Another NBA Arena Proposal For Las Vegas Surfaces Monday, But No Details On Venue Cost, Project Financing

By Alan Snel, LVSportsBiz.com Publisher-Writer

LAS VEGAS, Nevada — The prospect of a new NBA team in Las Vegas in 2028 has sparked another proposal for an NBA arena.

This time, the project is called the Las Vegas Diamond Arena, which is pitched for the northeast corner of Las Vegas Boulevard and Four Seasons Drive across from the Mandalay Bay hotel-casino.

The PR Newswire description did not say who is building the arena, how much it will cost and how it will be financed.

LVSportsBiz.com reached out to Tom Letizia, listed as representing the arena proposal. He identified the development group as “Chetak.” He said Chetak developed Sahara Paradise and Fun City on the Strip, “as well as the prominent holdings surrounding Walgreens—high-visibility, high-traffic assets.” He said the land has been owned by a corporation for 32 years and is “not a speculative play.”

The arena is proposing 21,212 seats. The PR Newswire item said the site has 18,460 parking spaces, including 760 VIP spaces. The arena project is also proposing a 100,000-square-foot ground level plaza and 140,000 square feet for team and broadcast facilities.

Letizia told LVSportsBiz.com, “Once Las Vegas is officially awarded a team, an ownership group will be finalized, followed by selection of the arena site. At that point, ownership, the NBA, and key stakeholders behind Diamond Arena will align to structure the financing and move the project forward.”

LVSportsBiz.com believes Golden Knights owner Bill Foley’s $300 million plan to upgrade T-Mobile Arena for an NBA team has the inside track for a basketball team.

The NBA said last month that league’s Board of Governors voted to officially explore expanding to the Las Vegas and Seattle markets.