Bally’s Corp. is set to begin construction on the first phase of its $1.1 billion mixed-use development at the former Tropicana site, unless a buyer steps in before the Las Vegas Stadium Authority meeting this Thursday
Bally’s Corp. is moving closer to breaking ground on the first phase of its planned mixed-use development surrounding the future Athletics ballpark on the Las Vegas Strip. The company is prepared to proceed unless a last-minute deal is reached with a potential buyer interested in acquiring Bally’s rights to the project, according to a person familiar with the situation.
The development, estimated at $1.1 billion, is slated for 26 of the 35 acres that previously housed the Tropicana Las Vegas. The project is designed to complement the new Athletics ballpark, which is targeting a 2028 opening. As of Tuesday, no sale agreement had been finalized, but any deal would need to be completed before Thursday’s Las Vegas Stadium Authority board meeting to avoid delays, the source said.
Phase 1 Plans and Timeline
Bally’s has finalized plans for Phase 1, which will occupy the northwest corner of the site. The initial phase includes a multilevel podium featuring three levels of parking, topped by a plaza with retail, dining, and entertainment options. This plaza will also serve as the main entrance to the Athletics stadium. The company has already secured some permits and expects to pull additional permits soon, pending Federal Aviation Administration approval for certain aspects of the project.
Later phases are expected to add a 2,500-seat theater, a hotel tower with a casino, and more retail and entertainment venues. Bally’s has stated it has the financial commitments from its partners necessary to move forward with the first phase.
Coordination With Stadium and Project Partners
Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority and chairman of the stadium authority, said last week that representatives from the Athletics, Bally’s, and landlord Gaming and Leisure Properties Inc. (GLPI) are expected to provide an update on the northwest plaza at Thursday’s meeting. Hill emphasized the importance of a “premier world-class stadium” and requested a definitive plan for the stadium entrance from the project partners.
In May, the Athletics assumed responsibility for the first phase of a planned parking garage on the southeast corner of the site, as well as a central utility plant. Bally’s will be responsible for expanding these facilities in a later phase to support its own development.
Financial Position and Future Projects
Bally’s is also pursuing major projects outside Nevada, including a $4 billion integrated resort in New York, for which it has already invested over $800 million after being awarded a gaming license in December. The company has acknowledged in regulatory filings that it may need to raise additional capital to advance its projects. A sale of its Las Vegas development rights could provide additional funding for the New York project.
In addition, Bally’s is developing an integrated resort in Chicago. The company’s ability to move forward with the Las Vegas project will depend on whether a buyer emerges before Thursday’s stadium authority meeting. If not, Bally’s intends to proceed with construction to align the opening of Phase 1 with the Athletics ballpark in 2028.
