Las Vegas Sands Corp has announced its intention to pursue development of a multi-billion dollar integrated resort with a casino on New York’s Long Island.
The company revealed overnight that it has entered into agreements to purchase the long-term lease of a site that is currently home to the Nassau Veterans Memorial Coliseum. If approved, LVS would control up to 80 acres. This follows the recent release of the New York State Gaming Commission’s Request for Application for three downstate New York gaming licenses.
“Our company’s track record of driving significant economic benefits to the communities in which we operate and the meaningful relationships and partnerships we have created in each of those communities gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community,” said LVS Chairman and CEO, Robert Goldstein.
“Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments.
“Our announcement today is only the first part of this journey. Our ability to put forward a compelling and competitive proposal will only succeed if we engage with the Long Island community and, in collaboration, develop a proposal that reflects the input of all those involved.”
The proposed Long Island development would include outdoor community spaces, four and five-star hotel rooms and a world-class live performance venue honoring the long legacy of live music at the Nassau Coliseum, LVS said. It would also feature celebrity chef restaurants, experiential events and venues, flexible meeting and convention space, including ballrooms, a luxurious day spa, swimming pool and health club, and a variety of other entertainment programming. The casino, LVS stated, would represent less than 10% of the project’s total square footage.
“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. The project would also provide a lift for local businesses through a robust procurement program and support a broad range of community organizations and causes.
“Long Island has always attracted entrepreneurial businesses, and in this case, it would be creating an entirely new industry for the region. The breadth and depth of the job opportunities created from this development, including many with no prior experience or minimum education requirements needed, are unlikely to be matched by any other proposal the state receives.
“We will offer a wide range of career paths and professional advancement and training programs working in partnership with trade schools, community colleges, local universities and other institutions. Career advancement will be possible and prioritized for all our team members.”
Should LVS prove successful in its bid to win one of the three downstate New York casino licenses on offer, it would represent the company’s return to US shores after selling off its Las Vegas assets, comprising The Venetian, Palazza and Venetian Expo, last February for US$6.25 billion.
LVS said at the time that it was focusing its efforts on Asia instead, although it also noted it would continue to explore opportunities both domestically and abroad.
As reported by IAG, Genting Malaysia and MGM Resorts are seen as early favorites to win full New York casino licenses given that they already operate slots-only casinos in the area.
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