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October 25, 2014

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MGM Resorts CEO Jim Murren talks on CNBC about new 20,000-seat Strip arena and public park

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Cirque du Soleil

Jim Murren, Cindy Ortega and Guy Laliberte with MGM Resorts International’s $1 million donation to One Drop.

MGM Resorts CEO Jim Murren appeared on CNBC’s “Squawk Box” this morning and unveiled his plans to spruce up the Strip with a state-of-the-art 20,000-seat arena. “We’re turning away dozens of concerts because we can’t accommodate the demand. Las Vegas is firmly rebounding now after being battered by the recession. Las Vegas will outperform any other gaming destination in America.”

Jim also said: “We’re seeing more visitors and more spending. This will be a record year for tourism. Room rates and gaming volumes are rising. It’s a recovery market, and that trend will continue. There won’t be large supply growth of new casinos or more rooms added for the next decade.”

Jim revealed that there will be new Strip-side experiences at New York-New York and Monte Carlo, with a public park leading to the arena. He says construction will start in a few weeks with anticipated completion in early 2014.

“Our vision is to extend the excitement we traditionally create within our resorts outside onto the Strip with an entertainment district and pedestrian plaza leading to the new arena.”

The front facades of the two hotels will be transformed with a series of casual bars, eateries and retail destinations. The skyline of New York-New York will be modified, with a new two-story Hershey’s Chocolate World flagship and Nine Fine Irishmen enhanced and expanded onto the Brooklyn Bridge.

Robin Leach has been a journalist for more than 50 years and has spent the past decade giving readers the inside scoop on Las Vegas, the world’s premier platinum playground.

Follow Robin Leach on Twitter at Twitter.com/Robin_Leach.

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