Bally’s Corporation Monday announced it has reached a binding agreement, in conjunction Gaming & Leisure Properties, to build a ballpark on its Tropicana Las Vegas property for the Oakland Athletics.
Bally’s and GLPI will assign approximately nine acres from the 35 acre site on Las Vegas Boulevard and Tropicana Avenue to the Oakland Athletics or a related stadium authority. The new venue will hold approximately 30,000 fans.
The agreement is subject to approval of public financing and related agreements, and approval of relocation by Major League Baseball.
“We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas, and to be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip,” said Bally’s President George Papanier in a statement. “The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”
Bally’s said the benefits of the new venture include:
- Substantial ballpark visitation materially enhancing future offerings within the development.
- Significant flexibility for strategic options at the site, including development in a phased approach with disciplined capital deployment.
- Potential for iconic, global brands to partner and market one of the busiest intersections in the country with over seven million impressions per month.
- Transformational impact for Bally’s database solidifying its global, omni-channel strategy.
“We are excited about the potential to bring Major League Baseball to this iconic location,” said Oakland Athletics’ President Dave Kaval. “We are thrilled to work alongside Bally’s and GLPI, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”
GLPI has agreed to fund up to $175 million towards certain shared improvements in future development in exchange for a commensurate rent increase.
“We have enjoyed getting to know the Oakland Athletics’ leadership through our dialogue over the past couple years,” GLPI Chairman and CEO Peter Carlino said in a statement. “We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres. As the project moves forward, we also expect that GLPI will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk adjusted return on our shareholders’ capital.”
The stadium deal needs to secure public financing. In a story dated May 9 the Nevada Independent reported that state lawmakers and Nevada Gov. Joe Lombardo will be asked for funds to cover a portion of stadium construction costs. The newspaper added that Democratic lawmakers were awaiting firm details of any agreement before proceeding.
Bally’s acquired the building and operations of the Tropicana Las Vegas from GLPI in September 2022 as part of a $148 million transaction. The gaming operator then entered into a 50-year ground lease with GLPI, with the ability to extend to 99-years upon achieving key investment milestones.
