Bally’s Corporation, Gaming & Leisure Properties and the Oakland Athletics have signed a binding agreement to build their new ballpark at a portion the Tropicana property in Las Vegas.
Bally’s Corporation emphasized the “transformational impact” of the $1.5bn project to build a baseball ballpark on its database as a key part of their global, omnichannel strategy.
The agreement is contingent upon the passage of legislation for public funding and Major League Baseball‘s approval for relocation.
The Nevada legislators will soon be asked to approve the $395m public financing of this project.
GLPI has also agreed to provide up to $175m for certain “share improvement” projects at the site, in exchange for a rent increase that is proportional.
Dave Kaval, president of the Oakland Athletics, said: “We’re excited about bringing Major League Baseball to such a historic location.”
“We are excited to work with Bally’s & GLPI and look forward to finalizing the plans to bring Southern Nevada Athletics.”
Bally’s, GLPI and the Las Vegas Boulevard and Tropicana Ave. site will be divided into nine acres. The Oakland Athletics (or a related stadium authority) would receive the remaining 35 acres. The stadium is currently planned to hold approximately 30,000 people at one time.
Bally’s has been able to receive material interest from partners in the development of this project as a condition of the agreement.
