Bally’s and Oakland Athletics Sign Deal
Author:
Megan Butler
Home run: Bally’s Corporation and Gaming & Leisure Properties (GLPI) have signed a deal with baseball team the Oakland Athletics, in which the team will construct their new ballpark on a section of the operator’s Tropicana Las Vegas complex. The agreement is contingent on the passing of legislation for public financing, as well as approval from Major League Baseball (MLB).
Bally’s Corporation and Gaming & Leisure Properties (GLPI) have signed a deal with the Oakland Athletics, bringing the team’s new ballpark project to the operator’s Tropicana Las Vegas complex.?27707/Pixabay
Nevada Legislators Will Soon be Asked to Green Light $395 Million of Public Money for Project
In what is sure to be major news for the city of Las Vegas, renowned casino operator Bally’s Corporation and Gaming & Leisure Properties (GLPI) have announced that they have both struck a lasting agreement together with the Major League Baseball (MLB) team the Oakland Athletics, in which the team will situate their new ballpark location on a section of the operator’s Tropicana Las Vegas site.
The US-based gambling and casino provider emphasized the potential “transformational” effect of the $1.5 billion project on the company’s structure, framing it as a vital aspect of the operator’s global, omni-channel strategy.
The agreement is still contingent on the approval of legislation for public financing, as well as receiving an additional green light for the team’s relocation by Major League Baseball (MLB). The Oakland Athletics revealed that it toyed around with the idea of going with a number of different locations before finally settling on the Las Vegas site.
As for the deal’s next moves, legislators in Nevada will soon be called upon to approve $395 million of public funds to actually finance the project. Gaming & Leisure Properties (GLPI) have also agreed to fund up to $175 million towards specific “share improvements” at the site in exchange for a commensurate rent increase.
Bally’s Feels Honored in Being Chosen by Oakland Athletics to Bring MLB to Las Vegas
Celebrating the signing of the deal between Bally’s and major MLB franchise the Oakland Athletics was Bally’s President George Papanier, who claimed the operator was honored to be working together with the team, while also driving home the symbolic importance of the Tropicana location:
“We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas, and to be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip. The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”– George Papanier, President, Bally’s Corporation,Press Release
Peter Carlino, who is the Chairman and CEO of Tropicana Las Vegas owner Gaming & Leisure Properties (GLPI), asserted that the Oakland Athletics’ decision to build their ballpark on the Tropicana site cements the importance of the location:
“We have enjoyed getting to know the Oakland Athletics’ leadership through our dialogue over the past couple years. We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres. As the project moves forward, we also expect that GLPI will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk adjusted return on our shareholders’ capital.”– Peter Carlino, Chairman and CEO, Gaming & Leisure Properties (GLPI),Press Release
Finally, for its part, Oakland Athletics president Dave Kaval revealed that the team was naturally looking forward to the prospect of bringing baseball to the Tropicana Las Vegas location, as well as working closely together with Bally’s and GLPI:
“We are excited about the potential to bring Major League Baseball to this iconic location. We are thrilled to work alongside Bally’s and GLPI, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”– Dave Kaval, President, Oakland Athletics,Press Release
Bally’s Picked Out Prominent Finance Exec for its Board in January 2023
In other recent Bally’s executive-level news, the corporation announced in January 2023 that it had picked out a highly experienced executive from the finance industry, Tracy Harris, as a new, independent member of its board of directors.
Harris boasts an impressive track record: she has worked in numerous revered financial executive leadership positions for over 20 years, having most recently acted as executive vice president, chief financial officer and treasurer of MIB.
Also worth noting is that Harris has also served as a board member of health insurance and healthcare provider CareFirst BlueCross BlueShield and as an independent director at 1847 Holdings. She also is a part of the chair audit committee of the DC Retirement Board, and moonlights as an advisory board member of the Council of Institutional Investors.
To mark her appointment to Bally’s board of directors, Harris celebrated the prestigious group of individuals that make up the team:
“It is an honor to join such an outstanding group of individuals on Bally’s board of directors; I look forward to bringing my experience and perspective to the Board, and to supporting Bally’s as it continues to grow and expand.”
Bally’s and International Union of Operating Engineers (IUOE) Signed Deal in December 2022
And shortly before, in December 2022, Bally’s Corporation finalized a labor neutrality agreement with the International Union of Operating Engineers (IUOE) for, lo and behold – its Tropicana Las Vegas retail property.
The IUOE is the 10th largest union in the AFL-CIO conglomerate, containing approximately 400,000 active members in 123 local unions throughout both the United States and Canada. The agreement between the two revolves around both parties adopting a neutral approach when it comes to organizing campaigns.
Jose Soto, Organizing Director of the International Union of Operating Engineers (IUOE) Local 501, praised Bally’s commitment to organized labor in a shared statement:
“Bally’s and IUOE are aligned in our efforts to advance employee representation locally and at the national level. As a result of the commitment and integrity demonstrated by Mr. Kim and his team, we’ve developed a strong relationship with Bally’s that we are confident will benefit the company’s workforce for many years to come.”
