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MGM Resorts, AEG break ground on 20,000-seat arena along Las Vegas Strip

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LAS VEGAS, Nev. - Officials have broken ground on a 20,000-seat arena along the Las Vegas Strip that's expected to improve the city's chances of attracting professional sports teams.

Boxing legend Floyd Mayweather arrived at the ceremony Thursday on a construction tractor and helped turn dirt at the site while confetti rained down from above.

The project is a collaboration between casino company MGM Resorts International and sports and entertainment giant AEG.

The $375 million arena will be near the New York-New York and Monte Carlo casinos.

The privately funded project is the furthest along of several arenas proposed for Las Vegas in recent years. Mayor Carolyn Goodman has championed a 20,000-seat arena in the revitalized downtown area that would be financed with a combination of private funds and city-issued bonds.

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