Gaming & Leisure Properties Inc., the landowner of the 35-acre parcel shared by Bally’s and the Athletics, announced it is considering investing in certain parts of Bally’s Las Vegas.
Bally’s Las Vegas is a three-phase mixed-use plan that will be constructed on a 26-acre portion of the site. Marnell Architecture is designing the project.
The mixed-use development will consist of 3,000 hotel rooms, a 2,500-seat theater and 500KSF of retail, restaurant and entertainment space. The primary area of the development will be called the “podium” and sit above ground level. Ground level stairs, escalators and elevators will be used to reach the podium. (NVBEX; Nov. 18, 2024, June 14)
Bally’s is leasing the property from GLPI. The developer has the gaming license and development rights for the site, while the owner is maintaining its ownership under a long-term ground lease.
While the property owner is interested in financially backing certain portions of the project, representatives did not commit to financing the entirety of its construction. Peter Carlino, chairman and CEO of the company, said the company is interested in funding “profit-making elements.”
Carlino went on to say the company is “very pleased” with the plans Bally’s has unveiled. He said the company may participate in financial opportunities as they appear.
Notably, GLPI agreed to provide nearly $2.1B for the construction of Bally’s Chicago-based resort. The funding included $940M for construction.
Bally’s purchased the hotel-casino operations of the Tropicana Las Vegas, which was previously standing on the site, in 2022 for $148M. The purchase stipulated that Bally’s is to lease the land for 50 years and will pay an annual rent of $10.5M, with potential escalations.
Project costs have yet to be announced. Construction is expected to commence within the first half of 2026. Phase One is expected to be completed alongside the Athletics Baseball Stadium prior to the 2028 Major League Baseball season.
