27-Sep-18, Bloomberg
US billionaire Philip Anschutz’s sports and entertainment company AEG and Thai shopping center developer The Mall Group plan to invest THB10 bn (USD309 mn) to build two multi-purpose stadiums in the Thai capital, including one billed as the country's largest.
%20Isa%20Foltin_Getty%20Images.jpg "Billionaire owner of Staples Center to build stadiums in Bangkok (c) Isa Foltin Getty Images")
Image: Isa Foltin / Getty Images
One will be a 16,000-capacity arena and the other a 6,000-seat theater, both designed to host music and sports events as well as conventions and fashion shows. The stadiums are due to be completed by 2023 and are part of AEG's shift in Asia from mostly organizing live events to creating venues, exemplified by the Mercedes-Benz Arena in Shanghai.
"Bangkok has a tremendous amount of potential but the lack of infrastructure creates an artificial ceiling in the Thai market," said Adam Wilkes, chief executive officer of AEG Asia.