More than $125 million remains in the fund that Gaming and Leisure Properties set aside for Bally’s Corp. to demolish the Tropicana Las Vegas and develop a new property on the 35-acre south Strip site.
Gaming and Leisure’s President Brandon Moore said the real estate investment trust spent $48 million out of the $175 million it set aside for both October’s demolition of the Tropicana and for the gaming company to build something to complement a $1.75 billion, 33,000-capacity Major League Baseball stadium for the relocated Athletics.
“We’re waiting to hear from Bally’s to better understand the development and what might be expected from us,” Moore said of the plans for a resort to replace the Tropicana. His remarks came on the company’s quarterly conference call last week.
Bally’s leases the site from Gaming and Leisure, paying $10.5 million in annual rent. The casino operator is providing the Athletics with 9 acres for the domed stadium. In October, Bally’s released preliminary plans showing a 3,000-room integrated resort surrounding the ballpark site.
Moore said the prospects for the “more certain stadium location” were clearer than Bally’s plans.
The A’s are expected to play home games the next three seasons at a minor league ballpark in Sacramento until moving to the Las Vegas stadium in 2028.
