Bally's Corp. is considering selling development rights to a $1.1 billion mixed-use project on the site of the Athletics' planned Las Vegas ballpark. If no deal closes, the company will proceed with the first phase itself, the Las Vegas Review-Journal reported.
The potential sale reflects Bally's simultaneous commitments outside Nevada. The company secured a New York gaming licence in December and has already invested over $800 million in a $4 billion project there, though construction has not begun. A Chicago integrated resort is also under development. In its August SEC filing, Bally's cited growing liquidity concerns and a possible need to raise capital.
A buyer is interested in the multi-phase development covering 26 acres of the 35-acre former Tropicana site. The identity of the potential buyer has not been disclosed. The transaction must close before Thursday's Las Vegas Stadium Authority board meeting for the first phase to open in 2028 alongside the ballpark.
The first phase calls for a multi-level podium in the northwest corner: three parking decks topped by a plaza with retail, entertainment and restaurants. The plaza will serve as the main stadium entrance. Some permits are in hand; FAA approval is pending. Bally's has sufficient financial commitments from partners to deliver the first phase, according to a source.
In May the A's took responsibility for the first parking structure in the southeast corner and the central utility plant, both originally assigned to Bally's. Later phases include a 2,500-seat theatre, a hotel tower with a casino, and additional retail and dining. Representatives of the A's, Bally's and landlord Gaming and Leisure Properties Inc. are expected to report at Thursday's meeting.
