{"id":299625,"date":"2023-11-19T01:00:16","date_gmt":"2023-11-19T07:00:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=299625"},"modified":"2023-11-20T12:44:58","modified_gmt":"2023-11-20T18:44:58","slug":"ballys-could-get-lift-from-oakland-as-moving-to-las-vegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/","title":{"rendered":"Bally\u2019s Insiders Benefit from A\u2019s Move, Bought Stock in Advance of MLB Vote"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) insiders apparently gobbled up shares of the previously downtrodden stock in advance of Thursday\u2019s Major League Baseball (MLB) owners’ vote. That tally paved the way for the Oakland Athletics (A\u2019s) to move to Las Vegas, where the gaming company operates the Tropicana.<\/p>\n

\"Tropicana
Tropicana Las Vegas. Operator Bally’s should benefit from the Oakland A’s moving to Sin City. (Image: Tropicana Las Vegas)<\/figcaption><\/figure>\n

That unanimous vote seals the fate of the Tropicana<\/a>, confirming the venerable Strip venue will be demolished so that a new MLB stadium can be built and readied in advance of the 2028 season. In April 2021, Bally\u2019s acquired Tropicana\u2019s non-real estate assets from Gaming and Leisure Properties (NASDAQ: GLPI) in a transaction valued at $308 million.<\/a><\/p>\n

\n

Before Thursday\u2019s vote, high-ranking Bally\u2019s executives, including CEO Robeson Reeves and George Papanier — president of the operator\u2019s land-based casinos arm — feasted on the previously flailing stock. From Nov. 3 through Nov. 9, 10 Bally\u2019s insiders bought 81,500 shares of the regional casino company, valued at more than $760,000, according to Bloomberg data.<\/p>\n<\/div>\n

Reeves and Papanier combined to purchase 40,000 of those shares. Buying Bally\u2019s stock on Nov. 3 proved to be a shrewd move, because it closed at $9.32 that day before surging to $11.23 yesterday. The stock is up 21.93% over the past month, but still down 42% year-to-date.<\/p>\n

A\u2019s Move Could Lift Bally\u2019s<\/h2>\n

With Las Vegas gaining an MLB team — the city\u2019s fourth professional sports franchise, and second coming from Oakland — Bally\u2019s clarifies how to proceed with the Tropicana.<\/p>\n

In our view, this is a positive development, as it provides clarity for BALY with regard to the plans for the Tropicana, as BALY had opted not to implement operational changes until after the MLB vote,\u201d<\/strong> wrote Macquarie analyst Chad Beynon in a new report to clients.<\/p><\/blockquote>\n

Bally\u2019s has options. It could develop a new casino resort adjacent to the new stadium, or it could sell its lease<\/a> on Tropicana to another gaming company. Gaming and Leisure will compensate the regional casino operator as part of the MLB stadium deal.<\/p>\n

\u201cWe believe clearing this hurdle will now allow management to assess the various paths forward for the redevelopment of the property, which could include building a large resort, finding a partner, etc. We are holding our valuation for now, but overall, we believe this solidifies a better runway to deleverage and grow the company,\u201d Beynon added.<\/p>\n

Other Beneficiaries of A\u2019s Move<\/h2>\n

Beynon has an \u201coutperform\u201d rating on Bally\u2019s with a $15 price target, which implies upside of 33.5% from the Nov. 17 close. The Macquarie analyst also sees other Strip operators benefiting from the A\u2019s moving to Las Vegas.<\/p>\n

That group includes MGM Resorts International (NYSE: MGM) and Caesars Entertainment (NASDAQ: CZR) — the largest Strip operators — along with Golden Entertainment (NASDAQ: GDEN)<\/a> and Wynn Resorts (NASDAQ: WYNN).<\/strong><\/p>\n

\u201cIn addition, we believe this news represents an incremental catalyst for Las Vegas as a whole that will bolster the entertainment draw of the city, which would benefit operators such as MGM, CZR, WYNN, and GDEN,\u201d Beynon concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) insiders apparently gobbled up shares of the previously downtrodden stock in advance of Thursday\u2019s Major League Baseball (MLB) owners’ vote. That tally paved the way for the Oakland Athletics (A\u2019s) to move to Las Vegas, where the gaming company operates the Tropicana. That unanimous vote seals the fate of the Tropicana, confirming […]<\/p>\n","protected":false},"author":46,"featured_media":61714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886,82963],"tags":[81897,81903,23,81829],"acf":[],"yoast_head":"\nBally's Could Get Lift From Oakland A's Moving To Las Vegas<\/title>\n<meta name=\"description\" content=\"Bally's could benefit from the Oakland A's coming 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-could-get-lift-from-oakland-as-moving-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's Could Get Lift From Oakland A's Moving To Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Bally's could benefit from the Oakland A's coming to Las Vegas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-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=\"2023-11-19T07:00:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-20T18:44:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/tropicana-las-vegas-940x560.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"940\" \/>\n\t<meta property=\"og:image:height\" content=\"560\" \/>\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-could-get-lift-from-oakland-as-moving-to-las-vegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/\",\"name\":\"Bally's Could Get Lift From Oakland A's Moving To Las Vegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/tropicana-las-vegas-940x560.jpg\",\"datePublished\":\"2023-11-19T07:00:16+00:00\",\"dateModified\":\"2023-11-20T18:44:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's could benefit from the Oakland A's coming to Las Vegas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-get-lift-from-oakland-as-moving-to-las-vegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/tropicana-las-vegas-940x560.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/tropicana-las-vegas-940x560.jpg\",\"width\":940,\"height\":560,\"caption\":\"Tropicana Las Vegas. 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