Bally’s Corp. could sell its development rights surrounding the Athletics’ planned Las Vegas ballpark, with an interested buyer considering the $1.1 billion mixed-use project as the company prepares to proceed with the first phase if no transaction is reached, the Las Vegas Review-Journal reported.
The potential sale comes as Bally’s manages major development commitments outside Las Vegas. The company was awarded a New York gaming license in December and has already contributed more than $800 million to the project, although construction has not begun.
The development is expected to cost $4 billion, and Bally’s continues to view the project as attractive and remains confident it can meet its remaining obligations to move it forward, a person with knowledge of the situation told Review-Journal. Bally’s is also developing an integrated resort in Chicago.
A sale of the Las Vegas project could provide additional funding for the New York development. In an August 14 filing with the Securities and Exchange Commission, Bally’s disclosed growing concern about its liquidity and said it could need to pursue capital-raising opportunities.
The interested party is seeking Bally’s rights to the multi-phase Las Vegas development planned for 26 acres of the 35-acre former Tropicana hotel site. The source, who spoke to the Review-Journal, was not authorized to identify the prospective buyer.
Any transaction would need to be reached before Thursday’s Las Vegas Stadium Authority board meeting if the first phase is to remain on schedule for a 2028 opening alongside the A’s ballpark, the source said.
Bally’s has completed plans for Phase 1 and is prepared to proceed if the sale does not materialize. The initial work centers on a multilevel podium at the northwest corner of the property. The structure would include three levels of parking, with a plaza above containing retail, entertainment, and dining space. The plaza would also serve as the main entrance to the stadium.
Some permits for the work have already been obtained, with additional permits expected to be pulled soon. Bally’s is also awaiting Federal Aviation Administration approval for its plans. The company believes it has sufficient financial commitments from its partners to proceed with the first phase, according to the source.
Responsibility for other infrastructure on the former Tropicana site has already shifted between Bally’s and the A’s. In May, the A’s assumed responsibility from Bally’s for the first phase of a planned parking garage on the southeast corner of the property as well as a central utility plant planned next to it.
Later stages of the mixed-use project are planned to include a 2,500-seat theater, a hotel tower and casino, along with additional retail, dining and entertainment offerings.
The status of the northwest plaza is expected to be addressed at Thursday’s stadium authority meeting. Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority and chairman of the stadium authority, said 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 as it relates to the entrance to the stadium,” said Hill. “We think it’s important that the plan uphold the standard that’s in the law that the stadium be a premier world-class stadium.”
Unless Bally’s reaches an agreement to transfer its development rights before Thursday, the company is positioned to continue with its existing Phase 1 plans, keeping the northwest portion of the property tied to the ballpark’s targeted 2028 opening.
