The Oakland Athletics’ deal to buy nearly 50 acres of land for a potential new ballpark west of the Las Vegas Strip is expected to close toward the end of this year, according to Red Rock Resorts.
Executives with the parent company of Station Casinos brought up the timeline for the deal during a first-quarter earnings call with investors on Thursday.
The sale agreement covers 48.6 acres, with an option for the A’s to purchase an additional eight acres as well. The purchase price for the land cannot be disclosed due to confidentiality agreements, the executives said.
They also declined to answer questions about any potential conditions of the deal and gaming entitlements, citing confidentiality. They did say they are looking to monetize the land at the site that will remain with the company, which was once envisioned for a mixed-use development project known as Viva.
“We think that the A’s [deal] was a really good thing to actually increase the value of the remaining property,” said Frank Fertitta, CEO of Red Rock Resorts.
A’s president Dave Kaval announced last month that the team entered an agreement to buy the land near Tropicana Avenue and Interstate 15 for a $1.5 billion stadium.
It was formerly the location of Wild Wild West, which closed down last year.
Team executives are seeking $500 million in public funding to contribute to the construction of the ballpark.
Source : News 3
