Las Vegas, NV (KTNV) -- Plans for a new arena off the Las Vegas Strip have been approved by county commissioners.
It's a project MGM Resorts and AEG have been planning for a while now, and on Wednesday, they got the go-ahead.
The arena will be built between New York-New York Hotel & Casino and the Monte Carlo Resort and Casino.
It's a $350 million project designed to bring major entertainment and sporting events to Las Vegas.
The blueprints have been drawn up and now the next step is contracting a builder; ground-breaking is scheduled for this summer.
The arena will seat 20,000 people, and bring more than 5,000 constructions jobs and 3,000 permanent jobs to Las Vegas.
The arena is expected to open in 2016.
"Hot off the press and just approved, so we're looking forward to what it will bring here to Southern Nevada and Clark County, and again, we're excited," said Lawrence Weekly, County Commissioner for District D.
There was discussion in the past the new arena may host the National Finals Rodeo in the future, but now NFR may be leaving Las Vegas after 29 years.
County commissioners said they support keeping the event in Las Vegas, especially considering last year it brought in a record $90 million to the local economy.
"We'll be using our voices to do what we can to try and keep those kinds of attractions here in Clark County, but at the end of the day the buck doesn't stop with us when it comes to those kinds of decisions," Commissioner Weekly told Action News.
The buck stops with the Pro Rodeo Cowboy's Association and Las Vegas Events, currently at odds over the NFR contract renewal.
Rodeo competitors are getting fed up waiting for an answer; they created a Facebook page saying they need a say on where the NFR lands, and now a separation between rodeo cowboys and the PRCA is in the works.
MGM resorts said the arena wasn't planned just for the NFR though; they sent us a statement which reads in part, "...it will be immediately available to host NBA and NHL teams, concerts, boxing, mixed martial arts, family shows, awards shows and other major events."