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Wide-Ranging AEG No Stranger to Las Vegas

Thursday, July 10, 2014   (0 Comments)
Las Vegas Review Journal (06/01/14) Snel, Alan

Anschutz Entertainment Group (AEG) is building a $375 million arena on the Las Vegas Strip in partnership with MGM Resorts International, but this is not AEG's first business dealings in Las Vegas. The company manages Caesars Palace Colosseum and books content for The Joint at the Hard Rock Hotel. AEG also is part-owner of the AXS TV network, which broadcasts mixed martial arts shows and Muay Thai fight events promoted by Las Vegas-based Lion Fight Promotions. “We have boots on the ground in Las Vegas,” says AEG CEO Dan Beckerman. “We understand the market. The [MGM] arena needs to appeal to everyone. [The arena] will be neutral, whether the guest is a local or a visitor.” AEG is content to open the Las Vegas arena without a sports tenant, a strategy that has paid off with arenas in other cities, Beckerman notes. AEG's Todd Goldstein says he is negotiating with prospective buyers of the Las Vegas arena's 45 suites, and suite prices will range from the low six figures to low seven figures. The Las Vegas arena is one of five core AEG priorities, which also include recruiting a National Football League team to Los Angeles and housing it at a new $1.2 billion stadium adjacent to the Staples Center.

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