Unused Tropicana demolition funds to support Bally’s resort plans

Gaming and Leisure Properties has more than $125 million left in the fund it had allocated for Bally’s Corp. to demolish the Tropicana Las Vegas and develop a new property on the 35-acre site along the south Strip.

Gaming and Leisure Properties President Brandon Moore confirmed that the real estate investment trust has spent $48 million out of the initial $175 million set aside for both the Tropicana demolition in October and the construction of a new development, reports The Nevada Independent.

The new Bally's project is expected to complement a $1.75 billion Major League Baseball stadium for the relocated Oakland Athletics, which will feature a 33,000-seat capacity.

Moore said that the company is still waiting for further details from Bally’s regarding the resort's development. 

Bally’s currently leases the Tropicana site from Gaming and Leisure Properties for an annual rent of $10.5 million. As part of its commitment, Bally’s has also provided 9 acres of the land for the Athletics' new stadium.

Preliminary plans released by Bally’s in October revealed a vision for a 3,000-room integrated resort surrounding the stadium.

While the stadium’s timeline is clear, Moore said Bally’s resort plans remain uncertain.