MGM, AEG Secure Arena Funds

MGM Resorts International and AEG have finalized $200 million bank facility to help fund their jointly owned 20,000-seat indoor stadium. The Las Vegas Arena is currently under construction (l.) on the Strip, between the New York-New York and Monte Carlo resorts.

Venue to open in early 2016

MGM Resorts International and entertainment company AEG have secured $200 million in private funding to help develop a 20,000-seat arena on the Las Vegas  Strip. The $375 million Las Vegas Arena, jointly owned by the partners, will be located between the New York–New York and Monte Carlo resorts. It is scheduled to open in the spring of 2016.

“We are grateful for the support of our financial partners in helping MGM and AEG bring a world-class arena to Las Vegas,” said Dan Beckerman, president and CEO of AEG. “This financing along with the equity contributions of both partners fully funds the development and construction of this new and iconic venue.”

MGM Chairman and CEO  Jim Murren said the programs planned for the arena “will carry our city forward for years to come, fortifying Las Vegas as the entertainment capital of the world.”

The indoor arena is expected to host more than 100 events each year. Designed by architect Populous, it will feature 50 luxury suites and more than two dozen private boxes.