Is MGM planning an EDM festival in Las Vegas with a capacity of 130,000 fans this summer?

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According to Robin Leach, MGM CEO Scott Sibellus has just announced plans for a major EDM festival to take place at the Motor Speedway this summer:

Up to this point EDC Las Vegas was the only festival to use the Las Vegas Motor Speedway grounds for a major event. But it now seems that major casinos are interested in getting into the festival business. With MGM now home to the new Hakkasan super club and popular Wet Republic establishments, adding a major festival to their roster of events is a bold move in the ultra-competitive Las Vegas landscape.