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Las Vegas Sands has made progress in its quest to obtain one of three downstate New York casino licenses, as Nassau County has signed a preliminary 99-year lease agreement for the company to use its 80-acre Nassau Veterans Memorial Coliseum site for an integrated resort development on Long Island.
During a recent news conference, Sands Chairman and CEO Rob Goldstein and Nassau County Executive Bruce Blakeman announced the preliminary agreement as the initial step in Sands’ bid to apply for one of the downstate New York gaming licenses. Approval of the Nassau Coliseum site is contingent on the endorsement of the 19-member Nassau County Legislature, which is set to discuss the issue on May 22, according to the Las Vegas Review-Journal.
Sands plans to construct a $4 billion resort at the Nassau Coliseum site, which previously housed the NHL’s New York Islanders. The development would feature outdoor community spaces, four- and five-star hotel rooms, and a world-class live performance venue celebrating the Coliseum’s live music legacy.
The resort is expected to include celebrity chef restaurants, experiential events and venues, flexible meeting and convention spaces, and amenities such as casino gaming, a luxury day spa, swimming pool, and various entertainment options.
Blakeman emphasized the project’s potential to bring jobs, economic prosperity, tax relief, and improved safety to Nassau County. Sands CEO Goldstein also highlighted the company’s track record of driving significant economic benefits to the communities where it operates and creating meaningful partnerships.
If the Nassau County Legislature approves the lease agreement, Las Vegas Sands will still need to compete for one of the state’s three available licenses. Major companies such as MGM Resorts, Caesars Entertainment, and Wynn Resorts are also vying for these licenses.
Following approval from the county legislature, Sands will pay an annual rent of $5 million until they obtain a gaming license. If successful, the rent will increase to $10 million, and the company will provide the county with an additional $54 million within 60 days of approval. The county will also receive a guaranteed $25 million in additional revenue each year once the casino opens.
Despite the potential revenue boost for the region, several stakeholders, including Hofstra University, have expressed opposition to the proposed casino development. The university is suing Nassau County over “a lack of transparency” surrounding the project, which would be located near its campus.
Las Vegas Sands has taken a significant step toward securing one of three downstate New York casino licenses by signing a preliminary lease agreement with Nassau County for the development of an integrated resort on Long Island. While the project promises economic benefits, it has also faced opposition from local stakeholders. The competition for New York’s casino licenses remains fierce, with Sands and other major gaming companies vying for a chance to expand their operations.