Bally’s Details Tropicana Site Redevelopment Plans in Las Vegas
LAS VEGAS – Bally’s Corporation plans to transform the former Tropicana site into a large retail, dining and entertainment district alongside the Oakland Athletics’ future stadium.
LISTEN TO THIS ARTICLE:The project could reshape visitor traffic and business activity on the Las Vegas Strip as operators prepare for the stadium’s expected opening in 2028.
Vladimira Mircheva, chief financial officer and executive vice president of Bally’s Corporation, told the Nevada Gaming Control Board on Wednesday that the company’s work at the 35-acre Tropicana parcel is centered on creating a retail and entertainment hub that complements the Major League Baseball A’s $2 billion arena scheduled to open in 2028. The Control Board recommended Mircheva for licensure; the Nevada Gaming Commission will make the final decision later this month.
Bally’s has filed plans that outline roughly 500,000 square feet of retail and dining, a 2,500-seat theater for live shows, two hotel towers totaling approximately 3,000 rooms, and a casino as part of its broader four-phase resort and casino development on the Las Vegas Strip. The company has indicated construction on the non-gaming elements will begin this year, with portions of the retail and dining complex expected to open in early 2028, in time for the baseball season.
While Mircheva acknowledged the hotel and casino components, she repeatedly emphasized the near-term focus on infrastructure and tenant recruitment. "The construction of the A’s stadium is now in full swing," she said. "Around that, Bally’s will develop a retail, entertainment, and dining center that we think will be very attractive, given where it sits on the Strip. We foresee a great opportunity for billboards, signage and advertising for various retailers as well as an attractive shopping center that’s naturally going to have a lot of foot traffic that will be driven by the A’s."
Bally’s has engaged Jones Lang LaSalle to identify retail partners and is in active discussions with potential entertainment operators for the theater. The company also filed a phasing plan and renderings in February and said it is coordinating closely with the landowner, Gaming and Leisure Properties (GLPI), under a long-term lease. GLPI currently receives a $10.5 million annual rent payment, contributed $176 million toward the demolition of the existing Tropicana structures and may provide additional capital for development.
Financing, Other Projects and Strategic Moves
Board Chair Mike Dreitzer pressed Mircheva on how Bally’s will balance the Tropicana work with other high-profile commitments in Chicago, New York and Australia. "What challenges do you face, now that you are in so many jurisdictions doing so many things at once?" he asked.
Mircheva pointed to measurable progress at each site, noting that the Chicago project is physically rising and that Bally’s is funding soft costs while working with its landlord under a development agreement. On New York, she said Bally’s has already invested equity in development costs, licensing and site acquisition and is pursuing construction financing and potential partners. “There’s significant interest. We feel confident in the success of that endeavor, given the economics and opportunity there,” she told the board.
Mircheva also outlined recent balance-sheet moves designed to support the company’s growth pipeline. Over the past year Bally’s extended debt maturities and trimmed leverage through a strategic combination with Intralot’s interactive and lottery businesses. The group now owns a majority stake of the combined business – around 58% – and received about $1.8 billion in cash proceeds, which the company used to reduce debt and fund development activity, particularly in New York. Bally’s completed an additional refinancing in February.
On Australia, Mircheva reiterated that Bally’s is a 38% shareholder in Star Entertainment Group and is involved in supporting operational and compliance improvements as part of its minority stake.
Independent industry analyst Laura Reynolds commented: "Bally’s is executing a multi-front strategy that mixes real estate development with gaming operations. The risk is execution and timing – coordinating retail leasing, construction schedules and financing across several large projects is complex – but the upside is substantial if the company can open consumer-facing assets in tandem with the A’s stadium in 2028."
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Licensing Timeline and Risks
The Nevada Gaming Control Board’s recommendation advances Mircheva’s licensing bid, but final approval rests with the Nevada Gaming Commission. Regulators will weigh the company’s financial plans, the state of its capital commitments and the readiness of partnership agreements tied to the project. Mircheva acknowledged that several funding commitments remain under letters of intent and are only partially funded, underscoring that additional capital will be needed as the work moves from demolition into vertical construction.
Key near-term risks include securing full construction financing, aligning delivery timelines with the A’s stadium schedule and attracting sufficient retail and entertainment tenants to justify the scale of the complex. Bally’s point person on finance told the board the company is prepared to phase work to match available funding and market demand.
With construction on the stadium already underway and renderings and phasing plans filed, Bally’s appears to be moving from concept to execution. Investors and regulators will now watch closely as the company converts LOIs and site studies into binding contracts and construction draws.
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