A’s Looking for $550 Million Investment for LV Ballpark
The soon-to-be Las Vegas A’s are looking to secure up to $550 million from investors to help finance the construction of the team’s new $1.75 billion ballpark on the Strip, according to a March 18 report from the Las Vegas Review-Journal.
Per anonymous sources, the team is already vetting prospective investors, and there has been a lot of initial interest. Investors will be granted a stake in the organization, which has been valued at $2 billion. No suitors have been disclosed but the team has said previously that it would like to garner local investment.
According to the Review-Journal, if the team secures the financing, the breakdown for stadium spending would be as follows: $350 million in public funds, $550 million in outside investment, $300 million in construction loans and at least $550 million contribution from the Fisher family, which controls the team.
Live! Casino Petersburg Breaks Ground
The Cordish Companies and Bruce Smith Enterprise broke ground March 19 on their Live! Casino project in Petersburg, Virginia. Approved by local voters in November, the casino is expected to feature 1,600 slots, 46 tables, a sportsbook, poker room, a 200-room hotel, 3,000-seat venue and more.
In total, the project is slated to cost $1.4 billion and is expected to open sometime in 2027. In the meantime, a temporary facility with 900 slots and 33 tables is expected to open by the end of this year.
“It has been a source of immense satisfaction and pride to partner in this incredible development,” Bruce Smith said in a statement. “For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination. This pivotal project will ignite tourism, create jobs, and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower, and enrich this community for years to come.”
Report: Bally’s to Offer IPO for Bronx Casino
Shortly after the collapse of a minority-focused IPO for its Chicago casino project, Bally’s Chairman Soo Kim told the New York Post March 17 that the company is planning a similar offering for its New York casino proposal in the Bronx.
As of writing, the company has not made any SEC filings regarding the new scheme. But Kim told the Post that it could encompass up to 10 percent of the project’s equity, and prospective investors could invest as little as $250 “and get leverage from the Bally’s Foundation.”
All of this is contingent on the project receiving a casino license—Bally’s is one of 11 bidders for 3 available downstate licenses, which will be awarded by the end of the year.
Icahn Enterprises Adds Two to Caesars Board
Caesars Entertainment announced March 18 that it added two Icahn Enterprises executives—General Counsel Jesse Lynn and CFO Ted Papapostolou—to its board as independent directors, effective immediately.
Icahn founder Carl Icahn was the pivotal force behind Caesars’ merger with Eldorado Resorts in 2020, and he was said to have increased his stake in the company again last year after selling off post-merger. He said this time around, however, he had no intention of another takeover. But it does appear that Icahn could advocate for a spin-off of Caesars Digital.
“I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020,” Icahn said in a statement. “We look forward to working with Tom and the Board to maximize value for all shareholders, including by exploring strategic alternatives for the Company’s underappreciated digital business.”
Room Cleaning Bill Introduced in Nevada
The clash over mandatory room cleaning is likely to reignite between Nevada casinos and labor unions after SB360 was introduced March 17. If approved, the bill would reinstate daily room cleaning in Washoe and Clark County hotels with at least 200 rooms and those designated “resort hotels” under state law.
It would also allow for room inspections without the need for consent, “not less than every second consecutive day during a guest’s occupancy to ensure the safety of the guest and the public.”
The bill protects hotel workers from any potential retaliation that could come from the inspections. Daily room cleaning was mandated at the onset of the Covid pandemic but was then repealed in 2023. Unions, namely the Culinary Union, support the reinstatement of the mandate and have fought with operators to continue the practice.
Jacobs Looking to Increase Reno Investment by $200 Million
Jeff Jacobs, CEO of Jacobs Entertainment, has been perhaps the most bullish bettor on the future of downtown Reno, having already invested some $400 million to remodel the former Sands Regency casino and purchase a number of other properties nearby. Jacobs told Ray Hagar of Nevada Newsmakers last week that he is preparing to embark on $200 million worth of new investments for the area. His overall goal is reportedly $2 billion.
According to Newsmakers, these projects include a potential non-gaming hotel, more apartments and housing units, a festival grounds, an expansion of the company’s J Resort and more. He indicated more announcements would be coming in the weeks ahead.
“It’s sort of a 10-or-15 year overnight success story, you know?” Jacobs said. “We’re somewhere between what it was and what it will be. That is the best way to describe it. We just keep coming to work every day. We do little additions every year.”
Gaming Industry Led Nevada Lobbying in 2024 Cycle
The 2024 election cycle set a new record for political donations in Nevada, at $16.9 million, and the gaming industry was the top donor, per a March 17 report from the Nevada Independent. Gaming interests accounted for 13.1 percent of all major donations (those above $200), and it’s the first time since the 2018 cycle that the industry led all donors.
Legends Bay Names Ben Douglass as New GM
Legends Bay Casino in Reno/Sparks, Nevada announced Ben Douglass as its new general manager. A fourth-generation Nevadan with deep roots in the Reno area, Douglass brings over 18 years of hospitality and gaming experience to the property, making him the perfect fit to lead Legends Bay Casino into its next chapter.
Douglass’ career spans leadership roles across the gaming industry, including overseeing operations at properties in Nevada, Oregon, Colorado and Indiana. Most recently, he served as general manager at KLA-MO-YA Casino, where he spearheaded innovative strategies to improve operations, guest satisfaction, and profitability.
