Las Vegas Sands has announced plans to look for a casino near New York City. The exact potential investment figure was not disclosed.
With the recent release of the New York State Gaming Commission’s request to apply for three gaming licenses in New York state, Las Vegas Sands, the world’s largest casino developer by market value, said it intends to pursue a “billion-dollar” casino on Long Island.
New York state first allowed upstate casino development as part of an earlier initiative to expand gambling before eventually moving to allow Las Vegas-style casino gambling near the nation’s most populous city.
The company said it has entered into agreements to purchase a long-term lease for the existing site at Nassau Veterans Memorial Coliseum. The transactions, which still require some approvals, will give the company control of up to 80 acres in Nassau County, New York.
“Our company’s record of delivering significant economic benefits to the communities in which we operate and the meaningful relationships and partnerships we have established in each of these communities give us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community. Based on this experience, we strongly believe Long Island could be home to one of the largest entertainment and hospitality projects in the region.
“Our announcement today is only the first part of that journey. Our ability to deliver a compelling and competitive proposition will only succeed if we partner with the Long Island community and, collaboratively, develop a proposal that reflects the input of everyone involved.”
Sands will have to compete with Caesars Entertainment’s plan to develop a casino in Times Square.
Sands said the potential casino floor at Las Vegas Sands would account for less than 10 percent of the project’s total area.
“Our proposed project will be designed to produce tens of millions of dollars in tax revenue for the local community on an annual basis, potentially providing property tax breaks for residents,” Goldstein added. “The project will also provide a boost to local businesses through a robust procurement program and support for a wide range of community organizations and causes.”