Las Vegas Sands has become the latest company to disclose its intentions to secure one of the three NC/downstate New York casino licenses after a call for applications from the New York Gaming Facility Board.
The firm has entered an agreement to acquire the long-term lease of the site home of the Nassau Veterans Memorial Coliseum, which would make up part of a ‘multi-billion’ dollar development on Long Island, said to be a ‘flagship entertainment and casino project’.
Robert G. Goldstein, the company’s Chairman and CEO, explained: “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.
“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.
He continued: “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.”
Sands is the latest competitor to throw their hat in the ring for one of the three downstate licenses. The licenses will require $1bn of investment, with $500m required in licensing fees and a minimum capital expenditure of an additional $500m.
Under the proposals, Las Vegas Sands’ development would host outdoor community spaces, four and five-star hotels and a live performance venue as well as celebrity chef restaurants, experiential events and ballrooms.
A wide-ranging entertainment complex, the casino gaming space would represent less than 10% of the project’s square footage.
Sands has worked alongside RXR Realty to forge relationships with local Long Island communities and co-develop plans and a bid to create a complex that maximizes economic opportunities and helps to ‘protect the quality of life for all Long Islanders’.
Scott Rechler, CEO and Chairman of RXR, added: “After nearly two decades of working to transform the Nassau Coliseum site, including countless hours meeting with thousands of community members, the message has been overwhelmingly clear that Long Islanders want a global renowned entertainment destination that creates well-paying jobs and new opportunities at the Nassau Hub.
“The plan envisioned by Sands is a once-in-a-generation opportunity to create the kind of world-renowned entertainment and hospitality destination that has been sought after by Long Islanders.”
Other groups pursuing a license include: Empire City Casino, Caesars Entertainment, Bet on games Holdings, Wynn and a group comprising Saratoga Casino Holdings, the Chickasaw Nation’s Global Gaming Solutions (GGS), and Legends Global Planning.