A global venue development group is looking to build a $3 billion project centered around a $1 billion, 20,000-seat arena and entertainment district located just south of the Las Vegas Strip.
Oak View Group, a sports entertainment venue development, advisory and investment firm, plans to break ground next year on the privately financed project, which is slated to be built on 25 acres of land near the corner of Las Vegas Boulevard and Blue Diamond Road. Tentative plans call for the project to be completed no later than 2026.
The land is part of 66 acres purchased in February by Blue Diamond Acquisition RE 2022 LLC for almost $99 million, according to Clark County records. Oak View Group is not in control of the other 41 acres.
In addition to the arena and entertainment district, the project plans include a hotel, casino and an amphitheater. Oak View Group would be responsible for operating the arena and it would bring in a gaming partner to operate the planned hotel-casino.
“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.”
The site of the planned arena project is adjacent to the planned train station for Brightline’s high-speed rail that would link Las Vegas and Los Angeles. A group led by billionaire Wes Edens, co-CEO of Fortress Investment Group, who owns Brightline, is also looking at possibly building an MLS stadium on vacant land next to the proposed train station.
“If those two projects happen, I think it’s phenomenal,” Leiweke said. “We’re excited because it really builds something dynamic as a live entertainment zone that is connected directly to Southern California. Just a huge boon for not only Las Vegas and Nevada, obviously for our campus as well.”