The Los Angeles County Museum of Art (LACMA) announced Thursday that resort and casino mogul Elaine Wynn, co-chair of the board, pledged $50 million to kick off the next phase for the Peter Zumthor-designed permanent collection building.

Simultaneously with Ms. Wynn’s gift, A. Jerrold Perenchio, the entertainment industry tycoon and philanthropist, added a $25 million pledge to his original commitment to LACMA of 47 works of art worth over $500 million. As with Mr. Perenchio's promised gifts of art, these pledges are contingent on the successful launch of the new permanent collection building project.

Ms. Wynn said, “I was inspired by Jerry Perenchio’s bequest of the most significant works of art in his collection to the museum and the County’s commitment in 2014 to create a world-class museum for LACMA’s permanent collection.”

Jerry Perenchio commented, “I am very pleased with the progress being made on this project and look forward to the realization of this beautiful building. It is my hope that our gifts will encourage other major private donations.”

“These historic and very generous gifts set the foundations of LACMA’s future and will serve as a catalyst to encourage others to come on board,” said Michael Govan, LACMA CEO and Wallis Annenberg Director. “Both Elaine and Jerry understand that the realization of the new building is essential not only for the museum and its collection, but also for Los Angeles.”

Tony Ressler, co-chair of LACMA’s board of trustees, said, “We are immensely grateful to both my fellow co-chair Elaine and to Jerry for their support of the museum, and for the vast opportunities their gifts provide for the future development of LACMA.”

With these pledges, the total amount committed for the project is $275 million. In November 2014, the Los Angeles County Board of Supervisors unanimously approved a $125 million contribution and future financing (pending the Environmental Impact Report certification and the building approval) for a new museum building designed by Swiss architect Peter Zumthor, to be matched by $475 million in private support. The new building, which will replace four of the museum’s seven current buildings, is intended to present LACMA’s vast and wide-ranging permanent collection.

The project remains on track with its proposed schedule to begin construction in mid-tolate 2018. The new building is slated to open in 2023.

Mr. Perenchio announced in November 2014 his agreement to bequest the most significant works of his collection to LACMA’s planned new building for its permanent collection. The promised gift will dramatically transform the museum’s collection of 19th- and 20th-century European art. Consisting of at least 47 works including paintings, works on paper, and sculpture, the majority of the collection is focused on the 1870s through the 1930s—an era that gave rise to some of the most radical and inventive moments in the history of art.