Las Vegas Sands CEO Rob Goldstein reiterated his misgivings about developing a major integrated resort in New York in Nassau County during a quarterly earnings call 29 January. He cited the latest bill in the New York legislature that would legalise online casino gaming in the state.
Goldstein answered a question from a Wall Street analyst by reiterating concerns about possible cannibalisation of the market should igaming be legalised.
The bill, introduced in the state Senate last week, would add online casino gaming, horse racing, lottery and sports wagering. Las Vegas Sands is bidding to build a $6 million (£4.8 billion/€5.8 billion) casino resort on the site of the Nassau County Coliseum. When asked about efforts to win one of three downstate casino licences, Goldstein cast doubt on how Las Vegas Sands would proceed should igaming come.
“I believe in New York, that it’s a very strong market,” Goldstein said during the call. “However, the igaming possibility to me in any market that has land based gambling and has sports betting, igaming seems inevitable. And so I think you have to agree, I mean, read your comment that sometime during the construction phase, you could be faced with high gaming competitive, which dilutes the value of the product. So that’s our conundrum.
“The results coming out of neighboring states of New Jersey or Pennsylvania or as far away as Michigan underscore that concern. So you’ve asked and answered the question, great market, we like to be there. The caveat is how do you deal with the ongoing threat, which appears to me to be inevitable in a lot of states, especially as it has land-based properties coupled with sports betting. I don’t know why you wouldn’t have igaming at some time in the future. So that’s our concern as we look at that market.”
The New York legislature has failed to legalise online casino gaming despite igaming bills filed during the last three sessions.
Local opposition
Meanwhile, the local opposition to the Las Vegas Sands New York plan continues. The Long Island Herald reports that environmental organisations are having new discussions with Nassau County officials. They are concerned about the project’s impact on Hempstead Plains, a nearby wildlife and plant habitat.
Moreover, the Say NO to the Casino Civic Association, a group of grassroots activists opposing the project, visited the Newsday editorial board 29 January. At the meeting, they voiced to voice those same environimental concerns. They also discussed the scope of the proposal, and the economic and social impacts it could have on Nassau County.
“We think it’s an awful thing to place right in the heart of our community,” said Garden City resident Rich Catalano, according to Newsday.
The proposed Sands New York would be a $4 billion integrated casino resort on 72 acres. The casino would comprise 10% of the acreage. In addition to the casino, the project would include outdoor community spaces and high-end hotel rooms. There are also plans for a live performance venue. That would honor the legacy of live music at the Nassau Veterans Memorial Coliseum.
Should the project survive local opposition, it would still need state approval. There is fierce competition among 11 proposals. The bid deadline is June 2025. The New York Facility Location Board is planning to issue licences at the end of the year.
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