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Las Vegas Strip Casino Landlord Talks Deal With Major Sports Team

by WOOWinvest
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Las Vegas Strip Casino Landlord Talks Deal With Major Sports Team

Las Vegas has grown into one of the most desirable locations for major league sports teams.

The National Hockey League already brought the expanded Golden Knights to Las Vegas in 2017, along with their T-Mobile Arena on the Strip. The city then lured the NFL’s Oakland Raiders to the desert in 2020, playing at Allegiant Stadium not far from the Las Vegas Strip.

Major League Soccer has been in talks with billionaire businessman Wes Edens over his desire to bring an expansion club to Las Vegas, MLSsoccer.com reported in February.

The National Basketball Association has been hosting its summer league in Las Vegas since 2004, while the WNBA’s Aces, owned by Raiders owner Mark Davis, arrived in Las Vegas in 2018 and played at Mandalay Bay’s Michelob Ultra Arena play. While the city already has an NBA-ready Golden Knights venue and Tim Leiweke of Oak View Group is planning another $1 billion arena, plans to bring an NBA team to the city Not yet implemented.

Major sports teams close to Las Vegas trade

However, MLB may be close to bringing a team to Las Vegas as the Oakland A’s get more serious about a deal to relocate to Sin City. Their favorite location may be a property currently occupied by Tropicana Las Vegas on the Las Vegas Strip and Tropicana Boulevard.

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“Company A is looking at the site and it’s been widely publicized,” said Peter Carlino, chief executive of Gaming and Leisure Properties, the owner of Tropicana. (GLPI) – Get Gaming and Leisure Properties, Inc. Report, according to a Seeking Alpha transcript, on the company’s April 29 earnings call. “…I can say for sure that they would be very, very interested in our site if the deal was in their favor.”

Gaming and Leisure Properties chief development officer Steve Ladany, chief investment officer Matthew Demchyk and he met with representatives from Bally and Oakland A last week about a possible deal, Carlino said in the transcript. Carino said in the transcript that the property was committed to Bally under a previous agreement.

“There’s absolutely no way of knowing where it’s going,” Carlino said. “If we can make something exciting happen, you bet we will. So I have to say stay tuned and we’ll let you know.”

The A’s initially appeared to be using Las Vegas as a bargaining chip against the city of Oakland to move faster on the proposed $1 billion privately financed waterfront pitch at Howard’s Piers near Oakland’s Jack London Square.

The A’s president, Dave Kaval, submitted its development agreement term sheet to the city on April 23, 2021. Oakland City Council voted 6-1-1 on February 17, 2022 to approve the final environmental impact report for Howard’s Wharf Stadium, NBCSports.com reports.

Commission setback could push team to Las Vegas

Then on March 16, 2022, the state board’s Seaport Planning Advisory Committee voted 5-4 against the cancellation of Howard Pier’s marine use, which Carval said was a major setback in getting the necessary approval for the ballpark, the San Francisco Chronicle reported.

The A’s may be considering a deal and relocation with Las Vegas Stadium as a way to get rid of the Las Vegas Stadium following a state board rejection and several subsequent lawsuits (including one from Union Pacific, the Chronicle reported). A quicker, easier way to get a bad situation in Oakland.

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