Chavdar Vasilev is a gambling news writer with several years of experience in the iGaming industry. He started creating promotional content but soon found he loved reporting on the industry itself. Since then, he’s delivered...
Read Full BioAs the Oakland Athletics broke ground on their $1.75 billion ballpark on the Las Vegas Strip, questions loomed over whether their partner, Bally’s Corporation, would be able to deliver the adjacent casino-resort planned for the same site.
While Bally’s President George Papanier did not offer details, A’s owner John Fisher expressed hope that Bally’s casino-resort plans will become clearer soon.
The 33,000-seat ballpark is part of a partnership that was established in May 2023 between Bally’s, Gaming and Leisure Properties (land owner of the site), and the A’s. The ballpark will occupy nine of the 35 acres.
Meanwhile, Bally’s plans to build a casino-resort on 15 acres, with the remaining area allocated for infrastructure.
Bally’s released plans last October, following the implosion of the Tropicana. However, as the operator has been involved in several projects, it has not provided further details since.
Fisher hopes that the resort’s initial construction phase will align with the A’s stadium’s timeline,
“I think those conversations need to sort of happen with them. What they’ve shown us is exciting.”
MGM Resorts International CEO Bill Hornbuckle, whose properties will likely support much of the stadium’s parking, stressed that Bally’s still needs to “zero in on a real plan” and make it clearer what’s going to be built.
Does Bally’s Have The Financing For Las Vegas Casino?
While the A’s owner dismissed concerns regarding Bally’s plans, the project faces uncertainty, primarily due to financial worries.
As of April, it carried around $3.4 billion in debt while its market cap is around $500 million. The total debt-to-equity ratio has led to multiple downgrades to sub-investment-grade status.
Recently, Fitch Ratings downgraded Bally’s to a B- with a “Negative” outlook. Other similar downgrades include from Moody’s (B2) and S&P Global (B-).
The agencies cite reasons for the downgrade, including “high leverage” and “execution risks” associated with the Vegas property and Bally’s $1.7 billion Chicago project.
Bally’s still needs to raise $1.1 billion to fund the Tropicana site. Gaming & Leisure Properties has earmarked $175 million for demolition, of which about $125 million remains. Additionally, the Tropicana site landlord has committed $940 million to the construction of the Bally’s Chicago project.
Uncertainties surrounding other projects also contribute to analysts’ concerns. That includes Bally’s bid for a New York casino, which would cost billions and new debt covenants in Rhode Island.
Compounding concerns is the fact that Bally’s would be entering an already saturated Las Vegas market, which has over 150,000 existing hotel rooms.
According to the Las Vegas Convention and Visitors Authority, total visitors are down 6.5% year-to-date through May, compared to the same period in 2024. At the same time, occupancy is down 2.5%.
Additionally, gaming revenue remains flat, primarily due to the strong performance in January.
Given these challenges, questions remain whether Bally’s can realistically finance and build the Las Vegas property. Some analysts have called for the company to enter a joint venture or sell the property.
Chicago, New York Casino Plans Keeping Bally’s Busy
Despite the financial headwinds, Bally’s continues to pursue an aggressive multi-front expansion strategy.
The company’s flagship $1.7 billion Chicago project is under pressure to meet its September 2026 state-mandated opening. Recently, construction was shut down for nearly a month after the Chicago Sun-Times revealed that a waste-hauling subcontractor with reputed mob ties was working on the site.
Bally’s is also in the running for a coveted New York casino license. The company is one of eight candidates for three licenses. It recently cleared a major state hurdle in the licensing process, with applications due on June 27.
Bally’s will likely know by the end of the year whether it will receive one of the licenses. If it does, it will need to pay $500 million for the license, invest at least $500 million, and pay $115 million to the Trump Organization as part of the purchase agreement for the Ferry Point site in the Bronx.
The company has also made international headlines. In April, Bally’s agreed to pay $180 million for a 57% stake in Australia’s Star Entertainment Group.
However, not all of Bally’s ambitions have come to fruition. Bally’s has abandoned some regional projects in the past few years, including those in Richmond, Virginia, and State Park, Pennsylvania, due to local resistance and financial uncertainty.
The scale of Bally’s expansion plans has drawn sharp criticism. Industry analysts have labeled it overambitious and financially risky.
