Investment group

Investment group buys 25 acres in Las Vegas for $3 billion in entertainment and sports

LAS VEGAS, Nev. (FOX5) — An entertainment investment firm announced Wednesday that it has purchased 25 acres of land south of the Las Vegas Strip for a $3 billion sports and entertainment district.

Led by former Las Vegas Raiders president Marc Badain, Oak View Group said the land will include an 850,000 square foot arena, casino, hotel and additional entertainment amphitheater. The land is near the intersection of I-15 and I-215 and the project is expected to start in 2023.

Map of proposed location for entertainment, sports district(Oak View Group)

“The South of the Las Vegas Strip represents one of the few areas of potential future growth for the gaming and entertainment corridor,” Tim Leiweke, CEO of Oak View Group, said in a press release. “This unprecedented project is a game-changer in the industry, and we will usher in the evolution of Las Vegas as the new entertainment and sports capital of the world. As the largest arena developer in the world, we look forward to driving the creation of well-paying jobs in Clark County, as well as creating the most innovative and environmentally friendly live entertainment destination point in the world.

The arena will hold up to 20,000 seats and is expected to host concerts, sporting events, conventions, awards shows and more. The arena is also expected to create thousands of jobs, according to the investment group.

“During my time in Las Vegas, I was overwhelmed by both the entrepreneurial spirit and the willingness of its residents and leaders to embrace the innovation and vision that guides its future” , said Badain. “This project represents the next step in this exciting evolution. It’s an honor to be a part of it and help bring Oak View Group’s vision to life.

“We are proud that Oak View Group has chosen Nevada for its next and largest project,” said Nevada Governor Steve Sisolak. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for the people of Nevada. I can’t wait to see the many opportunities this creates in Las Vegas.

The land is near the planned Brightline high-speed rail station and will provide easy access to and from I-15 and Las Vegas Boulevard.

OVG helped develop the Climate Pledge Arena in Seattle, home of the NHL’s Seattle Kraken, as well as the UBS Arena, home of the NY Islanders.