Amid speculation surrounding the development of a resort attached to the upcoming Major League Baseball stadium being constructed by the Oakland Athletics on the Tropicana site, a Bally’s Corp. executive indicated on Wednesday that the company is in no rush to finalize plans for the project.
During Bally’s first-quarter earnings call, Charles Diao, Senior Vice President of Finance, responded to inquiries from analysts, asserting that there is no immediate pressure to expedite the development of the resort. Diao emphasized that the value of the site is expected to appreciate over time, rendering swift decisions unnecessary.
The Tropicana site ceased operations on April 2, with Bally’s confirming soon after the receipt of permits from Clark County to commence demolition of buildings by October, potentially through an implosion.
The Athletics’ ambitious project entails the construction of a $1.5 billion, 33,000-seat indoor baseball stadium at the Tropicana site, with games projected to commence in the spring of 2028. Bally’s and landowner Gaming & Leisure Properties Inc., a real estate investment trust, have delineated plans to allocate nine acres of the 36-acre site to the stadium, with the remainder earmarked for the eventual development of a casino resort, to be branded as Bally’s Las Vegas.
However, Bally’s appears reticent to divulge detailed plans for the resort at this time.
Diao clarified the company’s stance: “We have minimal capital required to supply to them (the Athletics)… We have absolutely no urgency whatsoever to get to certainty because our option value increases over time closer to the date and (with) the more that they invest closer to the 2028 season.” Despite acknowledging the desire for clarity, Diao underscored the strategic imperative of maximizing the value of the option.
Bally’s is also currently prioritizing other projects over its Las Vegas endeavor.
The company is actively engaged in constructing Chicago’s inaugural casino resort. Additionally, Bally’s remains a contender for a gaming license in upstate New York, although the licensing process has encountered delays, extending into 2025.
Executives provided succinct updates on these ventures and expressed satisfaction with the initial performance of the company’s new iGaming operation in Rhode Island, launched in March.
Original article: https://www.yogonet.com/international/noticias/2024/05/03/72017-ballys-executive-downplays-urgency-in-developing-new-resort-linked-to-oakland-athletics-39-stadium
