An unnamed buyer has shown interest in Bally’s Corporation’s planned development near the Athletics’ new ballpark in Las Vegas. A deal must be finalized before Thursday to keep the project on track.
The proposed 26-acre mixed-use development, located at the site of the former Tropicana Las Vegas, could provide Bally's with a much-needed influx of capital as the company navigates increasing financial demands across its various initiatives, as reported by the Las Vegas Review-Journal.
As of the latest report, no agreement had been reached. The involved parties need to finalize a deal ahead of Thursday’s Las Vegas Stadium Authority meeting, where updates on the project’s progress will be presented. If an agreement is not secured, Bally's is ready to move forward with the development independently.
The first phase of the project includes a multilevel podium situated in the northwest section of the site, featuring three levels of parking and a plaza that will host retail, entertainment, and dining options. This phase will also serve as the main entrance to the stadium.
Future phases are expected to introduce a 2,500-seat theater, a hotel, a casino, and additional retail and entertainment facilities, with construction permits indicating a completion target of 2030.
Bally’s has previously estimated the total cost of the Las Vegas project at approximately $1.19 billion and expressed confidence in securing financial backing from its partners to complete the first phase.
The interest from potential buyers comes shortly after Bally’s revealed it is under financial pressure. In its delayed second-quarter filing, the company stated that it requires new financing to meet liquidity needs tied to its revolving credit facility. Without additional funding, it risks breaching its leverage covenant within the next year. Bally's is exploring asset sales as a means to raise necessary capital.
In addition to the Las Vegas project, Bally’s is advancing significant casino developments in both Chicago and New York. The company has already invested heavily in its $4 billion Bronx resort, which includes a $500 million gaming license fee and a $115 million payment for a golf course concession. Reports indicate that Bally's sees the New York project as particularly promising, and funds from a potential sale in Las Vegas could support this development.
In Chicago, Bally's still needs to fulfill approximately $400 million of its minimum $1.34 billion spending commitment for its permanent casino, with much of the financing coming from an agreement with Gaming and Leisure Properties (GLPI). After several delays, the company anticipates completing this project by early 2027.
Bally’s financial commitments are also growing through its subsidiary, Bally’s Intralot, which recently received shareholder approval for its acquisition of Evoke.
Updates regarding Bally’s Las Vegas project have been sparse. While the company has shared financing plans for its Chicago and New York initiatives, it has provided little information about Las Vegas. The potential sale raises the prospect that Bally's may be looking to monetize assets to enhance its liquidity position.