A new bidder has entered the NBA-to-Las Vegas chat.
On Monday, real estate firm LVXP announced its plans to build a mixed-use development that would be centered by a “technologically advanced entertainment and sports arena” that could house a future Las Vegas NBA franchise.
Promising to include retail, a convention space, hotels and casinos, the development will be located near the Fontainebleau Las Vegas and Resorts World Las Vegas and would sit across from the city’s convention center.
“We are honored to be stewards of this significant milestone in the city’s legacy,” said James R. Frasure Jr., CEO of LVXP in a statement. “Our commitment is to create a destination that captures the essence of Las Vegas and provides lasting benefits for the community. For me, this endeavor is more than a project—it’s a promise to uphold the spirit of innovation and enthusiasm that defines our local culture.”
The bid also has the backing of at least one notable political figure in Tick Segerblom, who chairs the Clark County Commission, the group that governs unincorporated areas in the county. “This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike,” Segerblom said.
LVXP is the latest group to declare its ambitions to host an NBA team, and it appears to pick up where a prior bid for the same land left off in November. The 27-acre parcel at 2601 South Las Vegas Boulevard was the focus of a group led by former NBA player turned real estate developer Jackie Robinson (no, not that one) over a decade ago. Robinson planned to develop All Net Resort and Arena on the former site of a water park that was closed in the early 2000s, but he had numerous issues securing financing for construction. After multiple extensions for land leases to develop All Net, the Clark County Commission voted against another extension for Robinson’s group last November, leaving the parcel open for LVXP.
However, LVXP is not alone. Oak View Group announced plans to develop a $10 billion resort project anchored by a $1 billion NBA-ready arena last June. OVG executed a similar plan to lure a major pro team by redeveloping the former Key Arena in Seattle into the Climate Pledge Arena ahead of winning rights to the NHL expansion franchise that became the Kraken.
Oak View’s proposed Vegas NBA venue would be located next to a planned terminal for Brightline West, a high-speed rail under construction that will eventually link Las Vegas to Los Angeles through the California desert.
Of course, Las Vegas already has a splashy site that could host an NBA team in T-Mobile Arena, home to the defending Stanley Cup champion Vegas Golden Knights. The arena opened in 2016 and has quickly become the center of the famed Las Vegas Strip by taking on the city’s major boxing and UFC events. It also has significant basketball experience with the Pac-12 men’s basketball tournament, the 2022 NBA All-Star Game, the NBA’s inaugural In-Season Tournament semifinals and finals in November, several WNBA regular season games and multiple NBA preseason contests. T-Mobile can seat 17,500 fans for hockey, 18,000 for basketball and up to 20,000 for other events.
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