$3B Sports and Entertainment Center Planned Near Vegas Strip

Oak View Group purchased 25 acres in Las Vegas for a $3 billion entertainment campus — including a $1 billion, 20,000-seat arena — that aims to attract new events and professional sports teams to Sin City.

The land sits within a 66.5-acre plot purchased for nearly $99 million by Blue Diamond Acquisition in February, according to Clark County Records.

Plans include an amphitheater, hotel, and a casino for which Oak View Group would bring in a gaming partner to help with operations. Oak View Group is well-equipped to run event centers.

• The company redeveloped and operates Climate Pledge Arena in Seattle.
• It partnered on building and operating UBS Arena in Long Island.
• Next month, it opens the Moody Center in Texas.

“We will usher in the evolution of Las Vegas as the new entertainment and sports capital of the world,” Oak View Group CEO Tim Leiweke said.

The NHL’s Golden Knights moved to Las Vegs in 2017, the NFL’s Raiders arrived in 2020, and Front Office Sports reported that Formula 1 is coming to Vegas in 2023.

Potential Plays

A group led by Fortress Investment Group’s co-CEO Wes Edens has expressed interest in bringing an MLS team to the city.

The NBA is also reportedly looking to expand in Las Vegas, though the league said that won’t happen for at least five-to-six years, if at all. However, Leiweke says the arena “will be built to the highest specifications of the NBA.”