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MGM, AEG Sign Deal For Strip Arena

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File photo of Las Vegas. (photo: Ethan Miller/Getty Images)

File photo of Las Vegas. (photo: Ethan Miller/Getty Images)

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LAS VEGAS (AP) — Casino giant MGM Resorts International and entertainment company AEG say they’ve inked a deal to build a 20,000-seat Las Vegas Strip arena.

Officials with Las Vegas-based MGM Resorts and Los Angeles-based AEG say the joint venture will provide a centerpiece for a renovation of the area from Las Vegas Boulevard to Frank Sinatra Drive between the New York-New York and Monte Carlo resorts.

Groundbreaking for the $350 million arena is expected next summer, with completion by spring 2016.

The companies say an unnamed privately funded third-party will also provide financing.

MGM Resorts International Chairman and Chief Executive Officer Jim Murren calls finalizing the agreement a project milestone.

The international design firm Populous has been hired to design the arena with premium seating and hospitality areas for entertainment and sports events.

Copyright 2013 The Associated Press.

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