That means the clock is ticking for a downtown arena, since it's considered unlikely that both arenas would be built.

"As I've said before, whoever gets the shovel in the ground by July is going to get the NBA," Goodman said.

The downtown arena idea started as part of a massive, $10 billion, multiuse development on land near the corner of Charleston Boulevard and Main Street. The initial phase was to include the arena and some retail.

The city has been in negotiations with would-be developer REI Neon since July 2007, trying to hammer out a development deal.

There's disagreement over how much public financing should be available to the project. The sour economy and tight credit markets have also make it tough to find financing.

On Thursday, Goodman said the discussion now includes Goldman Sachs, the new owners of the Stratosphere, and the idea of putting the arena on 17 acres next to the resort on the north end of the Strip.

"This is an evolving situation," he said. "I always realize that things change.

"I think that we're closer to getting an arena downtown than ever."

The other arena proposal, meanwhile, is closer to becoming a reality.

In August, Harrah's Entertainment and the Anschutz Entertainment Group announced plans for a $500 million, 20,000-seat arena behind Bally's and Paris Las Vegas.

Plans haven't been presented to the Clark County Commission, but AEG spokesman Michael Roth said the target of starting construction in June still holds.

"We are still working toward a summer groundbreaking," he said. "If you happen to look at the property, we're clearing it right now."

The idea behind both arenas is to lure a professional basketball or hockey team to Las Vegas.

Contact reporter Alan Choate at achoate@reviewjournal.com or (702) 229-6435.