Bally's is in talks to sell development rights to its $1.1 billion project around the Athletics' Las Vegas stadium. The operator is hunting for capital against a debt load of around $4.5 billion while carrying simultaneous commitments for a Bronx casino resort ($4 billion) and a Chicago project ($1.7 billion).
A buyer has expressed interest in acquiring the development rights, according to the Las Vegas Review-Journal. Bally's hopes to close the deal before Thursday, when the Las Vegas Stadium Authority meets to discuss stadium development. Construction of the arena began last year on the site of the demolished Tropicana hotel, with completion scheduled for 2028.
The first phase of Bally's project, also targeted for 2028, includes a plaza with retail, entertainment and dining. The full build calls for a casino, hotel and 2,500-seat theatre. Stadium Authority chair Steve Hill has requested project details from Bally's, stressing the need to meet 'world-class, first-tier stadium' standards. If the sale falls through, Bally's will continue development on its own.
Separately, the company's Bally's Intralot subsidiary is close to buying Evoke, the owner of William Hill and 888. Investment fund TPG is prepared to finance the acquisition at around $1.1 billion. Bally's is also weighing a casino launch in Japan, where authorities have relaxed anti-gambling legislation. Chairman Soo Kim called the Japanese market 'extremely attractive'.
In the second quarter, Bally's casino and resort revenue rose 2% to $401 million. Total revenue climbed 20.5% to $792.2 million, driven by the Bally's Intralot and North American interactive segments.
