Wednesday, May 10, 2023 | 12:31 p.m.
The Athletics have agreed to terms with Bally’s Corp. to build its proposed $1.5 billion baseball stadium at the site of the Tropicana to reduce the amount of public funding needed for the ballpark, according to source familiar with the team’s negotiations.
The deal would entail building a 35,000-seat stadium with a retractable roof on 9 acres of the 34-acre site near Tropicana Avenue and Las Vegas Boulevard, according to the source, who requested anonymity because they were not authorized to speak publicly about the deal.
Though the Tropicana is owned by Bally’s, the land is owned by the real estate investment trust Gaming and Leisure Properties, meaning the A’s would not need to pay land acquisition costs, bringing the approximate amount of public funds needed to complete the stadium to $395 million, according to the source.
The team was originally seeking about $500 million in taxpayer dollars after signing an agreement with Red Rock Resorts for a 49-acre plot of land at Tropicana Avenue and Dean Martin Drive late last month.
The A’s declined comment, and Bally’s did not respond to multiple requests for comment.
The team has submitted an outline to lawmakers of a public-private financing partnership, which the team maintained was essential for building a new stadium and surrounding entertainment district at Tropicana and Dean Martin, but nothing official.
A formal proposal would need to be submitted to state lawmakers by the end of this week for consideration, unless a special legislative session is called later, according to media reports.
The plan also entails asking for transferable tax credits, and a third stream of public funding would come in the form of tax incentives for property redevelopment.
The source said the makeup of the public-private partnership is similar to the one the team has publicly discussed.
Last month, a consultant working with the A’s said the team was exploring a tri-faceted funding plan to make the proposed stadium site a special tax district.
Tax revenues generated in and around the stadium would be reinvested back into the project. That includes property, sales, live entertainment and modified business taxes.
A’s President Dave Kaval told the Sun previously that Major League Baseball has imposed a January 2024 deadline to submit a formal application to relocate to Las Vegas from Oakland, where the team has played since 1968.