MGM, AEG to develop Las Vegas Strip arena

Casino giant MGM Resorts International and entertainment company AEG say they’ve inked a deal to build a 20,000-seat Las Vegas Strip arena.

Officials with Las Vegas-based MGM Resorts and Los Angeles-based AEG say the joint venture will provide a centrepiece for a renovation of the area from Las Vegas Boulevard to Frank Sinatra Drive between the New York-New York and Monte Carlo resorts.

Groundbreaking for the $350 million (Dh1285 million) arena is expected next summer, with completion by spring 2016.

The companies say an unnamed privately funded third-party will also provide financing.

MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalising the agreement a project milestone.