Bally's Weighs $1.1bn Sale Of Las Vegas Project
Bally's Corporation is prepared to press ahead with the first phase of its $1.1 billion mixed-use development around the Athletics' new Las Vegas ballpark, unless a last-minute buyer steps in to purchase the project outright, according to a source cited by the Las Vegas Review-Journal on August 18, 2026.
An unnamed buyer has expressed interest in acquiring Bally's rights to the 26-acre site, part of the former Tropicana hotel property. Bally's is one of the biggest names in sports betting, iGaming, free-to-play gaming, poker and daily fantasy sports.
The report comes days after Bally's disclosed in its delayed second-quarter 10-Q, filed with the SEC on August 14, 2026, that it does not project it will satisfy the liquidity maintenance requirement or its consolidated net leverage ratio covenant under its revolving credit facility within the next 12 months.
A Company Under Financing Strain
Bally's filing states that "conditions and events raise substantial doubt about the company's ability to continue as a going concern," and that it is actively pursuing financing alternatives including asset monetisation, an equity sale and debt financing.
The company carries around $4.5bn in long-term debt and has separately committed roughly $4bn to its Bronx casino project in New York and $1.7bn to a Chicago development.
Lenders conditionally waived Bally's leverage ratio covenant on its revolving credit facility in May 2026 for specified quarters, subject to the company maintaining minimum liquidity, but Bally's own forecasts indicate it may not meet those conditions once the waiver period ends.
Deadline Tied To Stadium Authority Meeting
The Review-Journal reported that any sale would need to be agreed before Thursday's Las Vegas Stadium Authority board meeting to keep the project's first phase on track for a 2028 opening alongside the Athletics' ballpark.
If no deal is reached, Bally's has said it is confident its funding partners will back construction of the first phase, which includes a multilevel parking podium, retail and dining space, and the stadium's main entrance. Later phases of the plan call for a 2,500-seat theatre, a hotel tower and a casino.
Steve Hill, chairman of the Las Vegas Stadium Authority, has asked Bally's and the Athletics' landlord, Gaming and Leisure Properties, for a definitive plan covering the stadium entrance, saying the site needs to meet the standard of a "premier world-class stadium." A sale would see the project's entitlements transfer to a new owner, according to the Review-Journal's reporting.
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