AEG and MGM break ground on $375 million Las Vegas arena AEG and MGM Resorts International held a groundbreaking ceremony for the $375 million, 20,000-seat sports and entertainment arena in Las Vegas. Big names like Floyd Mayweather Jr., Bill Walton, Luc Robitaille and UFC President Dana White were in attendance. The arena is being designed with an array of unrivaled premium offerings and club experiences as well as features that will make it immediately available to host NBA and NHL teams, concerts, boxing, mixed martial arts, family shows, award shows and other major events. This massive venue will be the centerpiece of the revitalization of the area between New York-New York and Monte Carlo resorts, extending from Las Vegas Blvd. to Frank Sinatra Drive. It is scheduled to open in the spring of 2016.