An arena financed by AEG and MGM Grand is tentatively to be built on this parking lot behind the New York-New York Hotel.

After several road blocks and false starts, AEG appears to be closer than ever to building a world-class arena near the Las Vegas Strip as part of a new privately financed joint venture with MGM Resorts International.

“What’s new is that this is the farthest along that we’ve been with this project,” said AEG Vice Chairman Ted Fikre, who also...

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