• Loading stock data...
Tuesday, April 16, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

Las Vegas NBA-Ready Arena Project Grows to $10B

  • Oak View Group is leading project originally budgeted for $3 billion.
  • Vegas is targeting an NBA expansion team potentially owned by a group with LeBron James.
Casinos and attractions on the Las Vegas strip
Matt Cashore-USA TODAY Sports

With NBA expansion on the cards later this decade, the group vying to build a suitable basketball arena in Las Vegas is significantly increasing its investment.

Oak View Group CEO Tim Leiweke said that his company is now budgeting $10 billion for a potential hotel, gaming, and entertainment district after initially laying out $3 billion.

No public money would be required at the outset. “It helps when you walk into a room and say to them, ‘I do not need your money,’” Leiweke said.

The project’s footprint is also growing from 35 acres to 66.

An NBA team in Las Vegas seems to be a near-certainty according to league commissioner Adam Silver, even if the timeline, where the team would play, and who would own it remains to be determined.

OVG led the $1.15 billion rebuild of Climate Pledge Arena in Seattle, which is also seen as a frontrunner for a future NBA expansion team. The SuperSonics played in Seattle from 1967–2008 — winning an NBA title in 1979 — before moving to Oklahoma City in 2008.

LeBron James hasn’t been shy about his desire to be involved in an ownership group of an NBA team in Las Vegas. James has a stake in Fenway Sports Group — the owners of the Boston Red Sox, Pittsburgh Penguins, and Liverpool of the Premier League — which could front the bulk of the expansion fee.

Leiweke is bullish on Las Vegas’ ability to handle another major venue on top of T-Mobile Arena, home of the NHL champion Vegas Golden Knights.

Vegas is the “No. 1 live entertainment market” in the world, Leieweke said.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Chicago’s Sports Media About to Experience a Major Shake-Up

Three Chicago pro teams’ media rights could shift to Stadium as soon as this fall.

To Sum Up Current Commanders, Coyotes Situations: It’s Complicated

The Commanders hire a Capitol Hill insider as the team continues its stadium pursuit.

Mythical Knicks Pitch to LeBron James With ‘Sopranos,’ Trump, Weinstein Leaks 14 Years Later

Video shows Tony and Carmela Soprano recruiting LeBron James to the Knicks.

For Caitlin Clark and Other Rookies: Now a 29-Day Sprint to WNBA Debut

The league regular season starts swiftly after college basketball ends.
podcast thumbnail mobile
Front Office Sports Today

Inside the Most-Hyped WNBA Draft in History

0:00
0:00

Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Nike
Multiple - USA Careers
NBA
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers
NYC-Mayor-Adams-speaks-at-NYCFC-trophy-presentation

MLS Finally Gets Its Own Piece of the Big Apple

New York will finally gain a soccer-specific stadium with plans approved for a facility in Queens.
April 9, 2024

Coyotes’ Arena Options in Arizona Are Drying Up. Is Relocation Next?

Scottsdale’s mayor cites infrastructure and retail issues with the team’s proposed arena site.
April 11, 2024

Hello, Goodbye: Coyotes’ Future in Flux As Relocation Rumors Ramp Up

The league reportedly has developed a contingency plan to move the team to Salt Lake City.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 9, 2024

Champions League Hosts Ramp Up Security Amid ISIS Threat

Cities are increasing police presence after social media posts.
April 5, 2024

A Wild Week in Stadium News for the Coyotes, A’s, Royals, and Chiefs

Venue-related developments take shape in Phoenix, Sacramento, and Kansas City.
April 4, 2024

A’s Leave Problems Behind in Oakland—But Questions Await in Sacramento

The MLB club will play for at least three seasons at a Triple A ballpark.
April 4, 2024

A’s Reach Deal to Leave Oakland for Sacramento After This Year

The A’s will play in a minor league park starting in 2025.