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MGM, AEG break ground on Las Vegas Strip arena

Vegas Strip Arena-Groundbreaking-1.jpg

This artist's rendering provided by MGM Resorts shows the proposed sports arena in Las Vegas. Officials are set to break ground Thursday, May 1, 2014, on this new, 20,000-seat arena along the Las Vegas Strip that would improve the city's chances of attracting professional sports teams. Casino company MGM Resorts International and sports and entertainment giant AEG are marking the occasion with a ceremony. (AP Photo/MGM Resorts) (The Associated Press)

Officials have broken ground on a 20,000-seat arena along the Las Vegas Strip that's expected to improve the city's chances of attracting professional sports teams.

Boxing legend Floyd Mayweather arrived at the ceremony Thursday on a construction tractor and helped turn dirt at the site while confetti rained down from above.

The project is a collaboration between casino company MGM Resorts International and sports and entertainment giant AEG.

The $375 million arena will be near the New York-New York and Monte Carlo casinos.

The privately funded project is the furthest along of several arenas proposed for Las Vegas in recent years. Mayor Carolyn Goodman has championed a 20,000-seat arena in the revitalized downtown area that would be financed with a combination of private funds and city-issued bonds.