Las Vegas is taking another major step in conquering the sports landscape.
Oak View Group, an investment firm that’s focused on sports and entertainment, announced a $10 billion budget for a 66-acre entertainment district in Las Vegas that would include an arena that could house a basketball team.
Tim Leiweke, the OVG CEO, said that the development would not acquire any public funding.
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“I think it helps when you walk into a room and say to them, ‘I do not need your money,’” Leiweke said during a conference on Thursday, June 15.
OVG previously said it had budgeted $3 billion for a 35-acre property.
OVG’s arena would likely house an NBA team, and the NBA Commissioner Adam Silver said in early June that the league will look at expansion teams after it resolves its next media rights deal. The league’s current deal with ESPN and Disney expires after the 2024-25 season.
Las Vegas is expected to be a prime candidate for an expansion team, as Silver has already expressed in the past, with NBA Superstar LeBron James already expressing interest as a potential owner.
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Las Vegas has continued to grow quickly as a sports hub. The city is just a week removed from celebrating the Las Vegas Golden Knights first Stanley Cup. The Las Vegas Aces also won the WNBA title in 2022.
The city houses the NFL’s Las Vegas Raiders at Allegiant Stadium and will hold Formula One’s Las Vegas Grand Prix in November.
There’s also momentum on the idea the MLB’s Oakland Athletics are expected to move to Las Vegas, once the details are finalized on that stadium.
