Las Vegas Sands Chairman and CEO Rob Goldstein is raising concerns about the company’s $6 billion casino-resort proposal for New York’s Long Island. The potential introduction of legal online casino play in the state is emerging as a factor that may impact the company’s long-term investments in traditional brick-and-mortar casinos.
Speaking during Sands’ third-quarter earnings call Wednesday (23 October), Goldstein expressed reservations about committing to such a capital-intensive project when New York could potentially pass igaming legislation by 2026.
Goldstein noted that New York’s decision-making process regarding brick-and-mortar casino licences has been delayed, which adds even more uncertainty. However, the concerns don’t mean Sands is ready to give up on New York.
“We remain interested in the process,” Goldstein said.
Adelson’s attitude still permeates
A significant concern for Goldstein is the potential impact of regulated mobile casinos on land-based casino revenue.
When Sands founder Sheldon Adelson was still alive, he was adamant in his fight against online gambling. The company’s position hasn’t changed since his passing in 2021.
The explosive growth of online gambling revenue in the handful of states that have legalised it — particularly New Jersey, Pennsylvania, and Michigan — has some retail operators worried. “You can’t ignore what’s happening in New Jersey, Pennsylvania, and Michigan,” Goldstein said, noting that the rise in online gambling is a trend that affects investment decisions across the US.
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