Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioQuestions have arisen on how firmly Bally’s Corporation is committed to developing a casino resort next to the Oakland A’s future Las Vegas ballpark, as the company advances on major projects in New York City and Chicago.
Citizens Bank gaming analyst Jordan Bender recently described Bally’s position as having “several balls in the air,” according to reporting by The Nevada Independent.
Bender pointed to the operator’s simultaneous pursuit of a New York casino license, construction of its permanent Chicago casino, and the planned Las Vegas Strip development adjacent to the A’s stadium. The three projects are a central part of the company’s Bally 2.0 transformation strategy.
In a note to investors, Bender said Bally’s lack of committed financing for the Las Vegas project could be “a selling point.” He suggested that the company may ultimately sell the Tropicana development rights or bring in a partner.
Stadium Construction Advances as Resort Financing Remains Unclear
The questions arise as the A’s $1.75 billion Las Vegas ballpark continues to move forward on the former Tropicana site, with an opening targeted ahead of the 2028 MLB season.
Bally’s controls 26 acres surrounding the stadium footprint. In October, after nearly a year of no information, the company unveiled plans for the project. It also outlined a three-year construction plan, starting in April 2026.
The development would span 3.56 million square feet with full completion targeted for March 2029. The proposal includes two hotel towers with roughly 3,000 rooms, 100,000 square feet of casino space, and a 216,000-square-foot theatre. It will also feature a nine-acre public plaza connecting directly to the ballpark.
Despite those submissions, Bally’s has not disclosed a total project cost or a dedicated financing plan.
Bally’s Responds: Planning Continues, No Updates
Responding to questions from The Nevada Independent, Bally’s said the project remains active.
In an email, Bally’s spokeswoman Lauren Westerfield said the company is continuing the planning and permitting process with Clark County. She added that there is “nothing new to report about potential development partners.”
Financing Uncertainty & GLPI’s Limited Role
Questions about Bally’s long-term role at the site are also shaped by the position of Gaming and Leisure Properties (GLPI), the company’s primary real estate partner on several major developments. The company is also the landowner at the Las Vegas site.
GLPI is financing Bally’s permanent Chicago casino. Many have viewed the company as a potential funding partner for the Las Vegas Strip project. GLPI already provided Bally’s with $175 million for the demolition of the Tropicana Las Vegas.
However, in a quarterly earnings call in October, GLPI CEO Peter Carlino said the company could “participate” in funding, but it was “unlikely that we will finance the entire project.”
That reality aligns with Bender’s assessment that Bally’s options might include a potential sale or partnership.
Other Analysts See Flexibility, Not Urgency
While Bender has questioned Bally’s level of commitment, other analysts have taken a more flexible view of the company’s position. Earlier this month, in an investor note, Truist Securities gaming analyst Barry Jonas noted that Bally’s position was “not a significant cause for concern.”
He cited the company’s ability to sell development rights, bring in partners, or pursue a structure similar to its Chicago deal. There, GLPI owns the real estate and Bally’s operates the casino.
In June, Jonas also flagged Bally’s multiple concurrent projects as a contributing factor to GLPI stock volatility. He said Bally’s leases remained “well covered,” based on discussions with company executives.
However, in the June note, Jonas also hinted that another casino operator could ultimately force Bally’s exit from the Chicago project. He cited repeated delays and a lack of updated guidance provided to analysts.
New York & Chicago Dominate Near-Term Focus
Analyst scrutiny has intensified as Bally’s recent financing activity has been concentrated outside Nevada.
Earlier this month, Bally’s announced that it had secured $1.1 billion in financing. The company stated that portion will support the payment of New York State casino licensing fees and associated costs. There was no mention of the Las Vegas project.
This week, the New York State Gaming Commission approved Bally’s gaming facility license for its $4 billion Bronx project. At the same time, the company unveiled new interior renderings of the Chicago casino resort.
For now, Bally’s continues to advance the Las Vegas project through planning and permitting. However, until financing or partnerships are announced, questions about whether the company will build, partner, or ultimately exit the project remain unresolved.
