Caesars Entertainment and VICI Properties are collaborating to propose the development of a new NBA arena situated on land behind three prominent Las Vegas Strip resorts. This announcement is the first official confirmation of the project as the NBA considers expanding into the city.

During the company’s earnings call for the second quarter, VICI’s President and COO John Payne revealed more details about the project. The planned arena will occupy approximately 50 acres behind Paris Las Vegas, Horseshoe Las Vegas, and Planet Hollywood, as cited by The Las Vegas Review-Journal.

“It’s well-known that the NBA is interested in adding another team in Las Vegas. Various groups are competing for the opportunity,” Payne stated. “Alongside Caesars, we own 50 acres of land adjacent to Paris, Horseshoe, and Planet Hollywood, and we are crafting a plan, particularly with Sean McBurney, Caesars’ executive overseeing Las Vegas, to establish the venue for a future NBA team,” he added.

Sean McBurney, who serves as Caesars’ Chief Commercial Officer and Regional President for Las Vegas, is spearheading the arena project on behalf of the casino operator.

This announcement marks the first public acknowledgment from either company regarding the pursuit of an arena on this site, previously mentioned as a contender for a future NBA venue in Las Vegas.

The site is one of the largest undeveloped areas along the Las Vegas Strip and is partially utilized for events such as Formula One’s Las Vegas Grand Prix and the BattleBots Arena. Previously, it was also associated with discussions for a potential Major League Soccer stadium.

Payne noted that the proposed arena aligns with VICI’s broader vision of exploring future development opportunities with its partners in operation.

Furthermore, he highlighted the upcoming NBA franchise as a pivotal element for the long-term growth of Las Vegas.

“Las Vegas’ resilience is continually validated by an expanding variety of market demands,” Payne stated. “The potential for an NBA franchise could further enhance this growth trajectory. Every new driving factor strengthens Las Vegas’ position in the marketplace.”

The NBA officially announced in March that it would start investigating options for expansion in Las Vegas and Seattle, with hopes from Commissioner Adam Silver to reach a decision by the year’s end.

Numerous ownership groups are competing to obtain an expansion franchise in Las Vegas, while several probable arena locations have been identified on and around the Strip.