{"id":326379,"date":"2024-07-28T18:32:39","date_gmt":"2024-07-28T23:32:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=326379"},"modified":"2024-07-29T10:13:21","modified_gmt":"2024-07-29T15:13:21","slug":"ballys-chairman-kim-says-company-is-committed-to-las-vegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/","title":{"rendered":"Bally\u2019s Chairman Kim Says Company is Committed to Las Vegas"},"content":{"rendered":"

With the company accepting a takeover offer from its largest shareholder and the fate of the Tropicana site on the Las Vegas Strip still up in the air, Bally\u2019s (NYSE: BALY) signaled commitment to Sin City.<\/p>\n

\"Standard
Standard General founder and Bally’s Chairman Soo Kim says Las Vegas remains part of the company’s long-term plans. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

In an interview with the Las Vegas Review-Journal<\/em>, Bally\u2019s Chairman Soo Kim, who\u2019s also the founder of Standard General — Bally\u2019s biggest investor and the buyer in a $4.6 billion takeover<\/a> announced last week — called Las Vegas \u201cthe gaming capital world.\u201d He added that US casino center is part of the operator\u2019s long-term strategy.<\/p>\n

We aspire to be an omnichannel operator (and) we aspire to be an international operator. (But) I think you have to be in Vegas,\u201d said Kim in the interview. \u201cHaving a presence in Vegas is actually quite strategic for us.\u201d<\/p><\/blockquote>\n

In an April 2021 transaction<\/a>, Bally\u2019s bought the nonland assets of Tropicana Las Vegas for $148 million. That deal was finalized in September 2022. Penn Entertainment (NASDAQ: PENN) previously operated that casino hotel. Bally\u2019s only other Nevada venue is in Lake Tahoe.<\/p>\n

Kim Sees Opportunity at Tropicana Site<\/h2>\n

Tropicana Las Vegas was shuttered in April and demolition is scheduled for October. Soon after acquiring the operating rights to the venue, Bally\u2019s signaled that it could consider tearing it down and later building a from-the-ground-up integrated resort that improved upon the old Tropicana.<\/p>\n

\n

To some extent, Tropicana\u2019s fate was sealed in May 2023 when Bally\u2019s and the Oakland A\u2019s announced a binding agreement<\/a> that paved the way for the land occupied by the once iconic Strip casino resort to become the home of a new baseball stadium. The A\u2019s move to Las Vegas is far from a done deal and that, coupled with Bally\u2019s debt burden, has prompted some analysts and investors to question the future of the Tropicana site.<\/p>\n<\/div>\n

“There\u2019s a certain pessimism (in the markets) \u2026 but, what I would say about the Tropicana (site) is that I think it\u2019s a tremendous opportunity,\u201d Kim told the Review-Journal<\/em>. \u201cI think the right project (there) will be financed, and I feel quite confident in that.\u201d<\/p>\n

On the company\u2019s third-quarter earnings conference call last November, Bally\u2019s CEO Robeson Reeves<\/a> said the operator would be open to selling Tropicana\u2019s operating rights, but added the venue\u2019s current value is \u201cenormous.\u201d<\/p>\n

\u201cAlthough we have some short-term pain, this is an extremely valuable asset,\u201d he told analysts.<\/p>\n

What Future Holds for Bally\u2019s in Las Vegas<\/h2>\n

In the most optimistic scenario, the A\u2019s will proceed with their move to Las Vegas, a stadium will be built on the Tropicana site, and Bally\u2019s will procure the financing needed to develop another casino hotel near the new stadium.<\/p>\n

\n

On the company\u2019s second-quarter earnings call last Friday, Gaming and Leisure Properties (NASDAQ: GLPI) CEO Peter Carlino said that scenario is possible. Kim told the Review-Journal<\/em> he concurred with that view.<\/p>\n<\/div>\n

\u201c(Bally\u2019s has) taken a pretty active lead role now in the process — I’ll call it the process there in Las Vegas. Pretty clear to us that the stadium will likely be built and that the design will work in conjunction with what planning that Bally’s is doing at the site,\u201d Carlino told analysts.<\/p>\n

GLPI owns Tropicana\u2019s real estate and agreed to a series of transactions with Bally\u2019s that provide crucial financing<\/a> for the gaming company\u2019s permanent casino hotel in Chicago.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the company accepting a takeover offer from its largest shareholder and the fate of the Tropicana site on the Las Vegas Strip still up in the air, Bally\u2019s (NYSE: BALY) signaled commitment to Sin City. In an interview with the Las Vegas Review-Journal, Bally\u2019s Chairman Soo Kim, who\u2019s also the founder of Standard General […]<\/p>\n","protected":false},"author":46,"featured_media":247853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,33810,81886],"tags":[81897,81903,81898,23],"acf":[],"yoast_head":"\nBally\u2019s Chairman Kim Says Company Is Committed to Las Vegas<\/title>\n<meta name=\"description\" content=\"Bally\u2019s Chairman Kim Says Company Is Committed to Las Vegas\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally\u2019s Chairman Kim Says Company Is Committed to Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Bally\u2019s Chairman Kim Says Company Is Committed to Las Vegas\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-28T23:32:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-29T15:13:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"1184\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/\",\"name\":\"Bally\u2019s Chairman Kim Says Company Is Committed to Las Vegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SK.jpg\",\"datePublished\":\"2024-07-28T23:32:39+00:00\",\"dateModified\":\"2024-07-29T15:13:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally\u2019s Chairman Kim Says Company Is Committed to Las Vegas\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-says-company-is-committed-to-las-vegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SK.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/SK.jpg\",\"width\":1200,\"height\":1184,\"caption\":\"Standard General founder and Bally's Chairman Soo Kim. 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