Deadline extended for talks on proposed arena

Wednesday was supposed to be "fish or cut bait" day for a proposed downtown sports arena, but the Las Vegas City Council wasn't quite ready to give up on reeling in a professional basketball or hockey team.

Instead, the council approved yet another extension for REI Neon, which is negotiating with the city to build a sports arena and related development on about 70 acres near Charleston Boulevard and Main Street.

Those negotiations now face an April 17 deadline.

Mayor Oscar Goodman initially indicated the company needed to get it done or get out of the way, but worsening economic conditions softened his stance.

"We are on a slippery slope as far as financing is concerned in the outside world," he said. "It is so tough."

There was good news as well. The Cordish Co., a large development firm that has experience with arenas and downtown entertainment projects, confirmed that it is exploring a partnership with REI Neon.

"We have been working with REI on the potential development of an arena in the city of Las Vegas," company Vice President Blake Cordish wrote in a letter to Goodman. "We expect to be a partner in the arena if and when it is consummated."

The clock is still ticking, though. Anschutz Entertainment Group and Harrah's Entertainment have announced plans to build a sports arena on land behind Bally's and Paris Las Vegas.

"They realize AEG is out there," Goodman said of REI. "Whoever has that shovel in the ground first probably has the best chance of getting a major-league sports franchise in their arena."