agreement brings together hospitality and entertainment powerhouses with extensive experience in large-scale projects. In Las Vegas, MGM Resorts owns the Bellagio, MGM Grand, Mandalay Bay and the Mirage, along with a 50 percent stake in the City Center development.<\/p>\n<p>AEG, a unit of the Anschutz Co., is associated with dozens of major sports and entertainment venues, ranging from the Staples Center in Los Angeles and Minneapolis\u2019 Target Center to Best Buy Theater in Manhattan\u2019s Times Square. It is also the developer of L.A. Live, a $2.5 billion, 4 million-square-foot sports, entertainment and residential district in Downtown Los Angeles.<\/p>\n<p>AEG and MGM Resorts are eyeing a summer 2014 groundbreaking and spring 2016 opening for the arena. The partners said that they would finance the project with a combination of their own equity and unspecified private third-party funding sources.<\/p>\n<p>To design the project, AEG and MGM Resorts tapped Populous, a prolific firm represented by stadiums, convention centers, arenas and other public venues. Populous\u2019 credits include the main stadium for the 2012 London Olympics; the 2014 Winter Olympics in Sochi, Russia; the 2016 Soccer World Cup in Brazil, Wembley Stadium and Emirates Stadium in London; \u00a0Soccer City Stadium in Johannesburg, Aviva Stadium in Dublin and Sporting Park in Kansas City.<\/p>\n<p>Details of the design are not yet available, but the developers said that the facility will feature various premium seating options and \u00a0hospitality areas for entertaining and private events.<\/p>\n<p class=\"MsoNormal\">\n","protected":false},"excerpt":{"rendered":"<p>The long and winding road to a Las Vegas sports arena project seems to be nearing its end after a recent announcement was made that a new joint venture was created specifically for such a development. AEG and MGM Resorts International made the announcement that the formal steps have been taken for a JV that will handle a comprehensive revitalization of the area between the NYC and Monte Carlo resorts. The development will constitute an investment of around $350 million.<\/p>\n","protected":false},"author":41,"featured_media":1004077655,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21751,1593,21742,15],"tags":[],"class_list":["post-1004077606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-hotel","category-las-vegas","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip\" \/>\n<meta property=\"og:description\" content=\"The long and winding road to a Las Vegas sports arena project seems to be nearing its end after a recent announcement was made that a new joint venture was created specifically for such a development. AEG and MGM Resorts International made the announcement that the formal steps have been taken for a JV that will handle a comprehensive revitalization of the area between the NYC and Monte Carlo resorts. The development will constitute an investment of around $350 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-19T20:58:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T16:56:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/MGM-Park-View-pmbstudio-lg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip\",\"datePublished\":\"2013-06-19T20:58:58+00:00\",\"dateModified\":\"2022-12-06T16:56:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/\"},\"wordCount\":337,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/06\\\/MGM-Park-View-pmbstudio-lg.jpg\",\"articleSection\":[\"Development\",\"Featured\",\"Hotel\",\"Las Vegas\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aeg-mgm-resorts-team-up-to-build-long-awaited-arena-on-the-strip\\\/\",\"name\":\"AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip - 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