Bally's considers selling Las Vegas development rights ahead of deadline

Bally's weighs sale of Las Vegas development rights before Thursday deadline

Bally's Corp. is in discussions to sell its development rights at the former Tropicana site in Las Vegas, a $1.1 billion mixed-use project tied to the Athletics' planned ballpark, according to a person with knowledge of the situation who spoke to the Las Vegas Review-Journal.

The prospective buyer is seeking Bally's stake in 26 acres of the 35-acre site. Any deal must close before Thursday's Las Vegas Stadium Authority board meeting to keep the first phase on schedule for a 2028 opening. If no transaction materialises, Bally's says it is prepared to proceed with Phase 1 independently.

The company disclosed growing liquidity concerns in an August 14 SEC filing. It holds a New York gaming license awarded in December and has committed more than $800 million toward a $4 billion integrated resort there, with construction not yet begun. A Las Vegas sale would free capital for that obligation.

Bally's is simultaneously developing an integrated resort in Chicago.

The Las Vegas Stadium Authority board is expected to address the status of the northwest plaza development at Thursday's meeting.

About the analyst

Kendall Cross

Legal Markets Analyst & Paralegal

Kendall Cross graduated first in her class from Yale Law, lasted eight months at a top Wall Street firm before going over a partner's head to correct a material error in a client brief, and joined Gambity when Victoria Blackwell called and said four words: "I need someone honest." Kendall arrived the next morning.