MGM Resorts International has teamed with sports and entertainment company AEG to pursue development of a 20,000-seat arena on the Las Vegas Strip, the companies announced Friday. The venue, designed to accommodate major sporting events and performances, would be the centerpiece of a development between the New York-New York and Monte Carlo resorts, from Las Vegas Boulevard to Frank Sinatra Drive. Shops, dining and entertainment establishments also will be part of the development. MGM and AEG will finance the project, along with private third-party investors. "The combination of MGM and AEG along with the superior Las Vegas Strip location is already driving strong interest from potential investors," said MGM chairman and CEO Jim Murren. The development partners now are seeking the appropriate approvals.