Even without a sports franchise, the arena will be financially viable by hosting concerts, boxing matches and other events, and the likely sale of naming rights, he said. In a recent deal, AEG sold such rights to what is now the O2 Arena in London to the U.K. cellular phone company for $12 million a year, he said.

Until now, events such as big boxing matches, mixed martial arts fights and concerts have largely been held at the aging Thomas & Mack Center on the UNLV campus or at Strip properties owned by MGM Mirage Inc., at the MGM Grand Garden Arena or Mandalay Bay Events Center.

MGM Mirage spokesman Alan Feldman said the company welcomed the competition.

“The people that come for concerts and conventions, we’re confident they’ll visit more than one place on the Strip and we’re confident they’ll visit at least one of ours,” he said. “Anytime anyone adds value to the Strip, that’s a good thing.”

Goodman said the deal does not slow down city plans for a proposed $9.5 billion sports arena with casino, retail and residential uses on 85 acres downtown, put forth by Michigan-based REI Group LLC.

Any team that wants to locate in Las Vegas could now shop between two large venues for a home, he said.

“With the competition, they’re going to be able to get a better deal,” Goodman said. “So it’s a win-win.”

Jon Weaver, the president of REI, criticized the Harrah’s-AEG plan because it would rely on Strip tourists for its fan base. He said the downtown site was geared more to residents.

“I think it would be very discouraging have an arena to be filled by folks from out of town wanting to see their home team play in Las Vegas,” he said. “I don’t think that would be a very successful model.”

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Heading to the Cup finals

Adam Henrique scored off a wild scramble in front early in OT and the New Jersey Devils defeated the New York Rangers 3-2 to advance to their first Stanley Cup finals since '03. The new Eastern champs will face LA next.

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Highlights: OT goal delivers Devils to Cup finals

  Check out highlights as the New Jersey Devils advanced to the Stanley Cup finals by defeating the New York Rangers, 3-2, in overtime.

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