Dive Brief:

• Bally's Corporation, in conjunction with Gaming & Leisure Properties Inc., reached an agreement with the Oakland Athletics to host the MLB team’s new ballpark on a portion of the 35-acre Tropicana Las Vegas casino resort, Bally’s announced Monday. 
• The ballpark, which will sit on 9 acres of the site, will accommodate 30,000 fans and is expected to welcome more than 2.5 million visitors annually. 
• Bally’s said the ballpark, which will be located a short walk from the Las Vegas Strip at one of the busiest intersections in the country, will create a destination landmark to drive tourism and provide significant benefit to the city at large.

Dive Insight:

The ballpark, which will be located on Las Vegas Boulevard and Tropicana Avenue, is expected to increase tourism and create economic benefits, including from potential global brand partnerships. It’s also expected to “enhance any future development” of the remaining 26 acres at the Tropicana Las Vegas site, Peter Carlino, chairman and CEO of GLPI, said in a statement. 

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come,” said Bally's President George Papanier. “We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year."

GLPI agreed to fund up to $175 million toward “certain shared improvements within the future development in exchange for a commensurate rent increase,” according to the release. 

Bally's acquired the building and operations of the Tropicana Las Vegas from GLPI in September as part of a $148 million transaction. Bally’s then leased the land underlying the Tropicana property from GLPI under an initial 50-year ground lease with an annual rental rate of $10.5 million. 

Groundbreaking on the ballpark is subject to the passing of legislation for public financing and related agreements and approval of the relocation by MLB, the release said. Oakland Athletics Team President Dave Kaval announced the ballpark relocation in April. If all goes as planned, he said, the ballpark will likely break ground in 2024 and open for the 2027 season. 

If approved, the ballpark would add to significant investment underway in Las Vegas aimed at driving tourism, including Caesars Entertainment’s planned renovation and addition to Paris Las Vegas and MGM Resorts’ $110 million redesign of Bellagio Resort & Casino’s Spa Tower.