Bally’s said it would pay GLPI $10.5 million annually to lease the site under a 50-year rental that is subject to increases.

Reportedly, a 27-acre parcel owned by VICI Properties along Koval Lane behind Planet Hollywood and Paris Las Vegas is also under consideration.īally’s first announced the acquisition of the Tropicana in April 2021 as part of the $308 million deal with real estate investment trust Gaming and Leisure Properties, which owns the site. The Tropicana is one of two sites in the resort corridor the team is exploring for a ballpark. However, numerous approvals from Bay Area elected leaders are still required, and the team is on “parallel paths” toward landing a new ballpark in Oakland or moving to Las Vegas. The proposed stadium is the centerpiece of a projected $12 billion mixed-use development at the Port of Oakland’s Howard Terminal. The team wants to build a $1 billion waterfront ballpark in Oakland to replace the 57-year-old RingCentral Coliseum. “But we will run the property on an as-is basis at least for the next 12 months until we have identified the plan and the partnerships that we want going forward.”Ī’s executives have said they would like to have a decision on a new home this year. “I think it's well-advertised that we intend to develop (the site) at some point in the future,” Bally’s CEO Lee Fenton said in the company’s second-quarter earnings conference call last week.

Tropicana las vegas casino