GLPI Reportedly Mulls over Further Investment in Oakland A’s Vegas Stadium

Gaming and Leisure Properties (GLPI), a Wyoming-based real estate investment trust specializing in casino properties, might consider boosting its investment in a Las Vegas baseball stadium. The stadium in question will be on the site of Tropicana Las Vegas and has already secured $175 million from the company.

This information comes from Mitch Germain, a JMP Securities analyst who discussed the matter with REIT executives at G2E. According to the expert, GLPI remains enthusiastic about the property and may boost its participation in the project above its original commitment.

The $1.5 billion stadium project is also backed by the Nevada government, which committed public financing to the stadium. The finalized ballpark will sport some 33,000 seats and will serve as the hub of the Oakland A’s.

The Tropicana site, owned by GLPI and leased to Bally’s Corporation, currently houses the Tropicana Las Vegas casino. However, Bally’s current plan is to demolish the old resort and potentially build a new one once the baseball stadium has been completed.

Germain said that there are many uncertainties and that Bally’s is still considering many factors about the prospects of redeveloping the property.

Bally’s currently pays $10.5 million a year to GLPI, in accordance with the agreement between the two companies. Both parties are ambitious on developing the area but their plans for the demolition of the old casino have been delayed because of regulatory matters.

The Companies May Share More Info Soon

The new stadium and the eventual demolition of the Tropicana are expected to be discussed by GLPI on Friday when the real estate company is set to publish its quarterly report. Bally’s Corporation, on the other hand, is set to report its quarterly results on November 1. The company is expected to discuss the future of the Tropicana property then.

On Wednesday, the Oakland A’s will discuss the new stadium with the relocation. The A’s will continue seeking ways to secure the rest of the needed financing. The team is currently awaiting approval for its eventual relocation. In any case, the stadium is unlikely to be ready before the 2028 MLB season.

The stadium project has a long way to go, with the A’s currently seeking an architect to design the building. As agreed with the MLB, the team will not discuss the property further prior to the conclusion of the World Series.