The project of a Major League Baseball stadium at the Tropicana site in Las Vegas, where the Oakland Athletics plan to relocate, is advancing swiftly, according to executives from Gaming and Leisure Properties (GLPI) during their second-quarter earnings conference call on Friday.
Despite not having received official permission for the relocation, the project is moving ahead with urgency, officials said, driven by the goal of having the stadium ready for the 2028 baseball season opening. GLPI is the real estate investment trust that owns the Tropicana land.
Brandon Moore, the Chief Operating Officer, general counsel, and secretary for GLPI, noted that the A’s have limited time for any potential setbacks. “From what we understand, they want to begin the 2028 season in that park, and when you start working backwards from that, they don’t have a lot of room for error,” Moore stated, as per Las Vegas Review-Journal.
“I think once they have their Major League Baseball approval and we’re reasonably certain the project is a go, I think you’ll start to see a timeline come out for demolition of the current site that’ll permit the physical construction of the stadium to begin.”
The proposed stadium, estimated to cost $1.5 billion, will occupy at least 9 acres of the 35-acre Tropicana site, necessitating the demolition of the decades-old resort. It will have a minimum capacity of at least 30,000.
Peter Carlino, CEO of GLPI, expressed confidence that the designated 9 acres will be sufficient for the stadium project, based on the plan developed by Bally’s, the operator of the Tropicana property, in collaboration with the team.
GLPI, Bally’s Corp., and the Athletics reached a binding letter of intent on May 13 for the stadium’s development, with the A’s taking on all costs related to design, development, and construction, while Bally’s covers expenses for the redevelopment of the casino and hotel resort.
GLPI has pledged $175 million to fund infrastructure that will benefit both the stadium and the resort. During the earnings call, Carlino mentioned the possibility of increasing GLPI’s involvement in the project, contingent on the investment’s viability for shareholders.
“We’ve announced that we have committed $175 million to infrastructure and various construction items at the site. We believe and hope that as the project evolves, there’s a lot more opportunity than that,” Carlino explained. “We’re excited about the possibility of doing a whole lot more, subject of course to what Bally’s would desire.”
In June, the Nevada Legislature approved a $380 million public funding package for the stadium, including $180 million in transferable tax credits and $25 million from Clark County for infrastructure improvements. Tax revenue generated from the stadium site will also contribute to financing stadium construction through bonds.
Steven Ladany, Senior Vice President and Chief Development Officer for GLPI, revealed that certain features of the stadium and the resort will be shared, including ancillary exterior amenities and parking, although the specific number of parking spaces was not disclosed.
Carlino expressed his surprise at the rapid development pace of the project, stating: “This design process is on a tear. The A’s and Bally’s have been highly focused on keeping this moving. There already have been significant numbers of meetings and a lot of detail. This is moving at a very, very fast pace.”
Original article: https://www.yogonet.com/international/news/2023/07/31/68121-oakland-a-39s-las-vegas-ballpark-project-advancing-switfly-according-to-tropicana-owner-glpi
