Landlord for the A's Las Vegas stadium site says it may raise funding for Bally's district to $250 million, with conditions

What happened

The company that owns the land under the planned Athletics ballpark on the Strip may be willing to put as much as $250 million toward a funding shortfall by Bally's Corp., The Nevada Independent reported. Bally's is building the non-gaming pieces of the project, including a planned $1.9 billion entertainment district around the $2.1 billion stadium on a 35-acre parcel.

Gaming and Leisure Properties President Brandon Moore made the comments at an hourlong hearing before the Las Vegas Stadium Authority that the outlet described as contentious. Authority Chairman Steve Hill called the meeting ahead of a planned Dec. 3 session on the northwest plaza entrance, which will be the main access point from the Strip for ticketed fans.

The money on the table

Moore said Gaming and Leisure had already set aside $125 million for the Bally's district, using funds left over from the October 2024 demolition of the Tropicana Hotel & Casino. He told the board the company was conditionally willing to increase that $125 million loan to $250 million.

Conditions attached

Moore said the funding agreement depends on "a couple of business items being settled between Bally's and the A's." He did not detail those items, saying the hearing was probably not the right forum. He added that the company has not ruled out more funding but needs more answers about the overall project before committing additional capital.

Who builds what

According to The Nevada Independent, the A's will build the first 1,500 spaces of a planned 2,500-space parking garage on the southeast side of the site, and Bally's is expected to pay to finish it. The team will also cover its portion of the central utility plant that will power air conditioning, electricity and other stadium infrastructure. Bally's is responsible for 27 acres of the overall development.

Racing the clock on the plaza entrance

Questions about the plaza entrance came up in August, after Bally's revised plans for its entertainment district, which will be built in phases. A casino-resort is part of the final phase and is several years from completion, the outlet reported. Hill told the board, "We want to make sure that we can open the ballpark in time in 2028."

Nick Tomasino, senior vice president of development with Bally's, said the plaza would be a 12-month process that includes connecting pedestrian bridges over Tropicana Avenue and the Strip. He said work would need to start by January 2027 to be finished comfortably by the first quarter of 2028. A's senior adviser Sandy Dean said developers are working on a contingency plan for the plaza.

Where stadium construction stands

The 33,000-fan stadium is on track to open in April 2028, The Nevada Independent reported. Three of the five roof truss arches that will support the ceiling are complete, and the final two are expected to be installed by the end of the year. The A's and Gaming and Leisure agreed that whatever Bally's builds will not block views of the Strip through the outfield's 412-foot-wide by 96-foot-tall cable-net glass walls.

Questions about Bally's finances

Bally's used the term "going concern" in an August filing with the Securities and Exchange Commission about financing for a $4 billion casino resort in New York City, and its chief financial officer resigned shortly after, according to the outlet. Bally's has also stalled construction on non-gaming amenities at its $1.7 billion Chicago resort and has used $640 million of a $940 million loan package from Gaming and Leisure there.

Bally's said the financing issues are tied to a standoff with the city of Chicago over legalizing video slot machines in bars, taverns and other locations, which the company opposes. On an earnings call, Moore said his company's view of Bally's credit risk had not changed. He said Chicago and New York will be very lucrative, adding, "Las Vegas is sort of a wait and see."

What to watch next

• The Las Vegas Stadium Authority's planned Dec. 3 meeting on the northwest plaza entrance.
• Whether Bally's and the A's settle the business items Gaming and Leisure says its added funding depends on.
• Whether plaza work starts by January 2027, the date Bally's said is needed to finish by the first quarter of 2028.
• Installation of the final two roof truss arches, expected by the end of the year.