In the labyrinthine dance of commerce and chance that is Las Vegas, a new player steps assuredly onto the floor. With a determined gaze and the momentum of ambition at its back, Bally’s Corporation—an ascending star in the gaming firmament—has embraced the bold stroke of destiny by announcing its acceptance of a sweeping $4.6 billion takeover offer from its primary patron, Standard General.
At the helm of this strategic gambit, Bally’s Chairman Soo Kim, the astute founder of Standard General, divulged in a candid interview with the Las Vegas Review-Journal, a commitment enshrined in his creed: Las Vegas is not merely a destination on the map of gaming but the pulsing heart of it. “We aspire to be an omnichannel operator; we aspire to be an international operator. (But) I think you have to be in Vegas,” stated Kim, an axiom of the industry’s gospel he holds self-evident. “Having a presence in Vegas is actually quite strategic for us.”
It was in April of 2021 that Bally’s set down $148 million for the non-land assets of the legendary Tropicana Las Vegas—a deal that, after the fullness of time, was consummated in September 2022. The acquisition represented a marked expansion from their solitary redoubt in Lake Tahoe to the neon-soaked expanse of Nevada.
Yet, an epoch winds to its close as the Tropicana Las Vegas, bereft of its old glory, faced closure in April, with its demolishment foreordained for October. From the dust of this storied establishment, Bally’s has mused upon the erection of an integrated resort—ambitious in vision, grand in scope—to grace this parcel of famed boulevard.
May 2023 heralded a consequential bond between Bally’s and the Oakland A’s. It was then a binding agreement signaled the possible transmutation of the familiar facade of the Tropicana into the auspicious trappings of a new baseball bastion. The narrative of the A’s migration remains a volume unfinished, yet the very tenuousness has stoked the fires of speculation regarding the future of this Vegas landmark.
“There’s a certain pessimism in the markets…but, what I would say about the Tropicana site is that I think it’s a tremendous opportunity,” Kim opined with the gravitas of foresighted certainty. “I think the right project there will be financed, and I feel quite confident in that.”
Bally’s CEO Robeson Reeves, speaking at the third quarter’s earnings conference, eyed the potential of divesting the operating rights, simultaneously anchoring their current value as “enormous.” “Although we have some short-term pain, this is an extremely valuable asset,” he prophesied.
The vision for Bally’s in Vegas sketches an ideal where the A’s settle into their new desert home, with a stadium proudly poised on the Tropicana’s erstwhile grounds. Here too, Bally’s would unfurl its next venture—a casino hotel breathing life into the surrounding sands.
Peter Carlino, Gaming and Leisure Properties CEO, lent his voice to this chorus of optimism. “It’s pretty clear to us that the stadium will likely be built and that the design will work in conjunction with what planning Bally’s is doing at the site,” he affirmed to analysts.
Amidst the glistening mirage of Las Vegas, Bally’s marches forth, an unstoppable force driven by the raw power of possibility and the unerring lure of chance. With unfaltering purpose and inexhaustible resilience, the tale of Tropicana’s rebirth under Bally’s stewardship is yet to be fully told, an unfolding saga witnessed by the shifting dunes and the ageless stars above.
