Plans for a privately financed 20,000-seat state-of-the-art arena in Las Vegas have been announced by Harrah’s Entertainment and AEG, a wholly owned subsidiary of the Anschutz Company. The arena is to be constructed and configured to allow housing of NBA or NHL franchises, and is to be sited one block east of the Las Vegas Strip on 10 acres of land owned by Harrah’s.

AEG, as managing partner, will be responsible for developing, operating and programming live sports and entertainment events. It is envisaged that the arena will host boxing matches, concerts, awards presentations and special events as well as tournaments, sporting events and exhibitions. The project is scheduled to open in 2010 and will feature hospitality centres, luxury seats and an array of facilities including gourmet food offerings.

"AEG and Harrah's Entertainment have put together a compelling, privately funded arena plan that will be a fantastic new attraction for Las Vegas Valley visitors and serve as a much needed sports and entertainment venue for Clark County," said Rory Reid, Clark County commission chairman. "With such exemplary reputations in delivering wonderful guest experiences, AEG and Harrah's are well-suited to bring the largest arena to the region. I'm looking forward to working closely with both organizations in bringing this arena to fruition for the entire region to enjoy."

The proposed arena location, directly behind the Bally's and Paris resorts, will provide visitors convenient access between the arena and all the world-renowned amenities the Strip offers. Subject to the usual approvals, the project should begin construction in summer 2008. AEG is one of the world’s leading sports and entertainment presenters. The company has just opened The O2, a 20,000-seat arena and 650,000 sq ft leisure and entertainment venue, on the Thames Dome site in London.

"There has never been a better time to create a world-class arena for Las Vegas," said Timothy J. Leiweke, president and CEO, AEG. "A city known for showcasing the most important and popular artists, events and extravaganzas needs a state-of-the-art arena to ensure that every important touring act considers Las Vegas a 'must-play' city while solidifying the city's reputation globally."

Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc commented, “This arena is part of our on-going growth strategy and very much a part of our master plan for Las Vegas. We are committed to offering a variety of entertainment options to our customers, and this arena will allow us to bring to Las Vegas high-quality sporting events along with top-name entertainment that our partners, AEG, have an unparalleled track record of delivering." (E-08.23.07)

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