Las Vegas Sands Drops Out of Long Island, New York Casino Race

Gaming giant Las Vegas Sands shockingly announced its intent to withdraw from the race for a  New York casino license.

The Wednesday announcement shook up the gaming world, which has had its eyes fixed on the race for three New York licenses. A company statement said that it still believes in the opportunities in New York and its plans, but it was concerned about diminishing returns if the state legalizes iGaming. 

Sands had planned to build a $4 billion casino-resort at the Nassau Coliseum site in Long Island.

Are the plans over?

Although Sands won’t take part in the bid for a casino license—at least at the Long Island location—it is bowing out amicably.

The company statement said that it will attempt to secure a new casino partner for the project, meaning that Nassau Coliseum could still be in the running to become a future development site.

Nassau Coliseum also said that it will decide within the next 30 days if it wants to remain in competition for a casino license or redevelop the area without one.

“We are in the process of attempting to secure an agreement with a third party to whom we can transact the opportunity to bid for a casino license on the Nassau Coliseum site,” the statement read. “This would include those that may be able to address both land-based and digital markets in New York.”

With the Long Island casino crossed off the agenda, the company is turning its attention to acquiring its ownership shares.

“We believe the highest and best use of our capital in the near term is to purchase Las Vegas Sands and Sands China shares,” the statement continued.

The shifting gaming landscape

Sands had the support of Nassau County Executive Bruce Blakeman and Republicans in the legislature. However, nearby Hofstra University and local residents largely opposed the project.

“Hofstra University is pleased with Las Vegas Sands’ decision to abandon their application for a license to build a casino at the Nassau Coliseum,” said in a statement to the New York Post. 

“Over the past 90 years, Hofstra has been deeply invested in the future of this region, and we are eager to be a part of planning for development in the Nassau Hub that would promote, sustainable economic growth, enhance the quality of life for all who live and work here, and serve the true needs of Nassau County and Long Island.”

Last April, Sands CEO Rob Goldstein called New York’s drawn-out license review process “confusing” and said the company was “very disappointed.”

Sands also finds itself in a sticky situation due to the tariffs enforced by President Donald Trump. Sands has a strong presence in China with Las Vegas Sands Macao, and its international business is paramount to its success.

Meanwhile, the development creates an easier path to licensing for other New York projects such as the one overseen by New York Mets owner Steve Cohen, which recently achieved a major zoning milestone.