S&P 500 jumps as AMD rally leads tech higher
LAS VEGAS - Bally’s Corporation (NYSE:BALY), currently valued at $527.3 million in market capitalization, announced plans Monday for a new entertainment resort destination on the Las Vegas Strip at the former Tropicana Las Vegas site, which will share a 35-acre campus with the future Las Vegas Athletics baseball stadium. According to InvestingPro analysis, the stock appears undervalued despite facing significant operational challenges.
The development, named Bally’s Las Vegas, will feature two luxury hotel towers with 3,000 rooms, a 2,500-seat entertainment venue, and more than 500,000 square feet of retail, dining, and entertainment space. The project also includes a casino and VIP experiences with direct access to the ballpark.
According to the company’s press release statement, construction is expected to begin in the first half of 2026, pending entitlement approvals from Clark County.
"Bally’s Las Vegas represents a once-in-a-generation opportunity to redefine the heart of the Strip," said Soo Kim, Chairman of the Board of Directors at Bally’s Corporation.
The company is partnering with JLL (NYSE:JLL) to lead retail and dining sourcing efforts for the project. Marnell Architecture has been named as the architect of record.
The development aims to create an integrated destination that combines professional sports with traditional Las Vegas entertainment offerings. The project comes as Las Vegas continues to expand its professional sports presence, with the Athletics relocating from Oakland.
Bally’s Corporation currently owns and operates 19 casinos across 11 states, along with other gaming and entertainment properties. The company employs approximately 11,500 people across its operations and generates annual revenue of $2.46 billion. Despite experiencing a 51% stock price decline over the past year, detailed analysis available through InvestingPro’s comprehensive research reports suggests potential opportunities for value investors.
In other recent news, Bally’s Corporation announced it has secured an extension for $460 million of its revolving credit facility commitments, now set to mature in October 2028. The company also reported unanimous consent from its $620 million revolver lenders for the proposed $735 million sale and leaseback of its Twin River Lincoln Casino Resort to Gaming and Leisure Properties Inc., pending regulatory approvals. Additionally, Bally’s received regulatory approval from the Gambling Commission of Great Britain, confirming that its UK licenses will remain effective following its transaction with Intralot S.A. As part of this deal, Bally’s will provide financial statements for its "Bally’s International Interactive" business for 2023 and 2024, with the transaction expected to close in the fourth quarter of 2025.
Bally’s also completed its first Community Investment Program for the Chicago casino project, gaining nearly 1,800 local investors, including 1,007 from Chicago and 1,573 from Illinois. In analyst updates, Stifel has lowered its price target for Bally’s to $10 from $12, maintaining a Hold rating, following a 3% miss on second-quarter adjusted EBITDAR. The company’s Casinos & Resorts segment missed expectations for the seventh time in eight quarters, despite slightly higher revenues. Bally’s is still seeking consent from holders of approximately $630 million in term loans to proceed with its proposed sale-leaseback transaction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.