Casino events

Oak View bets on Las Vegas with $3 billion casino, hotel and arena plan

Irving Azoff and Tim Leiweke with the Oak View project planned for 25 acres between I-15 and Las Vegas Boulevard (Getty, Google Maps)

A $3 billion casino, hotel and arena complex planned for Las Vegas would land miles south of its famous Strip.

Oak View Group, a global developer of sports arenas, plans to build a 25-acre entertainment center for high rollers on Las Vegas Boulevard, four miles from the nearest Strip casino in Mandalay Bay, Bloomberg reported. Groundbreaking is scheduled for next year and construction is expected to last three years.

The $3 billion entertainment campus would cater to people with enough money to afford luxury entertainment.

The idea, according to Oak View, would be to sell guests a hotel and live event package, with key hotel access to a private club in the 850,000-square-foot sports and concert arena, including the cost is estimated at $1 billion.

It would include a casino, a hotel large enough to accommodate 2,000 guests, and an amphitheater. The 20,000-seat arena would be large enough to host a professional sports tea party or host concerts for major pop stars.

“We’re going to tackle every big event that’s out there,” Oak View CEO Tim Leiweke told Bloomberg. “It’s exclusive, it’s premium and it will be built in such a way that it’s the perfect experience for those who are willing to spend the money to have the greatest live entertainment experience.”

The Los Angeles-based developer is looking for a partner to operate the hotel and casino. He will also seek partnerships with concert organizers and has had preliminary talks with Live Nation Entertainment, according to a person who spoke to Bloomberg. Live Nation declined to comment.

Oak View, founded in 2015 by Leiweke and music executive Irving Azoff, also shares an investor, Silver Lake, with Endeavor Group Holdings, owner of the Ultimate Fighting Championship, which hosts events in Las Vegas.

Leiweke is positioning the venue to host events and professional sports teams not yet coming to Vegas.

The city has new professional hockey and football teams. It will host the Grammy Awards in April and the Super Bowl in 2024. The National Basketball Association is reportedly considering a Vegas team if its league grows.

“There’s no guarantee the NBA will come to Vegas; we are well aware of that,” Leiweke said. “But if the NBA comes to Vegas, this building will be an option. It will be built to the highest NBA specifications.

The Oak View project would reflect leapfrog development in the 1950s from downtown to Las Vegas Strip.

His new hotel and casino/arena would be built along I-15 next to a planned high-speed rail station in Brightline, miles closer to California than the historic “Welcome to Fabulous Las Vegas” sign. which welcomes 13 million vehicles entering the city every year. .

[Bloomberg] – Dana Barthelemy