Bally’s says it will close purchase of Tropicana Las Vegas next month

Bally’s says it will close purchase of Tropicana Las Vegas next month

Article brief provided by Nevada Independent
  • Howard Stutz, Nevada Independent
August 11, 2022 7:45 PM
  • Howard Stutz, Nevada Independent

    More than a year after announcing a deal to acquire the Tropicana Las Vegas, Bally’s Corp. said it will close the $308 million transaction at the end of September.

    However, executives from the Rhode Island-based company said last week it will be well into 2023 before any redevelopment takes place on the 34-acre south-Strip location.

    That schedule may not fit in the timeline of the Oakland A’s. The Major League Baseball team has reportedly targeted the Tropicana location as a site for a  $1 billion, 35,000-seat stadium  should the A’s choose to relocate to Las Vegas.

    “I think it’s well-advertised that we intend to develop (the site) at some point in the future,” Bally’s CEO Lee Fenton said in the company’s second-quarter earnings conference call last week. “But we will run the property on an as-is basis at least for the next 12 months until we have identified the plan and the partnerships that we want going forward.”

    A’s executives have said they would like to have a decision on a new home this year. The team wants to build a $1 billion waterfront ballpark in Oakland to replace the 57-year-old RingCentral Coliseum. The proposed stadium is the centerpiece of a projected $12 billion mixed-use development at the Port of Oakland’s Howard Terminal.

    This excerpt originally appeared in Indy Gaming August 10.