US – Gaming and Leisure Properties applauds Major League Baseball’s landmark decision to bring the MLB Athletics to Las VegasBy Phil - 20 November 2023
Gaming and Leisure Properties has applauded the announcement by Major League Baseball (“MLB”) that the league’s owners have approved the move of MLB’s Athletics (A’s) franchise to Las Vegas:
“Today’s approval from Major League Baseball represents an important milestone in the collective effort to bring the Athletics’ franchise to Las Vegas. We are excited about the opportunity to work with our partners to develop and construct an entertainment and casino resort integrated with the new A’s stadium on Gaming and Leisure Properties’ property to reinvent the site on the south end of the iconic Las Vegas Strip. The arrival of the A’s as well as the new stadium and adjacent entertainment and casino resort, both of which are expected to open in 2028, represents a transformational project for Las Vegas, baseball fans, the local community and local employment, which will build on the city’s reputation for delivering unrivalled world-class entertainment options.”
In May 2023, GLPI, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s Corporation, and Athletics Holdings, which owns the Major League Baseball team currently known as the Oakland Athletics, entered into a binding letter of intent setting forth the terms for developing a Las Vegas stadium that would serve as the home venue for the A’s. The stadium is expected to complement a casino resort redevelopment envisioned at GLPI’s 35-acre property in Clark County, Nevada, owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC, a Nevada limited liability company, and leased by GLPI to Bally’s.
The letter of intent provides for the Athletics to be granted fee ownership by GLPI of approximately 9 acres of GLPI’s 35-acre site for construction of the stadium. Bally’s and GLPI have agreed to transfer the stadium site after the satisfaction of various conditions in exchange for the benefits that the stadium is expected to contribute to a new integrated casino and entertainment resort that will be developed at the site, Las Vegas, and surrounding areas. The letter of intent stipulates that the Athletics will assume all costs associated with the design, development, and construction of the stadium and Bally’s Corporation shall assume all costs for the entertainment and casino resort and hotel.