Caesars Entertainment and VICI Properties are preparing an arena proposal for a possible Las Vegas NBA expansion team. The plan centers on 50 acres behind Paris Las Vegas, Horseshoe Las Vegas and Planet Hollywood.
Good To Know
VICI President and CEO John Payne confirmed the partnership during the real estate trust earnings call on July 30. The comments provide the first public arena plan from a group pursuing the expected Las Vegas franchise.
Payne said:
“There are many people bidding on that team. We own, in conjunction with our partner Caesars, and we’re working with them, 50 acres of land behind Paris, Horseshoe (and) Planet Hollywood, and we are developing a plan with Caesars, Sean McBurney in particular, who runs (Caesars) Las Vegas, to house the arena that could be built for the new NBA team.”
The undeveloped parcel sits close to several major Caesars properties and already forms part of the Formula One Las Vegas Grand Prix area. Earlier proposals linked the land with an MLS stadium and a baseball venue during efforts to attract the Montreal Expos more than 20 years ago.
VICI owns the real estate under many Caesars and MGM Resorts properties but does not run the casinos. A basketball arena would give the trust another large venue tied to tourism, events and nearby hotel demand.
The NBA Board of Governors voted on March 25 to assess expansion bids for Las Vegas and Seattle. League approval remains pending, although reports have placed prospective franchise prices between $7 billion and $10 billion. A later vote could decide whether either city receives a team.
Las Vegas already hosts the Golden Knights, Raiders and Aces, while the Athletics plan to open a ballpark at the former Tropicana site in 2028.
Payne said:
“There’s been the massive growth in professional sports with the addition of the Golden Knights, the Raiders, F1, the Aces and the upcoming relocation of the Oakland A’s and now the prospect of an NBA franchise stands to extend the trajectory further. Every new demand driver makes Las Vegas that much harder to bet against.”