MLB Rumors: A's Agree to New Las Vegas Site for $1.5B Stadium After Move from Oakland

After a lengthy process, the Oakland Athletics reportedly officially secured a location to build their baseball stadium in Las Vegas.

According to Howard Stutz of The Nevada Independent, the A's and Bally's Corp. have an agreement in place to build a $1.5 billion ballpark on a portion of the Tropicana Las Vegas site. The move reportedly would "reduce the amount of public financing sought for the project" from $500 million to $395 million.

It was reported last month that the A's were "close to finalizing" a binding agreement to build a new ballpark north of Allegiant Stadium where the Las Vegas Raiders play that would be ready for the franchise's move by 2027. However, securing the 49-acre property didn't go smoothly.

Stutz and Tabitha Mueller reported on Monday that the A's had been revisiting other potential sites that were "previously considered as a potential backup plan should the team fail to secure legislative support for a $500 million tax package." State lawmakers in Nevada indicated that the franchise was running out of time to receive legislative approval for the proposed tax package.

According to Stutz, as part of the agreement reached on Tuesday, "Bally's plans to demolish the Tropicana and allow the A's to construct a 35,000-seat retractable roof stadium on 9 acres of the 34-acre site on Tropicana Avenue near the southern end of the Las Vegas Strip."

Thanks to Bally's having a lease agreement with real estate investment trust Gaming and Leisure Properties, Stutz noted that the A's would be able to avoid paying land acquisition costs. Bally's pays an annual rent of $10.5 million to Gaming and Leisure.

As part of the new deal, the original idea to build an entertainment district around the stadium with restaurants, retail and other entertainment offerings is no longer part of the plans, per Stutz. Bally's reportedly will build a 1,500-room hotel-casino that would be separate from the stadium after construction is completed.

"This is now the deal. This is what we're working on," a source familiar with the negotiations told Stutz.