Las Vegas Sands Plans Long Island Casino Proposal
Las Vegas Sands has announced its plans to look for a casino near New York City. A precise figure of potential investment has not been disclosed.
With the recent release of the New York State Gaming Commission’s application request for three gaming licenses in upstate New York, Las Vegas Sands, the world’s largest casino developer by market capitalization, said it plans to pursue a “multi-billion dollar” casino on Isola Lunga.
New York State first allowed upstate casino development as part of an earlier gambling expansion initiative before eventually moving to allow gambling in Las Vegas-style casinos near the city largest in the country by population.
The company said it has entered into agreements to purchase the long-term lease of the site that currently houses the Nassau Veterans Memorial Coliseum. The transactions, which still require some approvals, will grant the company control of up to 80 acres in Nassau County, New York.
“Our company’s track record of bringing significant economic benefits to the communities in which we operate and the significant relationships and partnerships we have forged in each of these communities gives us a unique perspective on what it takes to develop transformative tourism destinations that have an impact positive on the local community. Based on this experience, we strongly believe that Long Island could be home to one of the great entertainment and hospitality developments in the region,” said Robert Goldstein, the company’s president and chief executive officer.
“Our announcement today is just the first part of this journey. Our ability to come up with a compelling and competitive proposition will only succeed if we engage with the Long Island community and collaboratively develop a proposition that reflects the input of everyone involved.”
Sands will have to compete with a plan by Caesars Entertainment to develop a casino in Times Square.
The casino floor of the potential Sands Las Vegas property 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 boost to local businesses through a robust procurement program and support a wide range of community organizations and causes.”