last month

"We believe our site location, the size and scope of the arenaitself, as well the fact that the arena is only one component ouroverall mixed-use development, were all determining factors in whywe were selected," Weaver says. "This combined with our ability torefine our financial structure to meet the criteria set forth bythe professional leagues as we prepare to negotiate a lease willmake Las Vegas an overwhelmingly attractive site for a major leaguetenant."

REI has the property under contract to close in the thirdquarter of this year. Weaver told GlobeSt.com last month that hehas secured senior debt financing and expects to start moving dirtnext year for the first phase of the massive project. The cost ofthe land has not been released. The estimated construction budgetis $8.5 billion. The project's total value upon completion isestimated at $9.5 billion. "We plan on breaking ground in the thirdquarter of 2008 upon receipt of all necessary permits and designapprovals," he said.