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Caesars Entertainment and real estate investment trust VICI Properties are working together on plans to develop a proposed NBA arena on land behind three Las Vegas Strip resorts, marking the first public confirmation of the project as the league explores expansion into the city.
VICI President and Chief Operating Officer John Payne disclosed the proposal during the company’s second-quarter earnings call, saying the partners are developing plans for an arena on about 50 acres of land behind Paris Las Vegas, Horseshoe Las Vegas and Planet Hollywood, as reported by The Las Vegas Review-Journal.
“I think everyone has seen in the news that the NBA is looking to put another team into Las Vegas. There are many people bidding on that team. We own, in conjunction with our partner Caesars, and we’re working with them, 50 acres of land behind Paris, Horseshoe (and) Planet Hollywood, and we are developing a plan with Caesars, Sean McBurney in particular, who runs Las Vegas, to house the arena that could be built for the new NBA team,” Payne said.
Sean McBurney, Caesars’ Chief Commercial Officer and Regional President for Las Vegas, is leading the project for the casino operator.
The announcement is the first public acknowledgment by either company that they are pursuing an arena project on the site, which has previously been identified as one of several locations under consideration for a future NBA venue in Las Vegas.
The parcel is among the largest undeveloped sites on the Las Vegas Strip and is used in part for Formula One’s Las Vegas Grand Prix operations and the BattleBots Arena. It has also been linked previously to a potential Major League Soccer stadium.
Payne said the proposed arena reflects VICI’s broader strategy of pursuing future development opportunities with its operating partners.
He also cited the prospect of an NBA franchise as another driver of Las Vegas’ long-term growth.
“The resilience of Las Vegas continues to be reinforced by the ongoing diversification of demand,” Payne said. “Now the prospect of an NBA franchise stands to extend the trajectory further. Every new demand driver makes Las Vegas that much harder to bet against.”
The NBA voted in March to begin exploring expansion into Las Vegas and Seattle, with Commissioner Adam Silver saying he hopes the league reaches a decision by the end of the year.
Multiple ownership groups are competing to secure an expansion franchise for Las Vegas, while several potential arena sites have emerged on and around the Strip.