Oak View Group Preparing $3bn Project in South of Las Vegas
Plans could be cemented by 2023
Oak View Group, an international venue development group, is preparing a $3bn project centered about a $1bn, 20,000-seat arena and entertainment district to the south of the primary Las Vegas strip.
25 acres of land at Las Vegas Boulevard and Blue Diamond Road
Oak View is seeking to progress the privately-financed project by next year with plans of developing completion by 2026. The strategy calls for improvement on 25 acres of land at Las Vegas Boulevard and Blue Diamond Road that land is portion of 66 acres that have been bought by Blue Diamond Acquisition RE 2022 LLC for nearly $99m in February. Oak View does not personal the other 41 acres.
The business plans to develop an entertainment district, massive stadium, hotel and casino, and amphitheater. All of this will be just a couple of minutes away from the Harry Reid International Airport.
A reimagined Las Vegas
Las Vegas is effectively known for its gambling and entertainment enterprises, but Oak View CEO Tim Leiweke believes that there is still untapped potential in the region.
“South of the Las Vegas Strip represents one of the handful of places of possible future development of the gaming and entertainment corridor,” stated Leiweke. “This unprecedented project is an market game-changer, and we will usher in the evolution of Las Vegas as the new entertainment and sports capital of the globe.”
Oak View’s creating web site is subsequent to the planned Brightline high-speed railway that will connect Vegas and Los Angeles. This will further its influence and recognition in the entertainment sector if the railway project goes through.
Wes Edens, co-CEO of Fortress Investment Group, which owns Brightline, is also interested in developing a Major League Soccer stadium next to the train station on the otherwise vacant ground.
I think it’s phenomenal”
“If these two projects come about, I consider it’s phenomenal,” Leiweke said. “We’re excited due to the fact it actually builds one thing dynamic as a live entertainment zone that is connected directly to Southern California. Just a huge boon for not only Las Vegas and Nevada, certainly for our campus as properly.”
Other sporting attractions
There has been a rising demand for sports in Vegas, following the Raiders’ move to the south of Nevada. The creation of the Las Vegas Golden Knights franchise also gave Nevada a representative in the National Hockey League.
The once-music-driven city that was noticed as a semi-retirement property is now the hub of entertainment— the city missed out on the drama of the Oscars, but it will host the Grammys on April 3 and Super Bowl LVIII in 2024.
Leiweke has an in developing a skilled basketball stadium in addition to the plans for a new MLS ground. There are no professional hoops teams in Las Vegas, but the CEO could be granted some assurances.
this creating will be constructed so that it would be spectacular for the NBA”
“If [the National Basketball Association] produced a commitment to Vegas at some point in the future, this creating will be built so that it would be spectacular for the NBA,” said Leiweke. “Not just in the way that it operates, meeting and exceeding all their standards, but in a way economically it could create income for an NBA group.”
The NBA already holds its one of its summer leagues in Las Vegas, so adding a skilled team would not be a far stretch. Fans have also clamored for the recreation of the Seattle Supersonics franchise, so this would permit the NBA an opportunity to appease its fanbase and tap into two new markets.
History and future possibilities
Oak View has a lengthy history of venue improvement. The organization redeveloped and now operates Climate Pledge Arena at Seattle Center, where the Seattle Kraken plays. It also helped create and operate UBS Arena in New York, property of the New York Islanders. In addition, it has projects at all levels of sports and has been in operation considering that 2015.
Leiweke has also been in the game for very some time, dating back to his tenure as Denver Nuggets president from 1991-95. Soon after that, he served as CEO of AEG from 1996-2013 AEG is portion owner of T-Mobile Arena with MGM Resorts and Golden Knights owner Bill Foley.
I welcome this subsequent evolution for south Las Vegas Boulevard”
“The group assembled has the track record and potential to bring one more planet-class venue to our globe-class location,” Clark County commissioner Michael Naft said in a statement. “I welcome this next evolution for south Las Vegas Boulevard, the jobs this project will develop, and the history that will be created by today’s news.”
Oak View will need to have a companion to assist run hotel and casino operations conversations have reportedly been held behind the scenes, even though no names have been released.
Leiweke envisions Las Vegas growing its global influence and catering to sporting, musical, theater, and gambling crowds.