Oak View Group acquires 25 acres in Las Vegas to build $3bn entertainment arena

Oak View Group is planning to build a $3bn entertainment district in south Las Vegas with a casino and a hotel.

US.- Oak View Group, a global venue development, advisory, and investment company for the sports and live entertainment industry, has announced plans for an entertainment district including an arena in Las Vegas. The group has acquired 25 acres of land in the south of the city and plans to break ground in 2023.

The new entertainment hub will feature an 850,000 square foot arena, a casino, a hotel, and an additional entertainment venue amphitheater. The project will cost $3bn. The company says it will focus on the prioritisation of technology, sustainability, and green initiatives and create thousands of permanent and temporary jobs.

“South of the Las Vegas strip represents one of the few areas of potential future growth of the gaming and entertainment corridor,” said Tim Leiweke, CEO of Oak View Group. “This unprecedented project is an industry game-changer, and we will usher in the evolution of Las Vegas as the new entertainment AND sports capital of the world. 

“As the largest arena developer in the world, we look forward to driving good paying job creation to Clark County as well as creating the most innovative and environmentally sustainable live entertainment point of destination in the world.”

“It doesn’t get much bigger or better than Las Vegas,” said Irving Azoff, co-founder of OVG. “From the world-class Climate Pledge Arena in Seattle to UBS Arena in New York, and Moody Center in Austin, Las Vegas will be the next jewel in the OVG crown.”

Nevada Governor Steve Sisolak commented, “We are proud Oak View Group has chosen Nevada for its next and largest project. This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans. I look forward to seeing the many opportunities this creates in Las Vegas.”

The site will be situated in vacant land, adjacent to the I-15 and I-215 freeways; a section of the city more than 13 million vehicles drive past each year. Oak View Group has built a $1.2bn arena in Seattle and the $1.1bn UBS Arena in New York.

See also: Nevada casino revenue surpasses $1bn for 11th month