LAS VEGAS, June 18, 2013 – AEG and MGM Resorts International (NYSE: MGM) have completed and executed transactional agreements formalizing the details of the previously announced joint venture to build a new arena project, which will be the centerpiece of a complete revitalization of the area between New York-New York and Monte Carlo resorts, extending from Las Vegas Blvd. to Frank Sinatra Drive. They have selected Populous, designers of many of the world’s most memorable sports, concert and entertainment venues as the Architect of Record and designer for the new approximately 20,000-seat indoor arena.







The arena is expected to break ground in summer 2014, with the grand opening projected for spring 2016. The project is anticipated to cost approximately $350 million and be financed with equity contributions from each of the partners as well as privately funded third-party financing.







“Finalizing our agreement with AEG and selecting Populous, a world-class design firm, as the architect of this project are both important milestones in this process,” said Jim Murren, MGM Resorts International Chairman and Chief Executive Officer. “The combination of MGM and AEG, along with the excellent Las Vegas Strip location, is already driving interest from potential investors in this exciting new development.”







Populous is underway creating designs for the state-of-the-art arena set to become Las Vegas’ premier destination for sporting events, major headline entertainment and special events that will drive significant visitation and revenue to Las Vegas. The venue will feature a variety of unique premium seating offerings as well as other hospitality areas for entertaining and private events.