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The joint venture of Global hospitality company MGM Resorts, and sports and entertainment company AEG, will develop the new Las Vegas arena, which would be designed by Populous.

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Upon completion, the arena will become the centerpiece of a complete revitalisation of the area between New York-New York and Monte Carlo resorts, extending from Las Vegas Boulevard to Frank Sinatra Drive.

Anticipated to cost approximately $350 million, the new indoor arena will feature approximately 20,000-seats. Designed to become a premier destination for sporting events, the state-of-the-art arena will feature a variety of premium seating offerings as well as other hospitality areas for entertaining and private events.

The arena is expected to break ground in summer 2014, with the grand opening projected for spring 2016.