The All Net Resort and Arena has been under construction for over a decade.
Since then, CEO and former UNLV basketball player Jackie Robinson told News 3 that the company has been bogged down in financial and political red tape.
However, Robinson held a news conference on Wednesday to announce that his team has secured $4.9 billion in finance to develop his ambition, which may undoubtedly be the crown jewel on the Strip’s north end.
“We had to go back to the planning committee, then we had to go back to the town board, then we had to go to the county commission, and so that’s a two-year process,” Robinson said.
The resort will have two hotels, retail space, and a 22,000-seat arena.
Clark County Commissioner Tick Segerblom said it took some time, but it finally appears to be coming together.
“We’ve been saying, ‘Jackie, you have to do something. You have to do something.’ And he started demolition, and he started working on the site the first of September,” Segerblom said. “The stars are in alignment, and it just looks different. It feels different.”
According to Todd Owen of a California-based finance business, one major reason is that $5 billion is on the way.
“The financing before always came to a stall because of the actual assets. We are bringing the assets. Clearwater is bringing them to the table to be able to put the financing together, finally,” Owen said.
Torben Welch of Messner-Reeves Law Firm is managing the legal side, and he stated that while certain costs have risen, the All Net team has finally found a financial sixth man.
“Over the last year, the inflation numbers have kind of changed the numbers a little bit, so that made the sell a little more difficult, and construction issues did that, but we were able to find somebody that was able to oversee those and say, ‘Hey, this is gonna work this time,'” Welch said.
Robinson said it will also work for an NBA franchise.
“We designed the arena with NBA specs,” Robinson said. “We did it so we’d be attractive to them, so we keep in contact with them and tell them this is progress we’re making. This is who we are.”
Robinson stated that he intends to get this completed by the end of 2025.
He wants this to be a sports and entertainment destination for families.
Copyright 2022 702 Times, NV Globe. All rights reserved.
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