LAS VEGAS (KLAS) — The Oak View Group announced early Wednesday morning it plans to build a $3 billion development south of the Las Vegas Strip.
According to a post on the company’s Twitter page, the development will be a “multi-purpose Retail & Entertainment district south of the Las Vegas strip that will include a 20,000-seat Arena, Casino, Hotel, and additional entertainment amphitheater.”
OVG said it has acquired 25 acres in Las Vegas near Las Vegas Boulevard and Blue Diamond Road at the intersection of I-15 and I-215.
“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.
Oak View Group is a development and investment company that has built arenas in other cities including New York and Seattle.
“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,” Leiweke said.
OVG said the arena will include suites, premium hospitality clubs, will host live events including concerts, sporting events, family entertainment, conventions, large meetings, international events, award shows, and exhibitions.
The project, which focuses on technology and sustainability, and green initiatives, is expected to break ground next year.
Veteran sports industry executive and former president of the NFL’s Las Vegas Raiders, Marc Badain, has partnered with OVG to spearhead and consult on the new project.
“In the time I have spent in Las Vegas, I have been overwhelmed by both the entrepreneurial spirit and the willingness of its residents and leaders to embrace the innovation and vision that guides its future,” he said. “There is a need for a new arena, for the most spectacular arena in the world — this is Las Vegas, I think everybody has seen what they have done over time in revolutionizing entertainment and now sports and entertainment.”
The entertainment complex is expected to create thousands of jobs in the Las Vegas community.
“We have been hit more than any other industry in Vegas,” said Ingrid Rosa from Elf Entertainment. “For our industry, we are super excited about a new venue and new challenges.”
No completion date for the project has been set.