Casino giant MGM Resorts International and entertainment company AEG announced Tuesday they have completed a deal to build a new 20,000-seat arena on the Las Vegas strip.
Las Vegas-based MGM Resorts and Los Angeles-based AEG said the joint venture will provide a centerpiece 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 arena is expected next summer, with completion by spring 2016.
The companies said an unnamed privately funded third-party will also provide financing.
MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalizing the agreement a project milestone.
The international design firm Populous has been hired to design the arena with premium seating and hospitality areas for entertainment and sports events.
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