The rumors are swirling! Will the new Las Vegas baseball stadium actually be completed? Are the owners in financial trouble? And was Tropicana imploded for nothing? That’s what we’re about to find out This Week in Gambling!
Sin City visitors have a new attraction at the southeast corner of Tropicana and the strip. It’s called the Vegas shit show… but you probably know it as the new stadium. There are rumors floating around that Bally’s is in financial trouble, that they might have to sell their interest in the project, and that the stadium might not be completed at all. So, what’s really going on? Let’s dive in!
First, understand that Bally’s is not building the Vegas baseball stadium. That job falls to the Athletics team. And Bally’s does not own the land. That belongs to Gaming and Leisure Properties. So, what is Bally’s responsible for? Building the infrastructure, like a new entertainment plaza, parking facilities, pedestrian access, basic utilities, and a casino resort, which many believe will become the new Bally’s Las Vegas. But the company has hit a bit of a snag. They’re broke.
With a massive $4 billion a $1.7 billion casino and hotel project in Chicago, and of course, the Las Vegas baseball stadium. All told, the company is over $4 billion in debt. And now investors are wondering if they can even stay in business while analysts are warning that the company must dump some assets. And that brings us back around to the Las Vegas stadium. Wall Street experts have said that the Vegas baseball project will be the first thing Bally’s sells, possibly to Boyd Gaming.
But then, just days ago, officials from Bally’s attempted to ease growing concerns by releasing new plans and insisting that the stadium is on track for a 2028 opening. But is this true or just good public relations work? Well, instead of selling their interest in the new Vegas stadium, Bally’s has decided to rework their entire plan and divide the project into three separate phases to break up the financial burden. In phase one, they will build the multi-level parking garage as well as the venue’s stand-alone central utility plant.
Phase two will have them construct the pedestrian access platform along with an elevated plaza containing food, entertainment, and retail space. The last phase will be the new Bally’s Las Vegas casino and resort, and those plans can be pushed into the future so that the company can save money now. And when it comes to the cash they need to complete those phases, their senior vice president of development stated that they are close to being able to secure the financing. Whatever the hell that means.
He added that they have secured backup funding from Gaming and Leisure Properties. So, I guess it all comes down to who you believe. Will the new stadium be completed? And if so, will it be ready for baseball by April of 2028? Time will tell, my friends. Time will tell.