Major League Baseball’s Oakland Athletics have secured a groundbreaking partnership with Bally’s Corporation and Gaming & Leisure Properties to construct their new ballpark in the heart of Las Vegas. This significant development on a portion of the iconic Tropicana Las Vegas property heralds an exciting era for both the Athletics and Las Vegas. The agreement, however, is contingent upon the approval of legislation for public financing, related agreements, and the green light from Major League Baseball.
A Ballpark in Vegas:
The Oakland Athletics have entered a binding agreement with Bally’s Corporation and Gaming & Leisure Properties to build their new ballpark on a part of the Tropicana Las Vegas property.
Approximately nine acres of the 35-acre Tropicana site, situated at Las Vegas Boulevard and Tropicana Avenue, will be assigned for the development of the new ballpark.
The stadium is envisioned to accommodate around 30,000 fans and is expected to welcome more than 2.5 million visitors annually.
Shared Investment:
In this landmark agreement, Gaming & Leisure Properties has pledged to contribute up to $175 million to finance certain shared improvements in the development.
This financial commitment from Gaming & Leisure Properties is linked to a corresponding rent increase.
The overall agreement is conditional upon legislative approval for public financing, as well as securing the relocation endorsement from Major League Baseball.
Enthusiastic Reactions:
George Papanier, President of Bally’s Corporation, expressed their honor in collaborating with the Oakland Athletics to bring Major League Baseball to Las Vegas.
Bally’s commitment to ensuring that the new ballpark and development pay homage to the iconic history and global appeal of Las Vegas is a testament to their dedication to the project.
Dave Kaval, President of the Oakland Athletics, expressed excitement about the potential of this iconic location and their eagerness to bring Major League Baseball to Southern Nevada.
Tropicana Las Vegas Acquisition:
Bally’s Corporation concluded its acquisition of Tropicana Las Vegas in September 2022, acquiring the non-land assets for $148 million.
This strategic acquisition laid the foundation for this significant collaboration with the Oakland Athletics.
Nevada Gaming Revenue Insights:
In a related gaming update, the Nevada Gaming Control Board reported that the state’s casinos generated $1.31 billion in gaming revenue in March, a slight decrease of 3.1% compared to the previous year.
Notably, the Las Vegas Strip generated $724.5 million of this revenue, marking a 2.9% year-on-year decrease.
The agreement between the Oakland Athletics, Bally’s Corporation, and Gaming & Leisure Properties to build a new ballpark on the Tropicana Las Vegas property represents a thrilling milestone for both Major League Baseball and Las Vegas. Pending legislative approvals and the nod from Major League Baseball, this partnership will undoubtedly bring a new era of baseball entertainment to the vibrant city of Las Vegas. The legacy of Tropicana Las Vegas will continue, reimagined as a new landmark that echoes the iconic history and allure of this global destination.