OVG acquires 25 acres for $3B Vegas project

Oak View Group (OVG), a global venue development, advisory and investment company for the sports and live entertainment industry, revealed plans for an entertainment district including an arena in Las Vegas. Groundbreaking and construction for the estimated $3-billion point of destination entertainment district and arena are scheduled for 2023.

The 25 acres, which is located on 66.5 acres of land near the intersection of two major freeways, I-15 and I-215, will feature an 850,000-sq.-ft. arena, a casino, a hotel and an additional entertainment venue amphitheater. Featuring as many as 20,000-plus seats and modern amenities that will include suites and premium hospitality clubs, the arena will host live events including concerts, sporting events, family entertainment, as well as conventions, large meetings, international events, as well as award shows, exhibitions and more. With a focus on the prioritization of technology, sustainability and green initiatives, the construction of Las Vegas’ new world-class arena is expected to create thousands of permanent and temporary jobs for the surrounding community, according to the company.

“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, OVG. “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.”

Irving Azoff, cofounder, OVG, added, “It doesn’t get much bigger or better than Las Vegas. 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.”

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 along with the president of business development, Francesca Bodie, who will oversee business transactions and operations.

Badain said, “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. This project represents the next step in that exciting evolution. It is an honor to be a part of it and to help deliver on the vision provided by Oak View Group.”

Designed by architecture firms Gensler and Populous, the privately financed sports and entertainment arena will set a new global standard for events in Las Vegas and represent OVG’s biggest project to date, the company reports. In addition to Gensler and Populous, the project development will be led by Steve Collins, OVG’s president of global venue development and special projects.

Nevada Governor Steve Sisolak said, “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.”

Situated adjacent to the planned Brightline high-speed rail station, it is estimated that more than 13 million vehicles coming from California pass the site every year. The site will have direct and easy access to and from I-15 and Las Vegas Boulevard and streets such as Blue Diamond, Warm Springs and Dean Martin, resulting in eight to 15-minute drive times to and from all major Las Vegas Strip resorts and the airport and helping alleviate freeway traffic in both directions, the company reports.

“This announcement marks the next step in solidifying our reputation as #TheGreatestArenaOnEarth,” said Michael Naft, commissioner, Clark County. “The team assembled has the track record and ability to bring another world-class venue to our world-class destination. They also have the expertise and history of building a carbon zero and zero waste facility. I welcome this next evolution for south Las Vegas Blvd, the jobs this project will create, and the history that will be made by today’s news.”