Posted on: November 16, 2023, 04:54h.
Last updated on: November 16, 2023, 04:54h.
Major League Baseball’s Oakland Athletics are making the move to Las Vegas, following a unanimous vote by MLB owners. Gaming and Leisure Properties (NASDAQ: GLPI) supports the decision as the owner of the land for the new stadium.
The new stadium is expected to be ready ahead of the 2028 MLB season and will be situated on nine acres of land currently occupied by the Tropicana Las Vegas casino hotel, operated by Bally’s (NYSE: BALY).
This transformational project is expected to significantly benefit Las Vegas, baseball fans, the local community, and local employment, according to a statement issued by GLPI.
Bally’s acquired Tropicana’s non-real estate assets from Gaming and Leisure in 2021, while the company sold property assets of venues in Colorado and Illinois to GLPI as part of that deal.
GLPI Is Confident in the Stadium Project
GLPI executives previously stated that they would provide some compensation to Bally’s once Tropicana is demolished and the A’s move to Las Vegas becomes a certainty. The REIT has been supportive of the stadium project, committing $175 million in financing and potentially increasing that amount.
GLPI recently announced the sale of $400 million in corporate debt, although it’s unclear how this relates to stadium financing.
“Bally’s and GLPI have agreed to transfer the stadium site after the satisfaction of various conditions in exchange for the benefits that the stadium is expected to contribute to a new integrated casino and entertainment resort that will be developed at the site, Las Vegas, and surrounding areas,” according to a recent statement.
Las Vegas’ Growing Pro Sports Scene
With the addition of the A’s, Las Vegas will soon be home to four professional sports teams. The NBA is notably absent from the city, but there could be movement on expansion in the next few years.