{"id":3710,"date":"2024-10-25T23:52:02","date_gmt":"2024-10-25T23:52:02","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=3710"},"modified":"2024-11-21T11:00:42","modified_gmt":"2024-11-21T11:00:42","slug":"glpi-waiting-on-ballys-for-stadium-casino-financing-updates","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/10\/25\/glpi-waiting-on-ballys-for-stadium-casino-financing-updates\/","title":{"rendered":"GLPI Waiting on Bally\u2019s for Stadium Casino Financing Updates"},"content":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) said it\u2019s waiting on Bally\u2019s (NYSE: BALY) to provide updates on potential financing needs for a planned casino hotel at the site formerly occupied by the Tropicana on the Las Vegas Strip.<\/p>\n

\"Tropicana
The former Tropicana Las Vegas. GLPI said it\u2019s waiting on financing updates from Bally\u2019s for a new casino hotel there. (Image: Vegas Eater<\/em>)<\/figcaption><\/figure>\n

Executives from the real estate investment trust (REIT) made comments to that effect on a conference call earlier today following the release of the REIT\u2019s third-quarter earnings. GLPI owns the real estate on which a new Major League Baseball Stadium (MLB) will be built. That property also includes the land previously occupied by the Tropicana, meaning Gaming and Leisure is Bally\u2019s landlord<\/a> for future gaming venue there.<\/p>\n

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Bally\u2019s is continuing to work with their design professionals to fine-tune what that integrated resort might look like in Phase 1 and ultimately in Phases 2 and 3 and that process is still underway and we are really awaiting the outcome of some of that to determine how much, if any, additional dollars we\u2019re either asked to provide, or more importantly, willing to provide to support the construction of the integrated resort,\u201d said COO Brandon Moore on the call.<\/p>\n<\/blockquote>\n

He added that Las Vegas is \u201ca major focus for the company\u201d although the REIT currently does not own the property associated with an operational gaming venue in the city.<\/p>\n

Limited Financing Exposure in Stadium for GLPI<\/h2>\n

Moore added that construction of the stadium is being largely financed by the Oakland Athletics (A\u2019s) \u2014 the team that\u2019s moving to Las Vegas \u2014 and the land of the ballpark will be owned by\u00a0 the Las Vegas Stadium Authority, so the REIT\u2019s overall exposure to that project is scant.<\/p>\n

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Those comments arrived after reports surfaced earlier this week that A\u2019s owner John Fisher is looking to sell as much as 25%<\/a> of the team for $500 million. If a deal is executed at that price point, it would a long way toward solving the club\u2019s financing needs for the Las Vegas stadium.<\/p>\n<\/div>\n

\u201cI\u2019d say our first priority continues to be ensuring and in preserving the value of the remainder parcel that we have in place. And so that\u2019s been our primary focus from the beginning and continues to be our primary focus now,\u201d Moore told investors.<\/p>\n

The A\u2019s stadium will occupy nine of the acres at the former Tropicana site, leaving Bally\u2019s with a decent amount of room on which it can build a new casino hotel provided it can access the necessary financing.<\/strong><\/p>\n

GLPI Highlights Tribal Deal<\/h2>\n

Beyond Las Vegas<\/a>, GLPI shared big news, noting it struck a sale-leaseback deal for a California tribal casino run by the Ione Band of Miwok. That\u2019s the first time a tribe and a REIT have reached such an accord. Given the substantial real estate holdings of tribes with gaming exposure across the US, more related opportunities could appear in the future.<\/p>\n

Moore told analysts there\u2019s significant total addressable market potential in tribal gaming real estate and it\u2019s a matter of connecting with tribes that are looking to monetize their casino property holdings.<\/p>\n

\u201cWe are probably somewhere towards the upper end, but we have to figure out how many tribes in there could utilize this type of structure on a long-term basis to fund their capital needs,\u201d he told analysts. \u201cAnd that is the process we\u2019re undertaking now. And I think we just don\u2019t know enough at the moment to know how big that opportunity could be.\u201d<\/strong><\/p>\n

The post GLPI Waiting on Bally\u2019s for Stadium Casino Financing Updates<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) said it\u2019s waiting on Bally\u2019s (NYSE: BALY) to provide updates on potential financing needs for a planned casino hotel at the site formerly occupied by the Tropicana on the Las Vegas Strip. The former Tropicana Las Vegas. GLPI said it\u2019s waiting on financing updates from Bally\u2019s for a new…<\/p>\n","protected":false},"author":1,"featured_media":3712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3710"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=3710"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3710\/revisions"}],"predecessor-version":[{"id":3713,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3710\/revisions\/3713"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/3712"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=3710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=3710"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=3710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}