Gaming Leisure Properties Inc. gave an update on plans to build a new ballpark for the Oakland Athletics and a new hotel-casino on the Las Vegas Strip.
The owner of the 35-acre parcel under the soon-to-be-demolished Tropicana casino-hotel expressed confidence that two major projects proposed for the site are on schedule and moving forward as planned.
During an investors call Friday morning, executives with Gaming & Leisure Properties Inc., a real estate investment trust, said casino operator Bally’s Corp. and Major League Baseball’s Oakland Athletics are both “making progress” on their development plans for the land at the corner of Las Vegas Boulevard and Tropicana Avenue.
Bally’s is demolishing the Rat Pack-era Tropicana Las Vegas with the intention of a new resort eventually taking its place. The Oakland A’s are reportedly working on securing funding to build a new stadium on the Tropicana site in preparation for a 2028 relocation to Las Vegas.
‘Stadium will likely be built’
Rhode Island-based Bally’s Corp. is a tenant of GLPI at the Las Vegas site, but both parties have agreed to commit up to 9 acres toward the ballpark project.
Peter Carlino, board chairman and chief executive officer of GLPI, emphasized that his firm was not making ground-level decisions for either project and Bally’s has “taken a lead role in the process.”
“It’s pretty clear to us that the stadium will likely be built and that the design will work in conjunction with what planning that Bally’s is doing at the site,” Carlino said Friday. “I am happy with what they’re now doing at that site.”
Carlino later added that he got “the sense that (Las Vegas) is very supportive of this whole project and anxious to make it happen, sooner rather than later.
“I think there’s a positive vibe out there around what’s going on, and if there were any delays in the past, frankly, that is now over and it’s full speed ahead,” he said.
Bally’s has applied for a controlled implosion permit for the two remaining Trop structures. An exact implosion date has not been announced, but it is expected to occur in late September or early October.
‘Delivered on time’
The A’s are expected to begin stadium construction in April, with plans to open the ballpark in time for the 2028 season. The A’s have not secured funding to build a new stadium, but team executives told Las Vegas officials that “we’re in good shape with the financing.” A stadium development agreement was introduced to the Las Vegas Stadium Authority last week and an approval vote could come as soon as December.
Brandon Moore, chief operating officer and general counsel of Pennsylvania-based GLPI, said that “despite what people may be reading … this project is still largely on schedule.”
“I think this is still a project that can get delivered on time, and we’re still optimistic about the potential there,” Moore said.
David Katz, a gaming analyst with Jefferies, asked GLPI for clarification about what “on schedule” means.
Moore responded that the Tropicana implosion scheduled for the fall allowed the A’s to hit their target date to begin work next spring.
“This needs to be carefully planned,” Moore said of the development proposal that includes both a professional sports stadium and a likely hotel-casino property. “We’re pretty confident in the team of professionals (Bally’s) has put together … (because they) have a lot of experience in the Las Vegas market, which is crucial, and particularly on the Strip. If you’re going to build a project that is going to be successful out of the gate, it’s tricky.”
On Thursday, Bally’s announced it had accepted a $4.6 billion buyout offer from Standard General LP, the New York-based hedge fund operated by Bally’s Chairman Soo Kim.
