In comments to the Las Vegas Review-Journal published Tuesday (22 October), Kim said that Bally’s is “working pretty hard” to finalise plans to “at least build Phase 1 and open at the same time as the ballpark.” The A’s $1.5bn (£1.15bn/€1.39bn), 33,000-seat stadium is set to open in the spring of 2028.
The stadium will take up nine of the site’s 35 total acres. Bally’s will build out its property on the remaining acreage in three phases. Construction for both projects can now begin after the Tropicana Las Vegas was imploded 9 October.
Gaming and Leisure Properties (GLPI) owns the land itself and was leasing it to Bally’s before the implosion. GLPI previously pledged to extend $175m in funding for the Las Vegas site for “mutually beneficial developments.” Bally’s is also partnered with GLPI to finance its Chicago casino. It is unclear if the two sides will come together for a similar deal in Las Vegas.
Earlier this month, Bally’s, GLPI and the A’s submitted new materials to Clark County officials. But stakeholders have been quick to caution that they were not official renderings. Rather, they were “a representation” of how the site might look fully built out, according to Kim.
Phase 1 to include casino, hotel tower, select amenities
Kim told the Review-Journal that plans aren’t finalised, but the first phase is somewhat straightforward.
“When you talk about Phase 1, that is a casino and some level of restaurants, F&B (food and beverage) and a hotel tower. At least some level,” he said. “Then over time there will be more guest amenities and more rooms.”
Plans submitted to the county call for 90,000 square feet of gaming space with 1,500 slots, 75 tables, a sportsbook and a poker room. Hotel towers would be built out in three phases, with 3,000 total rooms. That would be about twice the number of the former Tropicana.
The A’s will look to begin construction on the stadium in the spring. The project must be fully completed by the 2028 MLB season, whereas Bally’s only needs to finish one part to match the timeline.
“We have a little bit more time than they do,” Kim told the Review-Journal. “This (initial phase of the resort) could take about two years. Probably closer to two than three (years)… Just like they’re moving forward on their plans and we’re still planning. I think everything is moving in the right direction.”
Busy time for Bally’s, Kim
With this latest announcement, one could argue that Bally’s is currently the most active US casino operator. Among its developments are a multibillion-dollar Chicago casino, a bid for a downstate New York casino licence in the Bronx, a bid for a new Missouri casino and the Las Vegas project.
The company was also bought out 25 July by Kim’s hedge fund Standard General for $18.25 per share. As part of the deal, Bally’s was merged with Queen Casino & Entertainment, a regional operator also owned by the fund.
That price was well off Standard’s previous offer $38 per share in January 2022. This is reflective of how leveraged Bally’s business became in the years since, but the buyout and GLPI deal have been stabilising forces.
Original article: https://igamingbusiness.com/casino/property-development/ballys-las-vegas-casino/
