By Madison Vain
Updated September 30, 2015 at 05:41 PM EDT
Credit: Robert Laberge/Getty Images

AEG Live, the production company behind massive festivals like Coachella in Indio, Calif. and Firefly in Dover, Del., wants to bring a brand new festival to New York next summer, EW has learned. The festival is tentatively slated to take place two weeks after Governors Ball, according to New York Daily News. It will reportedly be called Panorama and would take place in Corona Park in Flushing, Queens. As the Daily News points out, it would be the biggest event at the fairground since the 1964 World’s Fair.

A source confirms the report to EW and adds that AEG is offering top-dollar to book premiere headliners for the festival.

News of Panorama’s arrival could pose a potential headache for Governors Ball, which has operated in New York since 2011. That festival is run by one of the last remaining independent promotion companies, Founders Entertainment. The company’s founder told the Daily News, “The timing of this corporate-run festival would threaten our ability as a small business to continue putting on the kind of event that has showcased the best artists, created hundreds of local jobs and put millions of dollars back into the city’s economy.” Typically, organizers ask performers to sign non-competes for rival festivals.

In 2014, economic studies show that Governor’s Ball generated $40 million for New York City over its three days.

AEG Live did not respond to EW’s request for comment.