Dallas, Texas 05/05/2014 (FINANCIALSTRENDS) – A joint venture of MGM Resorts International (NYSE:MGM) and AEG, Denver based investor Philip Anschutz’s entertainment business, Las Vegas Arena Company broke ground on Thursday, May 1, 2014 on a privately funded, world-class, $375 million indoor arena set located west of the Las Vegas Strip. The new 20,000 seat arena built on a 16-acre site is expected to host UFC, boxing and other sports events, entertainment and awards shows and other special events.
This new arena is anticipated to host more than 100 events a year and has been designed by Populous, an industry leading architect. The arena will feature range of staging innovations and complete broadcast facilities besides exclusive hospitality offerings, including 50 luxury suites and over two dozen private loge boxes.
Among the dignitaries who remained present at the special ceremony were Steve Sisolak, Chair of the Board of Clark County Commissioners; Bill Walton, NBA and NCAA legend; Luc Robitaille, NHL legend; Richard Schaefer, Chief Executive Officer of Golden Boy Promotions; Dana White, President of UFC and Floyd Mayweather, WBC Welterweight World Champion.
Chairman and Chief Executive Officer of MGM Resorts International (NYSE:MGM), Jim Murren expressed, “The addition of this world-class arena, which will attract new events to the market and enable existing events to grow in scale, is an integral component in that strategy. No destination can deliver the level of energy and excitement found in Las Vegas, where every day has the vibe of a big event day.”
President and Chief Executive Officer of AEG, Dan Beckerman expressed his excitement at the special ceremony and commented that his company has designed some of the most unique features, amenities and offerings together with MGM and they look forward to bring the best entertainment and sports events to this new arena.
Stock of MGM Resorts International (NYSE:MGM) gained 4.33% on Friday and closed at $26.49.