Las Vegas Sands drops bid to open $4B casino complex at Nassau Coliseum site
Las Vegas Sands has decided to withdraw its planned bid for a $4 billion casino complex at the Nassau Coliseum site on Long Island.
The announcement made by the gaming giant on Wednesday came as a surprise to some industry insiders.
One industry source described it as “crazy.”
Sands had strong political support from Nassau County Executive Bruce Blakeman and the Republican-led legislature. However, there was significant opposition from Hofstra University and local residents near the Nassau Coliseum hub in Uniondale.
Hofstra University President Susan Poser expressed satisfaction with Sands’ decision to withdraw the casino application, emphasizing the university’s commitment to the region’s future development.
Sands cited a desire to redirect its financial resources elsewhere and raised concerns about proposed legislation in New York regarding internet gaming.
According to Sands, their current focus is on purchasing shares in Las Vegas Sands and Sands China, leading to the decision not to bid for a casino license in New York.
Despite being headquartered in Las Vegas, all of Sands’ gambling operations are located in Asia, with properties in Macao and Singapore.
The timing of Sands’ withdrawal coincides with the ongoing tariff dispute between the US and China, posing challenges for the gaming company heavily reliant on licenses overseen by the Chinese government.
Last year, a senior Sands Casino official criticized New York gaming regulators for the prolonged and unclear review process for casino license bids.
Led by billionaire Sheldon Adelson, a prominent Republican donor who passed away in 2021, Las Vegas Sands is controlled by his family.
The state gaming commission is set to approve up to three casino licenses in the New York City area by the end of the year.
Sands has engaged in a lease agreement with Nassau County to develop a casino-entertainment complex at the Nassau Coliseum site.
In a statement, the company mentioned its intention to seek a third-party agreement for a casino bid at the location.
County Executive Blakeman is exploring options for site development, with or without a casino component.
A spokesperson for Blakeman indicated ongoing discussions with gaming organizations interested in taking over Sands’ position in the casino licensing process.
Regardless of the outcome, there are plans for a new development that will generate employment opportunities and economic growth in the area.
Sands’ withdrawal could impact other neighboring bidders, including the proposal by Mets owner Steve Cohen and Hard Rock for an $8 billion casino complex near Citi Field, as well as Genting Resorts World’s application for a gaming license at Aqueduct race track.
Additional contenders for a gaming license include Wynn NYC-Related Companies in Hudson Yards, SL Green/Caesar’s Entertainment/Jay-Z Roc Nation in Times Square, Thor Equities in Coney Island, and Bally’s in the Bronx’s Ferry Point.
