MGM Resorts and AEG ink deal to build 20,000-seat concert and sports arena on Las Vegas Strip

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LAS VEGAS, Nev. - Casino giant MGM Resorts International and entertainment company AEG say they've inked a deal to build a 20,000-seat Las Vegas Strip arena.

Officials with Las Vegas-based MGM Resorts and Los Angeles-based AEG say the joint venture will provide a centerpiece for a renovation of the area from Las Vegas Boulevard to Frank Sinatra Drive between the New York-New York and Monte Carlo resorts.

Groundbreaking for the $350 million arena is expected next summer, with completion by spring 2016.

The companies say an unnamed privately funded third-party will also provide financing.

MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalizing the agreement a project milestone.

The international design firm Populous has been hired to design the arena with premium seating and hospitality areas for entertainment and sports events.

Organizations: MGM Resorts International Chairman

Geographic location: Las Vegas Strip, LAS VEGAS, Nev., Las Vegas Boulevard New York-New York Monte Carlo

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