08:22 AM ET 07.16 | If Las Vegas builds it, will they come? The Las Vegas Arena Foundation (LVAF) is proposing a 20,000-seat indoor arena to be built on the Strip on land owned by Caesars Entertainment behind Imperial Palace. The facility would be suitable for an NBA or NHL franchise, as well as other events such as concerts or the National Finals Rodeo, which has been at the Thomas & Mack Center since 1985. The LVAF is planning to fund the $500 million project by implementing a 0.9 percent sales tax for specified businesses within a three-mile radius of the proposed location. ... If the arena were to be built, its Strip location would be head and shoulders above any current Las Vegas venue when it comes to attracting an NBA or NHL franchise.