Poker Writer
Bally’s is considering selling its Tropicana site rights to a “mystery buyer” who has now been revealed to be Boyd Gaming.
The site of the former Tropicana casino, now the land surrounding the Vegas Athletics’ ballpark, is owned by Bally’s. Bally’s was supposed to develop the site into a multi-faceted entertainment area. However, questions have surrounded the development. Even as the stadium has begun to take shape, Bally’s has dragged its feet on getting the surrounding project underway.
The 35-acre site is worth $1.1 billion. A deal would have to be struck by the end of Thursday. Otherwise, Bally’s will move ahead with the project. Vital Vegas on X was first with the identity of the potential buyer. The report is not official as of yet, as neither Bally’s nor Boyd Gaming has confirmed any negotiations.
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Sale Could Help Bally’s Finances
Bally’s could be in need of a funding boost. Recent statements from the company regarding financial difficulties have raised some concerns about its Chicago project.
The gaming company is also pouring billions into its New York City casino project. The wide distribution of funds from Bally’s led to the casino operator filing with the Securities and Exchange Commission on Aug. 14. Capital raising opportunities are paramount for Bally’s now, and the sale of the Tropicana site could go a long way toward securing an influx of funding.
Currently, Bally’s does not have a Las Vegas property. The Bally’s Vegas casino was rebranded to the Horseshoe and taken over by Caesars Entertainment in 2022.
Boyd Looking to Get Back on Strip
The motivation for Boyd Gaming is clear: the gaming corporation is looking to return to the Vegas Strip for the first time since 2006. Boyd Gaming owned the Stardust Casino before it eventually closed on Nov. 1, 2006. Boyd still has an homage to the old Stardust property with a page suggesting a return to the nostalgic name, known only as “The Stardust Development” as of now.
Despite the lack of Strip presence, Boyd had built a solid brand in the Las Vegas area. Boyd Gaming currently has 10 locations within Vegas, including prominent ones like The Orleans, Gold Coast, and Fremont Casino.
But Boyd has none on the strip, the epicenter of Las Vegas gambling and entertainment.
Questions Over A’s Stadium
Some people on X noted that this seems like a lot of drama over a stadium that was supposed to have funding and development fully secured before construction even began.
Though progress has become apparent on the stadium construction, the surrounding area was supposed to include a theater, a brand-new casino, a hotel, and other amenities.
Vital Vegas reported that many union deals and other intricacies would have to be unwound as part of any sale, meaning the situation is quite complicated. The Las Vegas Review-Journal reported that builders must also secure Federal Aviation Administration approval for any plans. The old Tropicana site sits right next to Harry Reid International Airport.
Local interests seem like they have begun to get antsy about the lack of progress.
“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,” said Steve Hill of the Las Vegas Convention and Visitors Authority.
