Harrah's Reportedly Out Of Group Planning To Build Vegas Arena
The joint venture formed in '07 between AEG and Harrah's to "build and operate a new major league arena in Las Vegas no longer includes the casino operator," according to sources cited by Muret & Mickle of SPORTSBUSINESS JOURNAL. Instead, the sources said that a consortium whose "goal is to bring an NHL expansion team to the proposed 20,000-seat facility in 2010 has stepped into the role as a primary investor." Other sources indicated that the group includes film producer Jerry Bruckheimer, MGM Studios Chair & CEO Harry Sloan and TPG co-Founder David Bonderman. A source said that Harrah's is "out as arena developer in part because NHL executives believe it needs to be a stand-alone project." Muret & Mickle note if "one casino operator is exclusively involved, it would be difficult to sell arena inventory to its gaming competitors." The new arena "would effectively replace [the] 25-year-old Thomas and Mack Center." Meanwhile, the city of Las Vegas continues work on a "separate project to build a downtown arena" (SPORTSBUSINESS JOURNAL, 9/15 issue).
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