The Las Vegas Diamond Arena project has successfully acquired an additional 3.03 acres of land to officially complete the venue site, which hopes to become the home arena for a potential National Basketball Association (NBA) expansion franchise.
"This is a major milestone for the Diamond Arena project," Las Vegas Diamond Arena Spokesman Tom Letizia said.
"By closing escrow on the final parcel, we now own the entire arena site and have solidified our position as the premier venue for a future NBA franchise in Las Vegas. The addition of a future private aviation component further distinguishes this project from every other proposed arena site."
The project now encompasses the entire development site between Las Vegas Boulevard and Four Seasons Drive, while Chetak Development also agreed to acquire property immediately south of Four Seasons Drive to construct a private jet terminal.
Las Vegas Diamond Arena is located within a federally recognized “opportunity zone,” which was said to provide “significant tax advantages” for investors given they can defer capital gains taxes and reduce taxable capital gains.
Letizia continued: "The question isn't whether Las Vegas is ready for the NBA – the NHL and NFL have already answered that.
"The question is which arena provides the league with the best long-term platform for success. With the entire site assembled, the ability to integrate private aviation directly into the project and one of the most accessible locations anywhere on the Strip, we believe the Diamond Arena clearly stands apart."
The Las Vegas Diamond Arena project was originally introduced as a potential destination for an NBA expansion franchise in June, featuring more than 21,000 seats and the “largest parking capacity” of any competing site.
The new Diamond Arena would be located directly across from Mandalay Bay, proposing a 100,000 sq ft ground-level plaza in addition to 140,000 sq ft of team and broadcast facilities.
Inspired Entertainment launched its NBA Re-Play virtual sports game in Turkey through Sisal Şans on June 22, offering multiple betting markets on two-minute simulated events
