First phase of Bally's planned Las Vegas complex to open beside A's ballpark

 Following months of conjecture and secrecy, Soo Kim, chairman of Bally's Corp, has now announced that the operator is planning to launch the first phase of its new Las Vegas complex with the Oakland Athletics' new stadium on the same location.

 Kim stated in remarks published in the Las Vegas Review-Journal on Tuesday (22 October) that Bally's is "working pretty hard" to complete plans to "at least build Phase 1 and open at the same time as the ballpark."  The A's 33,000-seat stadium, which cost $1.5 billion (£1.15 billion/€1.39 billion), is scheduled to debut in the spring of 2028.

 Of the 35 acres on the property, nine will be devoted to the stadium.  The remaining land will be developed in three stages by Bally's.  Both projects can now commence construction following the implosion of the Tropicana Las Vegas on October 9th.

 The site is owned by Gaming and Leisure Properties (GLPI), which was leasing it to Bally's before to the collapse.  Funding for "mutually beneficial developments" at the Las Vegas location was previously promised by GLPI at $175 million.  The Chicago casino run by Bally's is financed in part by GLPI.  How likely it is that the parties will reach an agreement in Las Vegas is anybody's guess.

 The A's, Bally's, and GLPI all sent updated papers to the Clark County authorities earlier this month.  It should be noted that these representations were not official, as stakeholders have been eager to point out.  Rather, they were "a representation" of the site's potential appearance when fully constructed, as stated by Kim.

 Casino, hotel tower, and some other amenities will be part of Phase 1.
 While the details are still being worked out, Kim assured the Review-Journal that the initial stage will be quite easy.

 Phase 1 consists of a hotel tower, a casino, and several levels of restaurants serving food and drink.  "On a certain level," he remarked.  As time goes on, "there will be more rooms and more guest amenities."

 A poker room, 75 tables, a sportsbook, and 1,500 slot machines are all part of the 90,000 square feet of gaming area that the county has approved.  The three-tower hotel complex would have 3,000 rooms.  It would be approximately double the amount of the previous Tropicana.

 The A's are targeting the spring to launch stadium construction.  While Bally's just has to build one section of the project to meet the timeframe, the project as a whole must be finished by the 2028 MLB season.

 Kim informed the Review-Journal, "We have a little bit more time than they do." the reporter quotes.  It may take around two years to complete this [first phase of the resort].  Most likely less than three years...  Our ideas are still in the works, but they're already well underway.  I feel like we're heading in the correct way.

 All hands on deck at Bally's, Kim
 This most recent announcement makes Bally's the most active US casino operator right now.  Its projects include a multibillion-dollar casino in Chicago, an attempt to secure a gaming licence in the Bronx in downstate New York, a potential new casino in Missouri, and an ambitious project in Las Vegas.

 Standard General, Kim's hedge fund, acquired the company for $18.25 per share on July 25th.  The arrangement included the merging of Bally's with Queen Casino & Entertainment, another regional operator that belonged to the fund.

 Compared to Standard's earlier offer of $38 per share in January 2022, that price was significantly lower.  The purchase and GLPI deal have been stabilising influences, but this is evidence of how leveraged Bally's firm become in the years since.