However, questions about the city’s legalized sports betting as well as an inadequate arena have shed doubt on the likelihood of an established team picking up its roots and moving.

Last week however, Harrah's Entertainment, Inc. (NYSE: HET) and arena developers AEG announced they were partnering to build a world class sports arena just steps off the Las Vegas Strip. It’s the clearest sign yet the city is looking to wrangle its way into the professional sports business. Set to open in 2010, the approximately 20,000-seat, privately financed, state-of-the-art arena will be situated on 10 acres directly behind the Paris and Bally’s resorts. Harrah’s currently owns more than 300 contiguous on the Strip and the announcement follows last month’s announcement regarding a $1 billion expansion of the famed Caesars resort.

As managing partner, AEG will be responsible for developing, operating and programming a full range of live sports and entertainment events including concerts, boxing matches, special events and awards presentations, as well as sporting events, tournaments and exhibitions. The arena will be constructed and configured in a manner that will make it capable of housing an NBA or NHL franchise.

"AEG and Harrah's Entertainment have put together a compelling, privately funded arena plan that will be a fantastic new attraction for Las Vegas Valley visitors and serve as a much needed sports and entertainment venue for Clark County," said Rory Reid, Clark County commission chairman. "With such exemplary reputations in delivering wonderful guest experiences, AEG and Harrah's are well-suited to bring the largest arena to the region. I'm looking forward to working closely with both organizations in bringing this arena to fruition for the entire region to enjoy."

The arena will also feature private "hospitality centers," luxury suites, club seats and an array of amenities, gourmet food offerings and entertainment options to make every guest's experience memorable and world-class.

"This arena is part of our on-going growth strategy and very much a part of our master plan for Las Vegas," said Gary Loveman, chairman, CEO and president of Harrah's Entertainment, Inc. "We are committed to offering a variety of entertainment options to our customers, and this arena will allow us to bring to Las Vegas high-quality sporting events along with top-name entertainment that our partners, AEG, have an unparalleled track record of delivering."

The proposed arena location, directly behind the Bally's and Paris resorts, will provide visitors convenient access between the arena and all the world-renowned amenities the Strip offers, including thousands of hotel rooms, monorail service, restaurants and nightclubs. "This site, behind our Bally's and Paris resorts, is an ideal location for this arena as it is within walking distance of the Strip and conveniently located for the nearly 40 million visitors to Las Vegas each year," said Mr. Loveman.

"There has never been a better time to create a world-class arena for Las Vegas," said Timothy J. Leiweke, president and CEO, AEG. "A city known for showcasing the most important and popular artists, events and extravaganzas needs a state-of-the-art arena to ensure that every important touring act considers Las Vegas a 'must-play' city while solidifying the city's reputation globally."

"This arena is being developed with the capability of hosting an NHL or NBA franchise from day one," continued Leiweke. "We continue to have productive conversations with potential owners and are optimistic that either basketball or hockey, or both, will be played in Las Vegas when the venue opens."

Copyright 2007 Online Slots Place's material. It may not be published, broadcast, rewritten, or redistributed.