Bally’s Las Vegas Ballpark Project Could Be Looking at a Last-Minute Buyer

Summary:

• An unidentified buyer is reportedly interested in Bally’s rights to the $1.1 billion Las Vegas project.
• A deal may need to be reached before the August 20 Stadium Authority meeting to avoid disrupting the 2028 Phase 1 target.
• A sale could provide Bally’s with additional capital as it pursues major projects in New York and Chicago.

Bally’s Corp. could sell its rights to a planned $1.1 billion mixed-use development surrounding the Athletics’ future Las Vegas ballpark, with an interested buyer reportedly considering a last-minute deal before a key Thursday deadline.

According to the Las Vegas Review-Journal, a potential buyer has expressed interest in acquiring Bally’s rights to the project, which is planned for 26 acres of the former Tropicana site.

The identity of the interested party has not been disclosed, and no deal was considered imminent as of Tuesday, August 18
The timing here, however, is significant, as any agreement would need to be reached before Thursday’s Las Vegas Stadium Authority meeting if the development is to remain on schedule for its first phase to open in 2028 alongside the A’s ballpark.

Bally’s Ready to Move Forward

Despite the potential sale, Bally’s is preparing to proceed with Phase 1 if no transaction is completed.

The initial phase is planned around the northwest corner of the 35-acre former Tropicana property. It includes a multilevel podium with three levels of parking, topped by a plaza featuring retail, dining and entertainment space. The area is also expected to serve as the main entrance to the new ballpark.

Future phases would significantly expand the development, with plans calling for a 2,500-seat theater, hotel tower and casino, as well as additional retail, entertainment and dining facilities.

Bally’s reportedly believes it has sufficient financial commitments from its partners to proceed with the first phase. Some permits have already been obtained, while additional permits are expected. The company is also awaiting approval from the Federal Aviation Administration for aspects of its plans.

Stadium Authority Wants a Clear Plan

The proposed development remains closely tied to the A’s stadium project, with Las Vegas Stadium Authority chairman Steve Hill saying representatives from the A’s, Bally’s and Gaming and Leisure Properties are expected to attend Thursday’s meeting.

The authority has requested a definitive plan for the stadium’s northwest entrance, emphasizing that the ballpark must meet the standard of a premier, world-class venue.

The potential sale comes as Bally’s faces significant capital demands elsewhere, as the company has already invested more than $800 million into its planned $4 billion New York project after receiving a gaming license there in December.

In an August 14 filing with the Securities and Exchange Commission, Bally’s acknowledged increasing concerns about its ability to advance the project and said it may need to explore additional capital-raising opportunities.

Selling its Las Vegas development rights could therefore provide Bally’s with additional funding flexibility as it continues pursuing projects in Chicago and New York.