A Bally’s Corp. executive said Wednesday that there is no urgency in developing plans for a resort attached to a Major League Baseball ballpark being built by the Oakland Athletics at the Tropicana site.
In response to an analyst question on Bally’s first-quarter earnings call, Charles Diao said the company is in no rush to complete plans for a resort because the value of the site will increase as time goes on.
The Tropicana closed on April 2, and Bally’s said it had received permits from Clark County to demolish the buildings by October. Some sources have said the company is planning an implosion.
The Oakland A’s plan to build a $1.5 billion, 33,000-seat indoor baseball stadium on the Tropicana site, with construction expected to begin in the spring of 2028. Bally’s and the landowner , Gaming & Leisure Properties Inc, a real estate investment trust, have stated that the A’s will get nine of the site’s 36 acres for the stadium, and that the rest will be converted into a casino to be called Bally’s Las Vegas.
But the company is in no rush to detail those plans.
“We have minimal capital to provide (the Athletics),” Diao, senior vice president of finance, said in response to a question about when details of the resort would be released.
“We have absolutely no urgency in reaching certainty because the value of our option increases over time the closer the date gets and (with) the more they invest the closer the 2028 season gets. Although we understand that they would like to have some certainty , that’s not how we maximize the value of that option.”
Bally’s has at least two other projects taking priority over Las Vegas plans.
The company is building Chicago’s first casino resort and plans to open a temporary site in the fall. It has also submitted a bid to obtain a gaming license in upstate New York, a process that has been delayed until 2025.
Executives provided brief updates on these plans and stated that the company is pleased with the initial results of its new iGaming operation in Rhode Island, launched in March.
2024-05-02 15:29:55
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