Las Vegas’ ‘economic momentum’ to continue with $3bn casino project

Las Vegas

The construction of a fresh $3bn entertainment district, housing a casino, retail, hotel, and 20,000 seat arena, is to break ground in Las Vegas during 2023, outlines the Oak View Group.

The move comes after the development, advisory and investment firm acquired a 25 acre parcel of land on a large 66.5 acre plot, which OVG is not in control of, that is situated adjacent to the planned Brightline high-speed rail station linking Las Vegas with Los Angeles.

The facility, which would lie south of the city’s famous Strip, would feature an 850,000 square foot arena, a casino, a hotel, and an additional entertainment venue amphitheatre.

It is also stated that a focus would be placed on the prioritisation of technology, sustainability, and green initiatives, with the resort also expected to create thousands of permanent and temporary jobs for the surrounding community.

“South of the Las Vegas strip represents one of the few areas of potential future growth of the gaming and entertainment corridor,” said Tim Leiweke, CEO of Oak View Group.

“This unprecedented project is an industry game-changer, and we will usher in the evolution of Las Vegas as the new entertainment AND sports capital of the world. 

“As the largest arena developer in the world, we look forward to driving good paying job creation to Clark County as well as creating the most innovative and environmentally sustainable live entertainment point of destination in the world.”

Is it estimated that each year more than 13 million vehicles coming from California pass the site, from which it would be an estimated 8 to 15-minute drive time to and from all major Las Vegas Strip resorts and the airport.

Nevada Governor Steve Sisolak commented, “We are proud Oak View Group has chosen Nevada for its next and largest project. 

“This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans. I look forward to seeing the many opportunities this creates in Las Vegas.”

Lauded as a “groundbreaking” development for the region, former Las Vegas Raiders President Marc Badain has also partnered with OVG to spearhead and consult on the new project.

“In the time I have spent in Las Vegas, I have been overwhelmed by both the entrepreneurial spirit and the willingness of its residents and leaders to embrace the innovation and vision that guides its future,” he noted. 

“This project represents the next step in that exciting evolution. It is an honour to be a part of it and to help deliver on the vision provided by Oak View Group.”