According to Norm!, Las Vegas Mayor Oscar Goodman will announce on Sunday the development of a $10 billion arena project in Las Vegas, designed to lure NBA and NHL teams to the city. The Memphis Grizzlies have been mentioned as a team that could find a new home in Vegas.
It will be interesting to see how this shakes out. Many people are opposed to spending tax payer dollars to build an arena that effectively subsidizes a team... Also, there's the whole sports betting thing to work out.
Update: As indicated in the comments and on Norm's page, the Mayor has hit back saying there is no truth to the rumor.