Bally’s is in discussions with a potential buyer over selling the rights to its $1.1 billion development project surrounding the Athletics’ Las Vegas stadium.
The casino giant is actively seeking capital to address its heavy debt of around $4.5 billion. In addition to the Vegas development, it has also committed $4 billion towards the construction of its New York casino resort in the Bronx and a further $1.7 billion in a Chicago project.
In its Q2 earnings, the company said it is “actively progressing the development of the retail, entertainment and dining complex” in Las Vegas. The Las Vegas Review-Journal, however, reported that a buyer has expressed interest in purchasing the development rights.
Staidum Eyes 2028 Opening
The company would ideally like to secure a deal by Thursday, when the Las Vegas Stadium Authority board will host a meeting regarding the stadium’s development.
Construction of the stadium began last year on the 35-acre site of the former Tropicana hotel on the Las Vegas Strip. It is slated for completion in 2028.
Bally’s is also targeting 2028 to complete Phase 1 of its development, which will include a plaza with retail, entertainment, and dining options. The full project includes plans for a new casino, hotel, and 2,500-seat theater.
The company added, “We are in advanced negotiations with potential partners for exciting retail and entertainment offerings, and look forward to updating the market on our plans as the project progresses.”
Bally’s Project Key to A’s World-Class Stadium
The sale of the rights could potentially disrupt the A’s stadium development plans. Chairman of the Las Vegas Stadium Authority Steve Hill said he has asked Bally’s for further details on its project.
“We have asked the A’s and Bally’s GLPI for a definitive plan as it relates to the entrance to the stadium,” said Hill. “We think it’s important that the plan uphold the standard that’s in the law that the stadium be a premier world-class stadium.”
If a deal is not struck with the unnamed buyer, then Bally’s will push ahead with the project as planned, according to the Journal’s sources.
Evoke Takeover & Japan Casino Also in Bally’s Plans
Despite its heavy debt, Bally’s continues to plan ambitious projects. It is close to securing a deal to take control of Evoke, the company behind betting brands William Hill and 888, through its subsidiary Bally’s Intralot.
Bally’s has a 58% equity stake in the Greek-based Bally’s Intralot. Spotify and Uber investor TPG said it is willing to finance the evoke deal, providing around $1.1 billion.
Bally’s is also eyeing a casino project in Japan. The country is relaxing its anti-gambling stance and allowing foreign companies to develop casino resorts. MGM Resorts is working with local companies to open a casino resort in Osaka by 2030.
There are also pushes to develop projects in Hokkaido and Aichi. Bally’s chairman Soo Kim said the company would be keen to open a casino in the country.
“Japan has an incredibly large population and is an extremely attractive market,” Kim said in March. “If an opportunity arises, we will definitely throw our hat into the ring.”
In its latest earnings, Bally’s reported revenue of $401 million from its casinos and resorts, a 2% increase from Q2 last year. Overall revenue grew 20.5% to $792.2 million, primarily driven by Bally’s Intralot and the company’s interactive segment in North America.
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Bally’s is in discussions with a potential buyer over selling the rights to its $1.1 billion development project surrounding the Athletics’ Las Vegas stadium. The casino giant is actively seeking capital to address its heavy debt of around $4.5 billion. In addition to the Vegas development, it has also committed $4 billion towards the construction
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