Bally’s has reached an agreement with the Oakland Athletics of Major League Baseball in conjunction with Gaming & Leisure Properties to build their new baseball stadium on a piece of the Tropicana Las Vegas property.
The ballpark is predicted to have more than 2.5 million visitors annually and be able to accommodate up to 30,000 fans at one time.
Bally's acquired the building and operations of the Tropicana Las Vegas from GLPI in September 2022, as part of a $148m transaction.
GLPI has agreed to fund up to $175m towards certain shared improvements within the future development, in exchange for a commensurate rent increase.
Bally's and GLPI will assign approximately nine acres of the 35-acre site located on Las Vegas Boulevard and Tropicana Avenue to the Oakland Athletics or a related stadium authority.
This agreement is subject to the passing of legislation for public financing, and related agreements and approval of relocation by Major League Baseball.
As part of the agreement, Bally's retains the ability to assign the rights to all aspects of this development and has received material interest from development partners.
As part of the transaction, Bally's entered into a 50-year ground lease with GLPI, with the ability to extend to 99 years upon achieving key investment milestones.
Oakland A's President Dave Kaval, said: "We are excited about the potential to bring Major League Baseball to this iconic location. We are thrilled to work alongside Bally's and GLPI, and look forward to finalising plans to bring the Athletics to Southern Nevada."
