After a long process, the Oakland Athletics officially secured a location to build their baseball stadium in Las Vegas.
According to Howard Stutz of The Nevada Independent, A’s and Bally’s Corp. have reached an agreement to build a $1500 million ballpark on one component of the Tropicana Las Vegas site. The move would have “reduced the amount of public investment sought for the project. “from $500 million to $395 million.
He said last month that the Athletics were “close to finalizing” a binding agreement to build a new ballpark north of Allegiant Stadium where the Las Vegas Raiders play, which would be able to move into the franchise through 2027. However, securing the 49-acre assets did not go well.
Stutz and Tabitha Mueller reported Monday that the Athletics had revisited other potential sites that “were previously considered as a possible contingency plan if the team failed to secure a $500 million legislative tax package. “Nevada state lawmakers said the franchise was running out of time to get legislative approval of the proposed tax package.
According to Stutz, as part of the deal reached Tuesday, “Bally’s plans to demolish the Tropicana and allow the Athletics to build a 35,000-seat retractable-roof stadium on nine acres of the 34 acres on Tropicana Avenue near the southern end of the Las Vegas Strip. “
Through Bally’s lease with real estate investment company Gaming and Leisure Properties, Stutz noted that the Athletics can pay only land acquisition fees. Bally’s will pay $10. 5 million in annual rent to Gaming and Leisure.
As of the new agreement, the original concept of structuring an entertainment district around the stadium with restaurants, shops and other entertainment offerings is no longer in the plans, according to Stutz. Bally’s would build a 1500-room hotel-casino that would be separate from the stadium once the structure is complete.
“Now it’s the deal. That’s what we’re working on,” a person close to the negotiations told Stutz.