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On Oakland A’s Las Vegas Ballpark Design Leak, MLB.com wrote:The roof’s five overlapping layers, who’s design is inspired by traditional baseball pennants, are open to the north to allow for natural light and expansive views up the Strip, while also limiting direct sunlight and heat from the South. The outfield boosts the world’s largest cable-net glass windown, facing the corner of Tropicana and Las Vegas Boulevard.The design offers one of the most diverse ranges of seating options in baseball. It also features an 18,000 square foot jumbotron, making it the largest video board in Major League Baseball.The Gaming and Leisure Properties Comments on The Oakland A’s Las Vegas BallparkOn May 13, 2023, the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s Corporation (NYSE: BALY) (“Bally’s”), and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”).The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC, a Nevada limited liability company, and leased by GLPI to Bally’s pursuant to that certain Ground Lease dated as of September 26, 2022 (the “Original Ground Lease”).The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the Original Ground Lease, and that to the extent GLPI has any consent or approval rights under the Original Ground Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents.Bally’s and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that the Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $175 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium.The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent.GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, approval of a master plan for the site and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission.“I think a lot of the news coming out of Las Vegas lately has been somewhat negative questioning the timing and development and maybe the viability of that project. I think, from our perspective, a lot of that is noise,” said Brandon Moore, the Chief Operating Officer, General Counsel, and Secretary of Gaming and Leisure Properties. “We understand, at this point, that Bally’s and the A’s are working pretty closely together to ensure that the A’s new stadium design and the integrated resort really maximize the use of that property, that 35-acre parcel, and the value that’s there.”What does all of this say about the Ballpark in Las Vegas?Stay tuned.
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