Bally’s reaches agreement to build ballpark for Oakland Athletics in Las Vegas
The ballpark will be built on Tropicana Las Vegas.
US.- Bally’s Corporation has announced that, in conjunction with Gaming & Leisure Properties, ut has reached a binding agreement with Major League Baseball’s Oakland Athletics to build the team’s new ballpark on a portion of the Tropicana Las Vegas property.
Bally’s and Gaming & Leisure Properties will assign approximately nine acres of the 35-acre site at Las Vegas Boulevard and Tropicana Avenue to the Oakland Athletics or a related stadium authority. The new ballpark will accommodate approximately 30,000 fans and is expected to receive more than 2.5 million visitors annually.
Gaming & Leisure Properties has agreed to fund up to $175m towards certain shared improvements in the development in exchange for a commensurate rent increase. The groundbreaking agreement is subject to the passing of legislation for public financing and related agreements and approval of relocation by Major League Baseball.
Bally’s president George Papanier said: “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.
“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.”
Peter Carlino, chairman and CEO of Gaming & Leisure Properties, added: “We have enjoyed getting to know the Oakland Athletics’ leadership through our dialogue over the past couple of years. 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 Gaming & Leisure Properties 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.”
Oakland’s president Dave Kaval commented: “We are excited about the potential to bring Major League Baseball to this iconic location. We are thrilled to work alongside Bally’s and Gaming & Leisure Properties, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”
In September 2022, Bally’s Corporation announced the completion of its acquisition of Tropicana Las Vegas from Gaming & Leisure Properties and PENN Entertainment. It acquired the non-land assets of the Tropicana Las Vegas for $148m after announcing an agreement in April last year.
Nevada gaming revenue reaches $1.31bn in March
The Nevada Gaming Control Board (NGCB) has reported that the state’s casinos generated $1.31bn in gaming revenue in March. That’s a decrease of 3.1 per cent year-on-year.
The Las Vegas Strip generated $724.5m, down 2.9 per cent year-on-year. Clark County as a whole, which includes the Strip, downtown Las Vegas, North Las Vegas, the Boulder Strip and other surrounding areas, generated $1.1bn, a 2.4 per cent decrease. Washoe County, which includes casinos in Reno, Sparks, and North Lake Tahoe, saw revenue fall 6.1 per cent year-on-year.
