Las Vegas Sands announced its plans to seek a casino near New York City. A precise potential investment figure was not disclosed.
With the recent release of the New York State Gaming Commission’s Request for Application for three downstate New York gaming licenses, Las Vegas Sands, the world’s largest casino developer by market cap, said it intends to pursue a “multi-billion-dollar” casino on Long Island.
New York State first allowed the development of upstate casinos as part of an earlier gambling expansion initiative before eventually moving to allow Las Vegas-style casino gambling near the country’s largest city by population.
The company said it has entered into agreements to purchase the long-term lease of the site currently home to the Nassau Veterans Memorial Coliseum. The transactions, which still require certain approvals, would grant the company control of up to 80 acres in Nassau County, New York.
“Our company’s track record of driving significant economic benefits to the communities in which we operate and the meaningful relationships and partnerships we have created in each of those communities gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community. Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments,” said Robert Goldstein, the company’s chairman and chief executive officer.
“Our announcement today is only the first part of this journey. Our ability to put forward a compelling and competitive proposal will only succeed if we engage with the Long Island community and, in collaboration, develop a proposal that reflects the input of all those involved.”
Sands will have to compete with a plan by Caesars Entertainment to develop a casino in Times Square.
The potential Las Vegas Sands property’s casino floor would account for less than 10 percent of the project’s total square footage, Sands said.
“Our proposed project would be designed to produce tens of millions of dollars in tax revenue for the local community on an annual basis, potentially offering property tax relief for residents,” Goldstein added. “The project would also provide a lift for local businesses through a robust procurement program and support a broad range of community organizations and causes.”