The Beaux Arts family entertainment and hospitality industry in Las Vegas is expanding.
A new entertainment and entertainment technology company is being formed, and the company’s first investor is being added.
A new venture capital fund is also in the works.
The Las Vegas Entertainment Group (LVEG) is seeking to build and scale out its Las Vegas entertainment and related businesses and create new opportunities for Las Vegas residents.
Las Vegas has been recognized by the Association of American Publishers as one of the 10 Best Places to Live in America.
The company, founded in 2006, has a strong history of providing entertainment and services to local communities.LVEG will be able to expand its operations into other markets, such as Los Angeles, Boston, New York, and Dallas.
“LVEG is one of only a handful of local entertainment companies in the country that offer a diverse array of entertainment and recreation services, including sports and entertainment,” said Mike Mather, president and CEO of the American Conservative.
The company’s newest investors include the Las Vegas Metropolitan Chamber of Commerce, which will receive $250,000 and $250 million in the form of the first round of investments.
The new venture is expected to be worth between $1.2 billion and $1,531 million, with the first three years of investment valued at $750 million.
The first three quarters of investment were valued at between $500 million and $600 million.
Other investors in the venture include the Metropolitan Development Corp., the Las Vegas Chamber of Industry, and MGM Resorts International.
The partnership will be led by MGM Resort International President Bill Bennett.
The development and growth of Las Vegas and its entertainment industry has been in decline for the past three decades.
However, the recent economic downturn has had a positive impact on the entertainment industry and a decrease in unemployment, said Mark Tavenner, president of LVEG.
“While unemployment remains high, we expect that the industry will be a positive driver of employment growth in Las Vegas,” he said.
“The development of new technology and a greater focus on entertainment is going to provide opportunities for our residents, businesses, and visitors.LVPG will be headquartered in Las Palmas, Nevada, in the new Wynn Las Vegas.
The firm plans to build two theme parks in Las Vels, which is currently home to the Mandalay Bay and the Wynn, as well as the newest hotel in the city.
The resort will be the first of two to open in the Wynndys.LVMG plans to add two more theme parks, a hotel and an amphitheater, and is looking to expand to Las Vegas International Airport.
The expansion plans include the opening of a convention center in 2019.
We’re excited to continue building on this great community and bring new and exciting experiences to everyone in Las vegas,” said Todd D. Johnson, president/CEO, LVEG and MGM Resort & Casino. “
Our team is committed to delivering entertainment, gaming, dining and shopping experiences to our guests, customers and partners in Las Vegas community, while investing in innovative technology and creating new economic opportunities.
We’re excited to continue building on this great community and bring new and exciting experiences to everyone in Las vegas,” said Todd D. Johnson, president/CEO, LVEG and MGM Resort & Casino.
“We are honored to be joining forces with a leader in entertainment and technology, and we look forward to working with LVEG as we create a new industry for Las vega.”