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LA Live is a multi-use development. It houses a large high-rise hotel (RitzCarlton JW Marriott), Microsoft Theatre (which hosted BET awards, Grammy Awards, Emmys, People Choice MTV awards, ESPY award shows and just concerts in general), Congo Room nightlife, Bowling alley, and many popular chain restaurants like Katsuya, Yardhouse. Across the street is a 14 Regal Cineplex. Also several hotels across the street. Convention Center and Staples Arena for sports games/concerts.
La Live has a different purpose compared to Times Square. No touristy shops. Actually no retail shops for many blocks. Currently several large residential/commercial below developments and hotels going across from the Staples Center. LA Live will never turn into a Times Square. Thats what Hollywood Blvd is for. Thats that closest to Times Square LA has. Big billboards, neon lights, tourists everywhere. People dressed in superhero costume. Thats Hollywood Blvd.