The Oakland Athletics have agreed to a new ballpark on the Las Vegas strip at the Tropicana casino site.

The Major League Baseball team reached a binding agreement with Bally's Corporation, along with Gaming and Leisure Properties (GLPI), to build a stadium on Las Vegas Boulevard and Tropicana Avenue, Bally's Corporation announced Monday.

"We are excited about the potential to bring Major League Baseball to this iconic location," Athletics president Dave Kaval said in a statement. "We are thrilled to work alongside Bally's and GLPI and look forward to finalizing plans to bring the Athletics to Southern Nevada."

The new ballpark is expected to accommodate nearly 30,000 fans and bring in 2.5 million spectators annually, according to Bally's.

Bally's and GLPI will set aside nine acres of the 35-acre Tropicana site, per the agreement.

"We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year," Bally's president George Papanier said in the statement.

In April, MLB commissioner Rob Manfred expressed his support on the Athletics' plan to relocate to Las Vegas.

"We support the A's turning their focus on Las Vegas and look forward to them bringing finality to this process by the end of the year," Manfred said in a statement to the Review-Journal.

The agreement is contingent upon MLB relocation approval and the passing of public financing legislation.

The Athletics have played in the city of Oakland since 1968. Kaval told the Review-Journal that the current plan is for the new ballpark to open in 2027 and that it will cost $1.5 billion.