Bally’s Corp. could consider selling its development rights for the Las Vegas ballpark planned by the Athletics. An interested buyer is contemplating acquiring the $1.1 billion mixed-use project, reported by the Las Vegas Review-Journal, as the company moves forward with the first phase if no deal is reached.
The potential sale arises as Bally’s manages significant development obligations outside Las Vegas. It secured a New York gaming license in December and has already invested over $800 million in the project, even though construction has not yet started.
The anticipated cost of the development is $4 billion. Bally’s remains positive about the project’s attractiveness and is confident it can fulfill its remaining commitments to advance it, as per a source familiar with the situation cited by the Review-Journal. Bally’s is also in the process of developing an integrated resort in Chicago.
A potential sale of the Las Vegas project could generate additional funds for the New York development. In an August 14 filing with the Securities and Exchange Commission, Bally’s expressed growing concern about its liquidity and mentioned the possibility of seeking capital-raising opportunities.
The interested party is interested in acquiring Bally’s rights to the multi-phase Las Vegas development planned for 26 acres of the former Tropicana hotel site. The source, who spoke to the Review-Journal, was not authorized to disclose the potential buyer’s identity.
Any agreement needs to be finalized before the Las Vegas Stadium Authority board meeting scheduled for Thursday to keep the first phase on track for an opening in 2028 alongside the A’s ballpark, according to the source.
Bally’s has completed plans for Phase 1 and is ready to proceed if the sale does not materialize. Initial work will focus on a multilevel podium at the northwest corner of the property. The structure will include three levels of parking, with a plaza above housing retail, entertainment, and dining spaces. The plaza will also serve as the main entrance to the stadium.
Some permits for the work have already been acquired, with additional permits expected to be issued soon. Bally’s is also waiting for approval from the Federal Aviation Administration for its plans. The company believes it has sufficient financial commitments from its partners to move forward with the first phase, the source mentioned.
Responsibility for other infrastructure at the former Tropicana site has been transferred between Bally’s and the A’s. In May, the A’s took over responsibility from Bally’s for the initial phase of a planned parking garage on the southeast corner of the property, as well as a central utility plant planned adjacent to it.
Later phases of the mixed-use project will include a 2,500-seat theater, a hotel tower, and a casino, along with additional retail, dining, and entertainment offerings.
The status of the northwest plaza is expected to be addressed at the upcoming stadium authority meeting on Thursday. Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority and chairman of the stadium authority, mentioned during an LVCVA meeting last week that representatives from the A’s, Bally’s, and landlord Gaming and Leisure Properties Inc. are expected to attend and provide an update.
“We have asked the A’s and Bally’s GLPI for a definitive plan regarding the entrance to the stadium,” Hill said. “We believe it’s essential for the plan to meet the standards set forth in the law requiring the stadium to be a premier, world-class facility.”
If Bally’s fails to reach an agreement to transfer its development rights before Thursday, the company is prepared to proceed with its existing Phase 1 plans, keeping the northwest portion of the property linked to the ballpark’s targeted opening in 2028.