‘Several balls in the air’: Analysts question Bally’s commitment to resort by A’s stadium
As I wrote last week, the $2 billion A’s stadium has grabbed the headlines with construction milestones and a preview center for fans. But it’s been all quiet on the Bally’s front on definitive plans for what it will build surrounding the stadium.
Programming note: Indy Gaming will take the next two weeks off and return on Jan. 7.
Bally’s Corp. has unveiled plans for a 500,000-square-foot entertainment district on the Strip to surround the $2 billion stadium for Major League Baseball’s Athletics.
But one gaming analyst is betting it won’t be the gaming company building the project.
Bally’s touted a $1.1 billion loan package earlier this month that will help fund a planned $4 billion resort complex in New York City — one of three casino projects approved by the state’s gaming commission Monday.
Yet, no mention has been made of how the company plans to finance its Vegas attraction.
In a note to investors, Citizens Bank gaming analyst Jordan Bender wrote that Bally’s absence of any financing for the Las Vegas project is “a selling point” that could entice interested parties to explore taking over the project.
Bally’s provided the A’s with 9 acres of the 35-acre former site of the now-demolished Tropicana Las Vegas to develop the ballpark. Real estate investment trust Gaming and Leisure Properties leases the site to Bally’s for $10.5 million annually. The company provided Bally’s with $175 million toward the demolition 14 months ago; however, not all the funds were used.
During a quarterly earnings call in October, Gaming and Leisure CEO Peter Carlino said the company could “participate” in funding certain elements of Bally’s plans for the site, but it was “unlikely that we will finance the entire project.”
For now, Bally’s appears more focused on its under-construction $1.7 billion Chicago casino resort, which will open in 2026 or 2027, and the 3 million-square-foot New York resort and casino at Ferry Point in the Bronx, which includes a golf course that was developed by the Trump Organization.
When Bally’s purchased operating rights for the golf course from the company controlled by President Donald Trump in 2023, it agreed to pay an additional $115 million if it won a casino license.
Bender said New York complicates the Las Vegas plans.
“[Bally’s] has several balls in the air,” he said. “The license in New York leads us to believe the company will either sell the [operations] at the old Trop site or bring in a partner to help fund the construction in New York.”
Bally’s has said little about Las Vegas since announcing plans in September. The space would include retail, dining and entertainment, including a 2,500-seat theater. A hotel-casino with two towers covering 3,000 rooms is also planned.
Bally’s Chairman Soo Kim said in a statement that the $1.1 billion loan strengthens the company’s financial position and its “growth pipeline”; however, he did not mention Las Vegas. On Monday, Kim touted his having grown up in New York City and the honor of earning a gaming license.
Las Vegas Convention and Visitors Authority Chairman Steve Hill said the ballpark, which is expected to open for the start of the 2028 season, is on schedule, but the Bally’s project is not essential to the development.
“It’s not really our jurisdiction,” said Hill, who chairs the Las Vegas Stadium Authority, which has oversight for the ballpark. “There are a couple of aspects to the stadium — the entrance, the central plant [and] the parking lot — that need to be built prior to the stadium opening. We’re confident that will happen.”
The stadium authority was aware of Bally’s projects in New York and Chicago, and the speculation about how they could affect the company’s plans for Las Vegas, but Hill said those issues “have nothing to do with the stadium being ready on time.”
In an email, Bally’s spokeswoman Lauren Westerfield said the company is continuing the planning and permitting process with Clark County, but there is “nothing new to report about potential development partners.”
Battle between sports betting and prediction markets intensifies
Two announcements within 45 minutes intensified the already caustic feud between prediction markets and the sports betting industry.
A coalition led by prediction market leaders Kalshi and Crypto.com announced Dec. 11 the formation of the Coalition for Prediction Markets, an advocacy group that includes Coinbase, Robinhood and Underdog.
The companies are facing legal challenges by gaming regulators in more than two dozen states — including Nevada — for offering prediction market contracts on sports without being licensed. Company representatives have said the industry is regulated by the Commodity Futures Trading Commission.
“Americans deserve clarity, not 50 conflicting interpretations,” Kalshi Head of Corporate Development Sara Slane said in a statement. “As the first federally regulated prediction market, Kalshi saw firsthand how quickly this space was growing — and how urgently a unified industry voice was needed to advocate for access and consistency nationwide.”
Meanwhile, the Sports Betting Alliance named former American Gaming Association (AGA) Senior Vice President Joe Maloney as CEO.
The AGA has been at the forefront of the ongoing dispute with prediction markets, believing the businesses are operating as illegal gaming operators despite their federal oversight by the Commodity Futures Trading Commission. The Sports Betting Alliance is a trade group that advocates in favor of state-regulated online sports betting and online casinos. It seeks state regulation for prediction markets.
In a statement, Maloney said state-regulated sports betting is at a “critical moment” given this year’s rise of prediction markets.
What I'm reading
🏗️ Ahlquist out as developer for former Harrah’s Reno renovation — Jason Hidalgo, Reno Gazette Journal
Madison Capital Group, the primary investor, is taking a more active role in the Reno Revival project.
⚽ World Cup draw kicks off 2026 tourism planning — Bailey Schulz, Skift
Las Vegas visitation is expected to benefit from games being played in Los Angeles, the San Francisco Bay Area and Seattle.
💸 Trump says he will ‘think about’ eliminating tax on gambling winnings— Michael Sinkewicz, FOX Business
In today’s episode of pulling policy plans out of thin air …
News, notes and quotes
💲 Titus seeks a hearing to restore 100 percent gaming tax deduction
Rep. Dina Titus (D-NV) wants a hearing by the House Ways and Means Committee to fully restore the 100 percent income tax deduction for gambling losses that was reduced to 90 percent in last summer’s budget legislation. In July, Committee Chairman Jason Smith (R-MO) met with three gaming industry CEOs in Las Vegas ahead of a field hearing on the bill and committed to restoring the deduction. “The legislation also enjoys broad industry support. It unfairly burdens professional gamblers and casual players alike,” Titus wrote. Seeking Alpha reported last week that four gaming CEOs met with the American Gaming Association to create support to prevent the 90 percent cap from becoming a reality.
🏈 $11M UNLV logo sponsorship deal first of its kind in NCAA sports
UNLV announced an agreement with Acesso Biologics, a Las Vegas-based medical provider, to become the first official multisport corporate jersey patch and on-field logo partner in NCAA athletics. The use of sponsorship through jersey patches has been growing at the college level in the past few years as part of the expanding name, image and likeness (NIL) opportunities for athletes. UNLV Associate Athletics Director Andy Grossman confirmed a report by The Athletic that the five-year sponsorship deal is worth $11 million. The jersey patch will appear on home and away uniforms worn by UNLV football and baseball players and members of the men’s and women’s basketball teams. In addition, Acesso’s logo will appear on the net behind Allegiant Stadium’s south goal posts during UNLV football games.
👏 Ex-Resorts World LV CEO joins advisory firm
Former Resorts World Las Vegas CEO Alex Dixon has joined GMA Consulting as a senior adviser for the firm that works with gaming companies, Native American tribes and businesses associated with the gaming industry. Dixon, who has worked with MGM Resorts International, Caesars Entertainment and oversaw operations of a large Iowa gaming property, was CEO of Resorts World for less than a year when ownership shook up operations. Dixon transitioned into a corporate advisory role. He left Resorts World in October.