Las Vegas Sands has revealed its plan to build a casino resort on Long Island if it acquires one of three New York City casino licenses. [Image: Shutterstock.com]
Expanded project plan
Las Vegas Sands has announced its intention to acquire a casino license in New York for a location on Long Island. The casino company revealed its intention Thursday to develop a flagship multi-billion dollar casino, entertainment and hospitality project in the state.
You have already agreed to a long term lease for the site
The company has already agreed to a long-term lease on a site that currently houses the Nassau Veterans Memorial Coliseum. While some approvals are still necessary, the lease agreement would see Las Vegas Sands control up to 80 acres in Nassau County.
The proposed casino resort will feature four- and five-star hotel rooms, a world-class live performance venue, as well as many different types of hospitality offerings. Las Vegas Sands hopes to work closely with the local communities of Long Island to agree on a development plan and offering that will help enhance the area and the lives of the people who live in it.
Working hand in hand with the local community
He talks about potential Long island casino resortLas Vegas Sands Chairman and CEO Robert Goldstein said, “…we strongly believe that Long Island can be home to one of the largest entertainment and hospitality projects in the region.”
He cited the casino company’s experience working closely with communities to maximize economic benefits from these types of projects.
Goldstein noted that Thursday’s announcement is the first step in the process, as Las Vegas Sands plans to make a competitive and compelling bid. If the casino resort eventually makes it to Long Island, the local community could benefit from tens of millions in tax revenue each year. Such a project would also create a large number of temporary and permanent jobs.
Intense competition for licenses
Las Vegas Sands will face stiff opposition in its bid to acquire one of up to three full-service commercial casino licenses in New York City. Several other notable casino companies are also interested in acquiring one of these coveted licenses, including Wynn Resorts, Caesars Entertainment, and MGM Resorts International. Some other suggested locations for the New York City casino resort include Times Square, Hudson Yards, and nearby New York Mets Citifield.
The license fee itself costs at least $500 million
The New York State Gaming Commission recently announced the start of the application process for all three licenses. An application fee of $1 million will be required from interested parties, and the licenses themselves cost at least $500 million. We hope that successful applicants will be identified by the end of 2023.
