Potential competition for UNLV's $900 million "Mega-Event Center"?
The Las Vegas arena race drew a new deep-pocketed private competitor Friday when MGM Resorts International said it will partner with a powerhouse arena builder and break ground late this year for a new 20,000-seat arena on the Strip without a nickel of public money.
MGM Resorts will join forces with national arena developer AEG to build the sports and entertainment venue on its land behind the Monte Carlo and New York-New York. MGM did not offer a price tag or drawings. Construction should take 24 to 30 months after a late-2013 groundbreaking.
MGM, which owns 10 Strip hotel-casinos and the 17,000-seat MGM Grand Garden and 12,000-seat Mandalay Bay Events Center, moves to the head of the pack of contenders aiming to build an arena in the Las Vegas market.
Developer Chris Milam’s proposed arena in Henderson crashed and burned in 2012 when he said he could not rope in the NBA’s Sacramento Kings. Meanwhile, the city of Las Vegas’ agreement with The Cornish Group development company to build an arena in Symphony Park appears to be stalled. The exclusive deal between the city and Cornish will expire by the end of this year.