The Las Vegas Sands will no longer be seeking the casino bid at the Nassau Coliseum.
In a statement on Wednesday, April 23, the company cited concerns with the potential legalization of iGaming, or the online gambling industry, and the impact this would have on the gambling market and returns.
“We strongly believe in the development opportunity for a land-based downstate casino license in New York,” Sands said in the statement. “We also continue to believe that the Nassau Coliseum site is the best location for that development opportunity and should be highly competitive in the New York casino licensing process.”
Sands said they are in the process of negotiating with a third party to transact the casino license bid for the Nassau Coliseum. If a third-party agreement can not be reached, they will work with Nassau County and other involved parties to “ensure it is developed consistent with Nassau County’s long-term vision for the site.”
“This would include those that may be able to address both land-based and digital markets in New York,” Sands stated.
Sands said purchasing the Las Vegas Sands and Sands China shares is the “highest and best use of [its] capital.”
Chris Boyle, director of communications for Nassau County Executive Bruce Blakeman, said the county executive had been made aware of the pressures on Las Vegas Sands that contributed to their decision to opt out.
Boyle said the county has had confidential discussions with gaming organizations interested in seeking out the Nassau Coliseum casino bid. He said the county will decide within the next 30 days on whether or not a casino will be a part of the property’s development.
“In either event, there will be an exciting new development that will create jobs and positive economic activity,” Boyle said.
The Las Vegas Sands Corporation proposed a $6 billion resort and casino as part of the development of the Nassau Coliseum and surrounding HUB in Uniondale, a 72-acre property owned by Nassau County.
The casino was intended to take over a 42-year lease at the property, which was approved by the Nassau County Legislature Rules Committee. The lease had an initial term of 27 years, followed by three five-year renewal options exercisable by Sands for a total of up to 42 years.
The casino bid for the Nassau Coliseum was wrought with issues, including staunch community pushback from those who opposed gambling in their own backyard and multiple lawsuits.
The lawsuit filed by The Village of Garden City alleged that the county bypassed the requirements of the State Environmental Quality Review Act in obtaining the 42-year lease.
Despite opposition, many were still in support of the casino. This included union workers who argued the casino would bring an influx of jobs and an economic boost to Nassau County.
