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- OVG buys 25 acres of land south of the Vegas strip
- Project expected to break ground in 2023
Venue development and management company Oak View Group (OVG) has acquired 25 acres of land in Las Vegas for the construction of a US$3 billion sports and entertainment district.
The land is part of 66 acres purchased in February by Blue Diamond Acquisition for almost US$99 million, according to Clark County records. OVG is not in control of the other 41 acres.
The OVG-owned plot, which is located near the intersection of the I-15 and I-215 freeways, will feature an 850,000 square foot arena, a casino, a hotel and an additional entertainment venue amphitheatre.
The 20,000-seater arena will host sporting events, as well as concerts, family entertainment, conventions, award shows and exhibitions, among others. The privately financed venue has been designed by architecture firms Gensler and Populous.
Project development will be led by Steve Collins, OVG’s president of global venue development and special projects.
Expected to break ground in 2023, OVG added that the new campus will prioritise technology, sustainability and green initiatives, in addition to creating thousands of jobs for the surrounding community.
Marc Badain, former president of the National Football League’s (NFL) Las Vegas Raiders, has been drafted in by OVG to consult on the project. Francesca Bodie, OVG’s president of business development, will oversee business transactions and operations.
The news arrives in the same week that Formula One announced a deal to stage a night race on the Las Vegas strip from 2023.
The city has already seen an influx of professional sports teams in recent years. The National Hockey League’s (NHL) Vegas Golden Knights were established in 2017, while the NFL’s Raiders relocated last year from Oakland to Allegiant Stadium. Major League Baseball’s (MLB) Oakland Athletics could also be heading to Vegas after submitting offers on five plots of land. Additionally, Major League Soccer (MLS) has entered into exclusive talks with Wes Edens and Nassef Sawiris about bringing an expansion club to the city.
For OVG, the Vegas project continues its expansive venue development efforts. The company has already worked on the Climate Pledge Arena and UBS Arena, home of the NHL’s Seattle Kraken and New York Islanders, respectively.
Additional OVG builds in development include the UK£350 million (US$460 million) Co-op Live indoor music and entertainment arena being built on the campus next to the Etihad Stadium, home of English soccer champions Manchester City. The 23,5000-seater venue is due to be completed in 2023.
“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, chief executive of 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.”
