Las Vegas Sands drops bid to open $4bn casino in Long Island
Las Vegas Sands has withdrawn its proposal for a casino at the Nassau Coliseum due to the possible legalisation of igaming.
US.- Las Vegas Sands has announced that it is no longer pursuing a New York gaming licence. The company had plans for a $4bn casino and entertainment complex at the Nassau Coliseum on Long Island, but the company has told investors that it has withdrawn its proposal. It will retain its entitlements to the site but plans to allow a third-party to bid for a casino licence.
The company said it continues to believe in the development opportunity for a downstate land-based casino in New York but is concerned about the impact of the potential legalisation of igaming on the market opportunity and potential returns.
It said: “In order to keep maximum optionality for development at the site, the company will be continuing work to secure all entitlements necessary to both allow a third party to bid for a casino licence as well as effect an alternative development program.
“If the company is unable to secure an agreement that would allow for a third party to bid for a casino licence on the Nassau Coliseum site, it will work with Nassau County and other parties to attempt to ensure it is developed consistent with Nassau County’s long-term vision for the site.”
In 2023, the Nassau County Legislature voted to grant Las Vegas Sands a 99-year lease to develop the 72-acre area. Sands is due to pay the county $60m up front regardless of whether it is awarded a licence. Rent for the property will start at $5m a month doubling to $10m if Sands obtains a licence.
Hudson’s Bay Co, which had proposed a casino at the flagship Sak’s Fifth Avenue retail store in Manhattan, also announced its intention to pull its New York casino bid earlier this month.
