Vegas to get New Arena
Moderator: Team Captains
Sounds like they've done the proper studies..if it will be financially viable without a pro sports team then nothing will stop this arena from being built. You can bet on it.Even without a sports franchise, the arena will be financially viable by hosting concerts, boxing matches and other events, and the likely sale of naming rights, he said. In a recent deal, AEG sold such rights to what is now the O2 Arena in London to the U.K. cellular phone company for US$12 million a year, he said.
This is more about competition between Harrah's and MGM to draw visitors to their part of the Strip and thus to spend money in their casinos. Even if the building loses money, the spinoff casino revenue will make money for Harrah's. Still, a new building is necessary to attract an NBA team. The Thomas & Mack Center is too small and doesn't have enough luxury boxes, and the NBA wouldn't want to play out of a university arena.