Could last-minute buyer purchase rights to Bally’s project around A’s Las Vegas ballpark?

Bally’s Corp. is prepared to move forward with Phase 1 of its mixed‑use development surrounding the Athletics’ Las Vegas ballpark — unless a last‑second buyer acquires the project, according to a source with knowledge of the situation. A prospective purchaser has expressed interest in buying Bally’s rights to the $1.1 billion, multi‑phase undertaking slated for 26 of the 35 acres of the former Tropicana site, the source told the Review‑Journal. The source declined to identify the party. No deal was imminent as of Tuesday morning, but an agreement would need to be reached before Thursday’s Las Vegas Stadium Authority committee meeting to keep Phase 1 on track for opening in 2028 alongside the A’s ballpark, the source said. If a deal is not struck by Thursday, Bally’s intends to proceed with the project. Phase 1 plans call for a multilevel podium on the northwest portion of the site featuring three levels of parking topped by a plaza with retail, amusement and dining options, as well as the main entrance to the stadium. Later phases would add a 2,500‑seat theater, a hotel operation, a casino and further retail, amusement and dining venues. Bally’s says it has secured the financial backing pledged by its partners for the initial phase. Some permits have already been pulled, additional permits are scheduled to be pulled soon, and the company is awaiting Federal Aviation Administration approval of its plans, the source indicated. Steve Hill said last week during the Las Vegas Convention and Visitors Authority meeting that he expects representatives of the A’s, Bally’s and Gaming and Leisure Properties Inc. (GLPI) to be present to provide an update on the northwest plaza at Thursday’s stadium authority gathering. “We have asked the A’s and Bally’s GLPI for a definitive program as it relates to the entranceway to the stadium,” said Hill, who is president and CEO of the LVCVA and serves as president of the stadium authority. “We think it’s important that the program uphold the standard that’s in the instrument that the stadium be a premier world‑class stadium.” In May, the A’s assumed responsibility for the initial phase of a planned parking structure to be built on the southeast corner of the tract and a central inferior works to be constructed adjacent to that from Bally’s. A second phase would add space to the structure and inferior works that would be used for Bally’s project and would be the work of the gaming company. In December, Bally’s was awarded a lucrative New York gaming licence and has already contributed $800 million into that project, which has not begun construction. Bally’s views the $4 billion New York undertaking as highly attractive and remains confident it will be able to fulfill its remaining obligations to get the project underway. In an Aug. 14 filing with the Securities and Exchange Commission, the company noted rising interest in its capacity to move forward and that it may need to pursue capital‑raising opportunities. If Bally’s were able to sell its Las Vegas project, that could supply a funding boost for the New York effort. Bally’s is also developing an integrated hotel in Chicago.