Las Vegas officials have decided to put an end to the misplaced claims and unmet construction promises made by the owners of the All Net Arena project. On Tuesday, the Clark County Zoning Commission unanimously voted to reject an extension of the project’s permits.
The $5 billion All Net Arena project, proposed in 2013, was meant to include a 22,000-seat basketball arena, a non-gaming hotel, a convention center, a movie theater, and a grocery store. However, the owners consistently failed to secure the funding they claimed to have, which led to the denial of the permit extension.
Clark County Commissioner Tick Segerblom, who previously supported the project, expressed disappointment, stating, “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.”
The project’s managers once again stated that they had obtained $5 billion in financing but were unable to provide the necessary financial documents to prove it. Despite claims of progress, construction never began on the site, which is located on the Las Vegas Strip.
Over the years, various funders were allegedly involved, including Credit Suisse, the Bank of Qatar, and Korean backers, but none of them materialized as reliable sources of funding. The most recent funding source, announced in October 2022, was from the Wyoming-based family investment fund, Clearwater Perpetual Master Trust, but construction did not commence as promised.
The Clark County Commission had previously granted a “final” extension on the project’s land use permit, requiring construction to start by a certain date, but once again, no progress was made.
At this point, if the project were to move forward, the owner would need to restart the expensive permit and approval process from scratch. As a result, the future of the All Net Arena project remains uncertain.