New Las Vegas Arena From MGM and AEG Moves Forward With Financing Deal (SLIDESHOW)

The new 20,000 seat arena on the Las Vegas Strip from AEG and MGM Resorts International took another step forward with the finalization of a $200 million bank facility to fund the project, the two companies report. 

The strip, which will be on the west side of the Strip between the New York - New York and Monte Carlo resorts, is currently under construction and slated for a spring 2016 opening. 

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Here's a look at proposed renderings for the project:

The arena is expected to host more than 100 events annually, and will have 20,000 seats, 50 luxury suites, more than two dozen private loge boxes and other specially designed hospitality offerings. The facility is designed to meet the U.S. Green Building Council's LEED Gold Certification standard.