BASEBALL
Oakland A’s, Bally’s announce formal stadium agreement
May 15, 2023, 9:26 AM
An exterior view shows the Tropicana Las Vegas on April 13, 2021 in Las Vegas, Nevada. Bally's Corp. has agreed to purchase the Las Vegas Strip property from landlord Gaming and Leisure Properties Inc. in a transaction valued at about $308 million. (Photo by Ethan Miller/Getty Images)
(Photo by Ethan Miller/Getty Images)
The Oakland A’s and Bally’s Corp. have reached an official agreement for a new baseball stadium along the Las Vegas Strip.
In the press release announcing the agreement, the two sides, along with Gaming & Leisure Properties, Inc. [GLPI], said the A’s will have access to nine acres on the 35-acre site located at Las Vegas Boulevard and Tropicana Avenue. GLPI also agreed to fund “up to $175 million towards certain shared improvements within the future development in exchange for a commensurate rent increase.”
The deal was announced Monday, May 15. No bill has yet been sent to lawmakers. The Nevada State Legislature adjourns in exactly three weeks on June 5.
The new ballpark will accommodate approximately 30,000 fans. This groundbreaking agreement is subject to the passing of legislation for public financing and related agreements, and approval of relocation by Major League Baseball. As part of the agreement, Bally’s retains the ability to assign the rights to all aspects of this development and has received material interest from development partners.
Major League Baseball must also approve the relocation.
“We are excited about the potential to bring Major League Baseball to this iconic location,” Oakland A’s President Dave Kaval said in the release. “We are thrilled to work alongside Bally’s and GLPI, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”
The Nevada Independent initially broke the agreement earlier in May. While Monday’s press release doesn’t include many details, the Nevada Independent previously reported that the A’s are still looking for just under $400 million in public financing and hope to break ground in 2024 with a planned opening date of either 2027 or 2028.
This is the second “binding agreement” deal the Oakland A’s have announced this year. This past April, the team announced a binding purchase agreement for 49 acres of land in Las Vegas, where a new stadium could be built.
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