NEW LAS VEGAS NBA STADIUM JUST ANNOUNCED

June 18, 2023

Yesterday, the City of Las Vegas held a parade for the 2023 Stanley Cup winners, the Golden Knights Hockey Team. Next year, Las Vegas will host the Super Bowl at the Raiders Stadium. The A’s baseball team just completed a deal with the Nevada Legislature to help fund their move to Las Vegas and build a new $1.5 billion stadium. New user fees will pay back the $380 million tax credit given to make the move happen. With all of Las Vegas’ sports teams successes, it’s no surprise folks are now eyeing an NBA team.

Sports and entertainment venue developer Oak View Groups CEO Tim Leiweke (OVG) just announced a $10 billion hotel and sports arena development project on 66 acres at Blue Diamond Boulevard and Las Vegas Boulevard. Chairman Leiweke announced his intention to build on that site a 20,000-seat arena in hopes of attracting an NBA team to Las Vegas.

Leiweke said

“We’re doing something extraordinary, and if we get to the finish line, we will build the largest development in the history of Las Vegas.“

But Leiweke plans to do all of this with private money; no government funding will be required, he said. Leiweke made his announcement on the cuff of the $380 million in tax credits awarded to the A’s baseball team in the Nevada legislature and signed by Gov. Lombardo.

Leiweke is a 45-year veteran of the estimated $25 billion global concert industry who spent the pandemic building seven new arenas across the world.