A member baseball club of the American League West division, The Oakland Athletics, entered an agreement with Bally’s Corp., a top-tier casino developer and entertainment provider, to build a $1.5 billion, 30,000-seat ballpark at the current location of the legendary Tropicana Las Vegas resort, the Review-Journal reports.
The club’s decision on the new development location which will remove the Las Vegas Strip landmark property reportedly follows the consideration of three potential location and causes public reactions polarized between approval and mixed emotions.
Tropicana Agreement:
According to Review-Journal, the popular A’s were discussing the ballpark development at either the Tropicana, the Las Vegas Festival Grounds site or the Rio location. The final decision was made last month, when the A’s President Dave Kaval announced that the club closed an agreement for the Tropicana site with Bally’s Corp. According to a source, the deal includes an option for Bally’s to build a casino resort on the remaining area of the site.
Shift Requires Less Financing:
The plan to shift the ballpark site east will require a reduced amount of public funding from the Nevada Legislature and the A’s will reportedly need $ 395 million in tax financing for a stadium instead of formerly requested $500 million for the Red Rock Resorts’ land on the former Wild Wild West Side. But this plan also requires that the iconic property from the 1950s, The Tropicana, be demolished to make space for a stadium on nine of the location’s 35 acres, as Review-Journal reports.
”Low-Hanging Fruit”:
The source received no comments on the site switch from either the A’s, Bally’s Corp. or Red Rock Resorts. But Review-Journal reports that the President of Bally’s Corp. George Papanier recently said: “The A’s story is going to play itself out. The way we view the property [Tropicana] is we feel we have low hanging fruit that we can execute and that’s going to allow this property to pay for itself.”
The Bally’s President added: “We sit on a 35-acre site and we view it as one of the busiest four corners of the Las Vegas Strip. So there’s a lot of interest in potential outside investment. We’re a disciplined company and again, we have a long term view on this investment. We’re going to be patient about looking for the right project, with the appropriate terms.” As Review-Journal reported, the right deal apparently occurred later that day when the deal with the A’s was closed.
Breaking Ground Next Year:
The Major League Baseball franchise reportedly plans to break ground on the location next year and open the facility in 2027 or 2028 following the demolition of The Tropicana. The iconic building is located in the Las Vegas Strip providing the access to more than 25,000 accommodation units in the walking distance from the site that now reportedly awaits the funding legislation for the A’s stadium development.
The legislation also anticipates the creation of the tax district if the A’s receives all approvals to construct a stadium at that site to handle tax revenues and levies from sales, property, and live entertainment generated at the property. Las Vegas ballpark will be financed through bond issuance to be paid back through taxes over a period of 30 years. As this year’s session of the House reportedly ends in 28 days, the A’s need to quickly enter the procedure.
According to the source, Gov.Joe Lombardo is working on a package for the A’s. Lombardo’s statement reportedly reads: “It is our preference to see this happen before the Legislature adjourns. But we will consider different options if that is not possible.” On the other hand, Las Vegas visitors are clear. “The Tropicana ain’t going nowhere,” Tony Fields from New York reportedly said. ”The Tropicana is a landmark. This was the playground for Sammy Davis, Jr., Frank Sinatra, and Dean Martin.”