Bally’s Weighs Sale of Las Vegas Ballpark Project

Bally’s Corporation (BALY ) is prepared to build the first phase of its planned Las Vegas development next to the Athletics’ new ballpark on its own, unless a buyer agrees to acquire the project before the Las Vegas Stadium Authority meets on August 20, 2026. A person with knowledge of the situation told the Las Vegas Review-Journal on August 18, 2026 that a buyer has expressed interest in Bally’s rights to the $1.1 billion, multi-phase project, which would rise on 26 of the 35 acres at the former Tropicana hotel site.

No deal was imminent as of the morning of August 18, 2026, the source said, and one would need to be agreed before the stadium authority board meeting to keep Phase 1 on track for a 2028 opening alongside the A’s ballpark. If no agreement materializes, Bally’s intends to proceed with the development itself. The company has completed its Phase 1 plans: a multilevel podium on the site’s northwest corner with three levels of parking topped by a plaza of retail, entertainment and dining venues, incorporating the stadium’s main entrance. Later phases call for a 2,500-seat theater, a hotel tower, a casino and additional retail space.

Bally’s is confident it holds the financial backing pledged by its partners to fund the first phase, the source said. Some permits have been pulled, more are scheduled to follow, and the company is awaiting Federal Aviation Administration approval of its plans. Steve Hill, chairman of the stadium authority and president and CEO of the Las Vegas Convention and Visitors Authority, told an LVCVA meeting in the week before the board session that he expects representatives of the A’s, Bally’s and landlord Gaming and Leisure Properties to present an update on the northwest plaza.

“We have asked the A’s and Bally’s GLPI for a definitive plan as it relates to the entrance to the stadium,” Hill said. “We think it’s important that the plan uphold the standard that’s in the law that the stadium be a premier world-class stadium.”

The reported buyer interest landed four days after Bally’s filed its delayed second-quarter report with the Securities and Exchange Commission on August 14, 2026. In that filing, the company said it does not project it would satisfy the liquidity maintenance requirement attached to its revolving credit facility, or the facility’s leverage covenant once reinstated, without new financing. Management concluded that conditions “raise substantial doubt about the Company’s ability to continue as a going concern.”

How Bally’s Covenant Waiver Works

In May 2026, the lenders and administrative agent under Bally’s revolving credit facility conditionally waived compliance with its consolidated net leverage ratio covenant, covering each fiscal quarter from March 31, 2026 until the company either certifies compliance voluntarily or delivers its compliance certificate for the quarter ending March 31, 2027. The waiver holds only while Bally’s satisfies a minimum liquidity maintenance requirement, and it is that requirement the company now forecasts it would miss on current projections, once a scheduled reduction in revolving commitments takes effect.

The filing lays out the company’s response: asset monetization, an equity sale and debt financings. In July 2026, Bally’s executed a term sheet for a loan to fund further development of its Bronx project and general corporate purposes. The term sheet is non-binding, and the filing states the parties are working toward a binding commitment. One structural protection sits inside the debt stack: any failure to comply with the revolving facility has no implications under Bally’s Intralot’s debt documents, because Bally’s Intralot does not guarantee any of the parent company’s debt.

Bally’s Capital Position by the Numbers

• $1.1 billion: the estimated cost of the multi-phase Las Vegas project a buyer would take over
• 26 of 35 acres: Bally’s development share of the former Tropicana site, with the ballpark on the rest
• $800 million: what Bally’s has already contributed to its planned $4 billion Bronx resort, which has not started construction
• $390.2 million: cash and cash equivalents at June 30, 2026, down from $798.4 million at December 31, 2025
• $4.47 billion: long-term debt, net, on the balance sheet at June 30, 2026
• 2,500 seats: the theater planned for the Las Vegas project’s later phases

The Story So Far for Bally’s

The Las Vegas site entered Bally’s portfolio through its 2022 acquisition of the Tropicana Las Vegas, under which it agreed to lease the underlying land from Gaming and Leisure Properties for an initial 50-year term at $10.5 million a year. The resort plan later gave up nine acres of the parcel for the A’s stadium, leaving Bally’s the 26 acres now drawing buyer interest.

Since then, the company’s commitments have stacked up across three major developments. In December 2025, Bally’s was awarded a New York gaming license for the Bronx project, an investment the Review-Journal’s source described as one the company views as very attractive; proceeds from a Las Vegas sale could provide additional funding for it. In Chicago, where Bally’s is building an integrated resort, a city council majority demanded in August 2026 that the company restart the full buildout of its permanent casino. And the group has been expanding through Bally’s Intralot, whose pursuit of Evoke began as a £225 million approach reported in April 2026 and ended with Evoke shareholders approving the all-share takeover on August 17, 2026, days after the delayed quarterly filing put the buyer’s liquidity position on the record.

What Happens Next in Las Vegas

The stadium authority board convenes at 3:00 PM on August 20, 2026 at the Las Vegas Convention Center’s South Hall Board Room, according to the authority’s posted meeting details. A deal transferring the project would need to be agreed before that session to preserve the 2028 Phase 1 opening target; otherwise Bally’s proceeds on its own timeline, with FAA approval still outstanding. The longer dated trigger sits in the credit agreement: the covenant waiver runs until Bally’s delivers its compliance certificate for the quarter ending March 31, 2027, by which point the company needs its asset monetization, equity or debt plans to have produced new liquidity.