LAS VEGAS, March 1, 2013 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) and AEG today announced the companies
have entered into an agreement to pursue the development of a
privately funded, 20,000-seat indoor arena in Las Vegas on land located west of the Las
Vegas Strip, between New York-New
York and Monte Carlo. The new arena would be a venue
capable of hosting boxing and other sporting events, major headline
entertainment, and other special events.
The arena will be the centerpiece of a complete revitalization
of the area between New York-New
York and Monte Carlo,
extending from Las Vegas Boulevard to Frank Sinatra Drive. The
overall project will involve new retail shops, dining and
entertainment offerings, both between the two properties and along
their frontage on the world-famous Las Vegas Strip.
Jim Murren, MGM Resorts Chairman
and Chief Executive Officer said, "This project will help our
company optimize our existing assets at New York-New York, Monte Carlo, CityCenter, and beyond.
This new facility would be an extension of our entertainment legacy
and continue our leadership position in the worlds of boxing,
sports, concerts and other events that drive significant visitation
and revenue to Las Vegas. AEG's dominant position in arena
development, programming and management, makes it an ideal partner
for this venture."
AEG President & Chief Executive Officer Timothy J. Leiweke said, "We are proud to
announce this new venture with MGM Resorts International to build a
state-of-the-art arena. Our extensive sports and music assets
together with our global network of venues, including arenas in key
west coast markets such as Seattle, Portland, Oakland, Los
Angeles, and San Diego,
will allow us to maximize booking and operations
opportunities. This partnership with MGM brings together the
two largest promoters and operators of live entertainment venues in
Las Vegas, guaranteeing the
long-term success of the new arena."
The project is anticipated to be financed with equity
contributions from each of the partners as well as privately funded
third-party financing.
"The combination of MGM and AEG along with the superior Las
Vegas Strip location is already driving strong interest from
potential investors in this exciting new development," said Mr.
Murren.
Design and planning is well underway and the partners will begin
seeking appropriate approvals immediately.
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.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" under the
Private Securities Litigation Reform Act of 1995 that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the Company's public filings with the Securities and
Exchange Commission.
About AEG
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), The Home Depot
Center (Carson, CA), Best Buy
Theater (Times Square, New York),
Sprint Center, (Kansas City),
Rose Garden Arena (Portland, OR), Target Center (Minneapolis, MN), Mercedes-Benz Arena (Shanghai, China), MasterCard Center
(Beijing, China), O2 World
Hamburg, Allphones Arena (Sydney,
Australia), Ericsson Globe arena (Stockholm, Sweden), O2 World arena
(Berlin, Germany) and The O2 arena
and entertainment district (London,
England) which are all part of the portfolio of AEG
Facilities. Developed by AEG, L.A. LIVE is a 4 million square foot
/ $2.5 billion downtown Los Angeles sports, residential &
entertainment district featuring Nokia Theatre L.A. LIVE and Club
Nokia, a 54-story, 1001-room convention "headquarters" destination
along with entertainment, restaurant and office space that
"officially" opened in 2010. In addition to overseeing privately
held management shares of the Los Angeles Lakers (NBA), assets of
AEG Sports include franchises and properties such as the Stanley
Cup Champion Los Angeles Kings (NHL), MLS Cup Champion Los Angeles
Galaxy two hockey franchises in Europe, the Amgen Tour of California cycling race and Zazzle Bay to
Breakers foot race. AEG Live, the company's live-entertainment
division, is the world's second largest concert promotion and
touring company and is comprised of touring, festival, exhibition,
broadcast, merchandise and special event divisions with fifteen
regional offices. AEG Global Partnerships, a division responsible
for worldwide sales and servicing of sponsorships naming rights and
other strategic partnerships and AEG Merchandising, a multi-faceted
merchandising company are also core business units of AEG. In 2010,
AEG launched its AEG 1EARTH environmental program with the
announcement of 2020 environmental goals and the release of the
industry's first sustainability report while in 2011, AEG
introduced axs Ticketing, the first phase of its new entertainment
platform serving as the company's primary consumer brand which will
also feature a mobile service as well as a video content service
now in development. For additional information, visit
www.aegworldwide.com
SOURCE MGM Resorts International; AEG