Anschutz Entertainment Group (AEG) has today unveiled detailed plans for its £500m entertainment destination within London's Millennium Dome – including a new name.

From today, the dome will be known as The 02, following a £6m a year sponsorship deal with the mobile phone network operator.

The centrepiece of the development will be a 23,000-capacity venue which will host up to 150 events a year – including around 100 music gigs and around 50 sporting and family entertainment events.

Running around the outside of the arena will be the Waterfront, a series of ‘streets’ offering, eight large bars, 10 restaurants, a 10-screen cinema, a music hall of fame and a separate 2,200-capacity music venue.

There will also be exhibition space beneath an Eden Project-style geodesic dome.

A casino is also planned, but chief executive of AEG UK, David Campbell, said it was entirely dependent on the how the government develops the gaming act and that, at less than 10 per cent of the development, it was not a “linchpin” of the scheme.

Enabling work has now begun at the site, with building work set to commence in the next couple of weeks. The whole complex is set to open in April 2007 and create around 3,000 new jobs.

Part of the sponsorship deal with O2 will see the network’s customers enjoy a range of benefits including priority booking, fast-track entry and use of a VIP lounge and bar as well as ‘refresh’ bubbles – places where they will be able to get a drink, have a massage or recharge their phones.