WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has expressed enthusiasm over the decision by Major League Baseball (MLB) to relocate the Athletics franchise to Las Vegas. The real estate investment trust company, which specializes in casino properties, sees this as a major turning point for Las Vegas’s entertainment industry.
The MLB’s approval marks a significant milestone in the ongoing efforts to establish the Athletics’ presence in Las Vegas. Gaming and Leisure Properties is eager to collaborate with its partners to create an integrated entertainment and casino resort alongside the new A’s stadium. This will be located on Gaming and Leisure Properties’ plot at the southern end of the iconic Las Vegas Strip.
The arrival of the A’s and the expected opening of the new stadium and adjacent entertainment and casino resort in 2028 is set to be a transformative project. It is anticipated to invigorate the local community and employment sector while enhancing Las Vegas’s reputation for delivering world-class entertainment experiences.
In May 2023, GLPI, Tropicana Las Vegas, Inc., a wholly-owned subsidiary of Bally’s Corporation (NYSE: BALY), and Athletics Holdings LLC, the current owner of the Oakland Athletics, signed a binding letter of intent. This outlined the terms for the development of a Las Vegas stadium that would serve as the home venue for the A’s.
This stadium is slated to complement a casino resort redevelopment on GLPI’s 35-acre property in Clark County, Nevada. This property is indirectly owned by GLPI through Tropicana Land LLC, a Nevada limited liability company, and is leased by GLPI to Bally’s.
As per the terms of the letter of intent, the Athletics will receive fee ownership from GLPI of approximately 9 acres of GLPI’s 35-acre site for the construction of the stadium. In return for the benefits that the stadium will bring to the new integrated casino and entertainment resort, Las Vegas, and surrounding areas, Bally’s and GLPI have agreed to transfer the stadium site.
The Athletics will shoulder all costs associated with the design, development, and construction of the stadium. Bally’s Corporation, on the other hand, will cover all costs related to the entertainment and casino resort and hotel.
This move by MLB is a significant boost for GLPI and its partners, promising fruitful returns for investors as it capitalizes on the synergy between professional sports and the thriving entertainment industry in Las Vegas.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.