Bally’s Corporation highlighted the potential “transformational” impact of the $1.5bn baseball ballpark project on the company’s database as an important part of the business’ global, omnichannel strategy.
The agreement is subject to the passing of legislation for public financing and approval for relocation by Major League Baseball.
Legislators in Nevada will be soon be asked to approve $395m of public financing for the project.
GLPI have additionally agreed to fund up to $175m towards certain “share improvements” at the site in return for a commensurate rent increase.
“We are excited about the potential to bring Major League Baseball to this iconic location,” said Oakland Athletics’ president Dave Kaval.
“We are thrilled to work alongside Bally’s and GLPI, and look forward to finalising plans to bring the Athletics to Southern Nevada.”
Under the plan, Bally’s and GLPI will assign nine acres of the 35-acre site that is located on the Las Vegas Boulevard and Tropicana Avenue to the Oakland Athletics or related stadium authority. The venue is at present planned to accommodate approximately 30,000 fans at a time.
As a provision of the deal, Bally’s retains the ability to assign the rights to all aspects of this development and has received material interest from development partners.