Athletics announce new stadium deal in Las Vegas, pending public funds

The Oakland Athletics agreed to locate their new baseball stadium on land just behind the Tropicana resort on the Las Vegas Strip, according to a statement Monday from Bally’s Corp., which controls the property.

The agreement “is subject to the passing of legislation for public financing and related agreements,” the company said. It is also subject to approval from the league.

The team, which says it leaving Oakland after failing to reach a new deal for a property there, has discussed building a new $1.5 billion stadium in Las Vegas.

Monday’s announcement is the second “binding agreement” the Athletics have announced within a month in Las Vegas, for different properties.

Bally’s, which leases the Tropicana land from Gaming & Leisure Properties Inc., a real estate investment trust, won out over other potential sites, including property owned by Red Rock Resorts Inc.

Gaming & Leisure has agreed to provide up to $175 million toward improving the land. The proposed stadium, with seating for 30,000, would occupy about nine acres of the 35-acre site. It’s expected to draw 2.5 million fans and visitors to the city annually.

The team and stadium would add to the growing roster of major sports franchises in Las Vegas, which already fields professional hockey and football teams (the former Oakland Raiders) in new venues near the Strip. The city will host a Formula One Grand Prix in November and the Super Bowl next year.