Bally’s chief financial officer informed Nevada gaming regulators on Wednesday that the redevelopment of the former Tropicana Las Vegas site centers on dining, retail, and entertainment.
Vladimira Mircheva, who also holds the title of executive vice president at the gaming operator, testified before the Nevada Gaming Control Board on Wednesday. The board recommended her for licensure, with the Nevada Gaming Commission expected to hold the final vote later this month.
In September, Bally’s disclosed its construction plans for the former Tropicana location, which is also the site of the $2 billion MLB Athletics stadium scheduled to open in 2028.
Bally’s intends to construct 500,000 square feet of retail and dining space, along with a 2,500-seat theater for live events. The company indicated that development would commence this year, with parts of the area opening in early 2028 ahead of the baseball season. The 35-acre Tropicana property is planned to include two hotel towers comprising 3,000 rooms and a casino.
The property is owned by Gaming and Leisure Properties, which leases the land to Bally’s for $10.5 million annually. GLPI contributed $176 million toward the demolition of the existing structures and may supply further funding for the development.
“Construction of the A’s stadium is now fully underway,” Mircheva stated. “In conjunction with that, Bally’s will create a retail, entertainment, and dining district that we believe will be highly appealing given its Strip location. We see a significant opportunity for billboards, signage, and advertising for retailers, as well as a shopping center that will naturally benefit from the foot traffic driven by the A’s.”
Although Mircheva brought up the two planned hotel towers, she emphasized the non-gaming aspects of the project.
“We have retained JLL (Jones Lang LaSalle) to assist in securing retail partners, and we are actively seeking potential partners for an entertainment venue,” Mircheva commented. “The primary focus and near-term development involve establishing the infrastructure for the project.”
The operator submitted project phasing plans and renderings in February and is currently working with the landlord to identify partners.
“There is clearly a capital commitment under the LOI, though it has only been partially funded to date,” Mircheva noted.
Board Chair Mike Dreitzer remarked that Bally’s is actively engaged in projects in New York, Chicago, and Australia and asked about the implications of this workload. “What challenges are you facing, given that you are managing so many different activities across so many jurisdictions at once?” Dreitzer inquired.
“We clearly have a substantial number of projects and developments in progress,” Mircheva replied. “As these projects move forward, funding and certainty increase. In Chicago, a live webcam demonstrates the progress. The towers are currently rising, and we are collaborating with our landlord under the development agreement signed earlier this year, while also funding the soft costs from our side. That project is proceeding well.
“We are very enthusiastic about the New York opportunity,” Mircheva added. “We have funded a significant portion of the project’s equity ourselves, covering various development costs, licenses, and the acquisition of the site. We are actively working on securing financing through a construction loan or other methods and bringing in additional partners. There is strong interest. We feel confident in the success of this initiative, given the economic factors and the opportunity available.”
Regarding Australia, Mircheva stated that Bally’s is a minority shareholder with a 38% stake in Star Entertainment Group and is aiding in the turnaround of operations and compliance.
The company has completed multiple transactions over the past year that extended debt maturities and reduced its debt load. It effectively merged with Intralot, a Greek gaming company that specializes in lottery solutions, sports betting, and digital interactive gaming. She noted that Bally’s combined its international interactive division with Intralot’s lottery business, making Bally’s the 58% owner of the now-publicly traded company. Bally’s received $1.8 billion in cash in the transaction, which it used to pay down debt and cover costs in New York. The company also refinanced in February.