The group vying to build a suitable basketball arena in Las Vegas is increasing its investment for a potential NBA expansion team. Oak View Group (OVG) CEO Tim Leiweke announced that the budget for the project has been raised to $10 billion, up from the initial estimate of $3 billion. The increased investment would cover a hotel, gaming, and entertainment district spanning 66 acres. Importantly, no public money would be required for the project.
While the timeline, ownership, and specific location for an NBA team in Las Vegas are yet to be determined, NBA Commissioner Adam Silver has indicated that a team in Las Vegas seems highly likely. OVG, which led the rebuild of Seattle’s Climate Pledge Arena, is also considered a frontrunner for a future NBA expansion team in Seattle.
LeBron James, who has expressed his desire to be involved in an NBA ownership group in Las Vegas, holds a stake in Fenway Sports Group, which could potentially contribute to the expansion fee. Leiweke is optimistic about Las Vegas’ capacity to handle another major venue alongside the T-Mobile Arena, which is home to the NHL’s Vegas Golden Knights.
According to Leiweke, Las Vegas is the top live entertainment market globally, further bolstering the case for establishing an NBA team in the city.
