Bally’s Corporation, in collaboration with Gaming & Leisure Properties, has reached a binding agreement with Major League Baseball’s Oakland Athletics to construct a state-of-the-art ballpark on a portion of the Tropicana Las Vegas property. This groundbreaking agreement not only marks a historic step towards bringing Major League Baseball to Las Vegas but also presents a unique opportunity for the iconic Tropicana site and the Las Vegas Strip.
Ballpark Development:
Bally’s and Gaming & Leisure Properties are set to allocate approximately nine acres of the expansive 35-acre Tropicana Las Vegas property for the construction of the Oakland Athletics’ new ballpark.
The ballpark is designed to accommodate around 30,000 fans and is expected to host over 2.5 million visitors annually, enhancing the city’s appeal and global reach.
Financing and Shared Improvements:
Gaming & Leisure Properties will contribute up to $175 million for shared improvements related to the development.
In return for this investment, a commensurate rent increase will be negotiated, ensuring a fair and mutually beneficial arrangement.
Legislative and MLB Approval:
The successful realization of this groundbreaking project is subject to several key factors, including the passing of legislation for public financing.
Approval from Major League Baseball is essential for the Oakland Athletics’ relocation to Las Vegas, underscoring the significance of this partnership.
Vision for Las Vegas:
George Papanier, President of Bally’s Corporation, expressed his honor in partnering with the Oakland Athletics to bring Major League Baseball to Las Vegas.
The Tropicana, a longstanding landmark in Las Vegas, will undergo a transformation that pays homage to its iconic history and aligns with the city’s appeal to nearly 50 million annual visitors.
Strategic Contribution:
Peter Carlino, Chairman and CEO of Gaming & Leisure Properties, highlighted the exceptional location of the Tropicana site on the Las Vegas Strip.
He also emphasized the potential for further investment in different aspects of the project, contributing to an attractive risk-adjusted return on shareholders’ capital.
Optimism for the Future:
Oakland’s President, Dave Kaval, expressed enthusiasm for the opportunity to bring Major League Baseball to this iconic location.
The collaboration between Bally’s, Gaming & Leisure Properties, and the Oakland Athletics marks a promising step forward in finalizing plans for the Athletics’ relocation to Southern Nevada.
The partnership between Bally’s Corporation, Gaming & Leisure Properties, and the Oakland Athletics represents a significant milestone in the effort to bring Major League Baseball to Las Vegas. This development project, on the iconic Tropicana site, is poised to create a world-class ballpark that will contribute to the allure of the Las Vegas Strip and further enrich the city’s vibrant offerings.