Bally’s Corporation and Gaming & Leisure Properties (GLPI) have announced a binding agreement with Oakland Athletics Major League Baseball (Oakland A’s) to build a Major League Baseball park at Bally’s Tropicana Las Vegas.
Bally’s completed the purchase of gaming and other assets when GLPI and PENN transferred ownership of the Tropicana Las Vegas non-land assets to Bally’s $148 million in cash paid to GLPI on September 27, 2022.
Bally is still intends to operate a casino at the site and expand the fortune in other parts of the property.
2.5 million new visitors are expected at the site every year
The park is expected to deliver two and a half million fans a year the only place of its kind on the Las Vegas Strip. Benefits touted in the announcement include increased engagement on the site through increased visits and the ability to progressively develop the site with a financial approach based on more disciplined investments.
Additional improvements for iconic brands and sponsors in one of the busiest intersection in the United Stateswith more than seven million visitor impressions per month and significant marketing database growth to leverage as part of Bally’s global omnichannel growth strategy.
GLPI retained title to the property it had previously acquired and owned leased back to Penn National Gaming before Bally bought the game content, license rights, etc. GLPI will contribute up to $175 million for improvements and receive future rent increases based on the increase in value.
Bally’s is also committed to this a higher number of visitors in the casino and other assets through the ballpark and other attractions.
Oakland A’s or the stadium authority will have about 9 hectares from the 35 hectare site earmarked for development from Bally’s and GLPI. He The stadium would hold up to 30,000 spectators at once.
Oakland’s triple-A minor league team, the Aviators, do calls Las Vegas home.
Bally is confident but plays it safe
Bally has an ace up his sleeve to allocate assets and attract other partners, and there are other parties expressing interest in a similar offering. However, It is expected that the necessary permits will be obtained of the MLB Association and the legislative and government financial arrangements to bring the current plan to fruition.
Bally’s PresidentGeorge Papanier said: “We are honored to have been selected to work with the Oakland Athletics on this monumental step to help bring Major League Baseball to the great city of Las Vegas and be part of the unique opportunity to have a professional baseball team within walking distance to go to the Las Vegas Strip.”
“The Tropicana has been a Las Vegas landmark for generations and this development will enhance this iconic location for generations to come. We are committed to ensuring that the project and the stadium that will replace it become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million annual visitors.” Papanier pointed this out.
Among others Peter Carlino, President and CEO of Gaming & Leisure Properties, called: “We are excited to bring your compelling vision for a new stadium to fruition through our contribution of nine acres of Tropicana campus and look forward to the prominent place the entire project will occupy on the Las Vegas skyline. The Oakland Athletics’ interest in developing a premier major league ballpark on our campus underscores their status as one of the premier locations on the Las Vegas Strip and will enrich any future development of our remaining 26 acres.”
“As the project progresses, we anticipate that Gaming & Leisure Properties will also have opportunities to invest further in various aspects of the overall project to the extent that we believe this will generate an attractive risk-adjusted return on our shareholders’ capital.”
President of Oakland A, Dave Kaval added: “We’re excited about the potential of bringing Major League Baseball to this legendary place. We are delighted to be working with Bally’s and Gaming & Leisure Properties and look forward to finalizing plans to move athletics to southern Nevada.”
Spring: Bally’s is replacing the Las Vegas Strip Casino with an MLB stadiumG3 Newswire, May 16, 2023
