Real estate developer LVXP announced plans to build a multibillion-dollar resort and casino complete with a NBA-ready arena on the 27-acre plot on the Strip next to the Sahara that used to house the original Wet ‘n Wild waterpark.
The new development aims to take the place of the All Net Arena project spearheaded by former NBA and UNLV basketball player Jackie Robinson, which floundered on the site for nearly a decade before ultimately being killed by the Clark County Commission last November.
Few details of the new proposed resort and arena have been released, such as a name, design rendering or development costs, but officials said that the property would feature 2,500 rooms, convention space, retail offerings and dining options. It would also be the city’s first resort with a seven-star rating.
LVXP indicated that the resort could be the tallest in the city, given that the land was approved by the Federal Aviation Administration for construction just shy of 1,200 feet in 2008.
For reference, the 735-foot Fontainebleau Las Vegas is the tallest occupied building in Las Vegas, and the Strat tower is the tallest freestanding structure at 1,149 feet.
The arena would have a capacity of 18,500 to 20,000 seats, and would ostensibly represent a turn-key home for an NBA franchise in Las Vegas, which has been all but confirmed to be the league’s next preferred expansion market along with Seattle.
In an interview with the Las Vegas Review-Journal, LVXP CEO James Frasure Jr. said that the proposal is “the antithesis” of the All Net project, which drew the ire of local officials for its constant promises and permit extension requests.
After the county denied the final extension request Nov. 21, Frasure said he and his team were able to acquire the land, and that process was completed in January.
With all the liens cleared, the company hopes to present new permit requests to the county by July. If all goes according to plan, ground could be broken by late 2024 or early 2025.
“Our commitment is to create a destination that captures the essence of Las Vegas and provides lasting benefits for the community,” Frasure told the Review-Journal. “For me, this endeavor is more than a project — it’s a promise to uphold the spirit of innovation and enthusiasm that defines our local culture.”
One supporter of the plan is Clark County Commission Chairman Tick Segerblom, whose district ecompasses the project. Segerblom was a big supporter of the All Net project and was reluctant to deny its last extension.
“This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike,” he said in a statement.
LVXP confirmed that Las Vegas-based firm Steelman Partners will lead design on the project. The firm has designed casinos all over the world, including properties in Las Vegas, Australia, Vietnam and more.
In a statement, CEO Paul Steelman said that the goal will be “to craft a landmark that not only redefines the city’s skyline but also pays homage to its architectural legacy.”
