LAS VEGAS, Oct. 1, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) and AEG today announced that they have finalized a $200 million bank facility to fund the development and construction of a new 20,000 seat arena. Located on the west side of the Las Vegas Strip, between New York – New York and Monte Carlo resorts, the new $375 million privately funded world-class arena is currently under construction. The Las Vegas Arena is scheduled to debut 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. This financing along with the equity contributions of both partners fully funds the development and construction of this new and iconic venue," said Dan Beckerman, President and CEO of AEG.
Jim Murren, Chairman and CEO of MGM Resorts International, said, "This partnership was committed from the start that this would be a privately funded arena and we are proud to have accomplished this goal. While construction is progressing on site, our industry-leading entertainment teams are working behind the scenes, already seeking out and developing new and expanded events to fill this new stage. This entertainment programming will carry our city forward for years to come, fortifying Las Vegas as the Entertainment Capital of the World."
Las Vegas Arena Company is jointly owned by AEG and MGM. Construction of the indoor arena began in May 2016. To view continued progress being made on the construction of the arena please visit www.arenalasvegas.com.
Expected to host more than 100 events annually, the arena designed by industry-leading architect Populous, will feature 20,000 seats, 50 luxury suites, more than two dozen private loge boxes and other specially designed exclusive hospitality offerings never before featured in a facility of its kind. Designed to meet the U.S. Green Building Council's standards for LEED® Gold Certification, the arena will house multiple locker facilities, premium dressing rooms, complete broadcast facilities and a variety of staging innovations that will bring the biggest stars and most important events to Las Vegas' newest landmark.
About MGM Resorts International:
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
AEG is one of the leading sports and entertainment presenters in the world. AEG, a wholly owned subsidiary of the Anschutz Company, owns or is affiliated with a collection of companies including over 100 of the world's preeminent facilities such as STAPLES Center (Los Angeles, CA), StubHub Center (Carson, CA), Best Buy Theater (Times Square, New York), Mercedes-Benz Arena (Shanghai, China), Allphones Arena (Sydney, Australia) and The O2 arena and entertainment district (London, England). Developed by AEG, L.A. LIVE is a 4 million square foot/$3 billion downtown Los Angeles sports, & entertainment district featuring Nokia Theatre L.A. LIVE, Club Nokia, and a 54-story, 1001-room convention "headquarters" destination. In addition to overseeing privately held management shares of the Los Angeles Lakers, assets of AEG Sports include franchises such as the Stanley Cup Champion LA Kings, LA Galaxy and Houston Dynamo and the Amgen Tour of California cycling stage race. Along with AEG Facilities, other global divisions include AEG Live, the world's second largest concert promotion and touring companies comprised of touring, festival, exhibition, broadcast and special event divisions and AEG Global Partnerships, responsible for worldwide sales and servicing of sponsorships, naming rights and other strategic partnerships. In 2010, AEG launched its AEG 1EARTH environmental program featuring the industry's first sustainability report while in 2011, AEG introduced AXS a comprehensive entertainment platform serving as the company's primary consumer brand including AXS Ticketing which provides fans the opportunity to purchase tickets directly from their favorite venues via a user-friendly ticketing interface, Examiner.com and the AXS TV network. For additional information, visit www.aegworldwide.com
Statements in this release that are not historical facts are forward-looking statements involving risks and/or uncertainties, including those described in MGM Resorts International's public filings with the Securities and Exchange Commission. MGM Resorts International has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the ability of Las Vegas Arena Company to develop a new arena in Las Vegas and/or obtain finance such project. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions, the design, timing and costs of expansion projects, risks relating to permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts International's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts International is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law.
SOURCE MGM Resorts International