LAS VEGAS—Las Vegas Arena Company, owned byAEG and MGM ResortsInternational, held a groundbreaking Thursday for its$375 million indoor arena set to open in spring2016.

Located west of the Las Vegas Strip, betweenNew York-New York and Monte Carloresorts, the new 20,000-seat arena will host boxing,Ultimate Fighting Championship and other sportingevents, major headline entertainment, awards shows and specialevents.
On-hand to welcome guests to the special ceremony, which signaledthe start of construction of the venue being built on a 16-acresite, were Dan Beckerman, president & CEO ofAEG and Jim Murren, chairman and CEO of MGMResorts International. Joining the partners to put the firstshovels in the ground were chair of the board of Clark CountyCommissioners Steve Sisolak, president of UFCDana White, CEO of Golden Boy PromotionsRichard Schaefer, NBA and NCAA legend and Hall of FamerBill Walton, NHL legend and Hall of FamerLuc Robitaille and WBC Welterweight World ChampionFloyd Mayweather who took time away from finalpreparations for his Saturday night title defense.
"We are committed to ensuring that Las Vegas retains its title asentertainment capital of the world for generations to come," saidMurren. "The addition of this world-class arena, which will attractnew events to the market and enable existing events to grow inscale, is an integral component in that strategy. Nodestination can deliver the level of energy and excitement found inLas Vegas, where every day has the vibe of a big event day."
Beckerman added: "We are excited to be breaking ground today onthis iconic project. Together with MGM, we have designed an arenawith some of the most unique features, offerings and amenities forour fans and sponsors. We look forward to bringing the bestsports and entertainment events to this new state-of-the-art arenain one of the most vibrant entertainment markets in theworld."
Expected to host more than 100 events annually,the arena designed by industry-leading architect Populous, willhouse multiple locker facilities, premium dressing rooms, completebroadcast facilities and a variety of staging innovations that willbring the biggest stars and most important events to Las Vegas'newest landmark. Designed to meet the U.S. Green BuildingCouncil's standards for LEED GoldCertification, the arena will feature 50 luxurysuites, more than two dozen private loge boxes and otherspecially designed exclusive hospitality offerings never beforefeatured in a facility of its kind.
Commission Chair Sisolak said, "This arena should symbolize foreverybody watching that Las Vegas will continue to emerge from therecession a stronger, smarter, healthier and more vibrantdestination for international tourism. Projects such as this createmuch-needed jobs and are true economic drivers."
AEG Global Partnerships, an affiliate of AEG that collaborates withmore than 100 venues and other AEG assets worldwide to create salesand marketing platforms, is overseeing the sale of naming rights,sponsorships, premium seating and luxury suite sales for the newLas Vegas showplace. MGM Resorts International is one of theworld's leading global hospitality companies, operating a portfolioof destination resort brands including Bellagio, MGM Grand,Mandalay Bay and The Mirage.