The competition for New York State’s three downstate commercial casino licenses is getting more interesting by the day. This week, leading integrated resort company, Las Vegas Sands has also shared its ambitions to join the race. The company’s bid would pursue the development of a multi-billion-dollar hospitality, and entertainment project on Long Island, NY.
In the last fiscal budget, New York’s administration voted to include the fast-tracking of the three available downstate licenses. Fast-forwarding to this January, the Gaming Facility Location Board, commenced the Request of Applicants, which will allow candidates to submit their casino bids, for the panel to review. The three winners will be determined in late 2023.
Investing Billions in Long Island Property
For its casino bid in Long Island, Las Vegas Sands has already entered into partnerships to purchase the long-term lease of the site, which is currently occupied by the Nassau Veterans Memorial Coliseum. Provided that the transactions are fully approved, the leading integrated resort company will be able to control up to 80 acres in Nassau Country, New York.
In its press release, the company explains that its project would come with world-class casino gaming, which will take up to 10% of the project’s total square footage. There will be outdoor community spaces, four and five-star hotel rooms, as well as a premium life entertainment venue. It will also feature celebrity chef restaurants, experiential events and venues, and meeting and convention space, a spa, a swimming pool, a health club, and more.
Also, the corporation plans to work with local communities to co-create a development plan and bid that will ensure that the new entertainment area will maximize economic opportunity, while also helping build a stronger community and protect the quality of life. The company is going to re-activate numerous working groups founded by RXR Realty to find the goals for local residents.
Another important point is that the project would deliver thousands of quality union jobs in construction and operations. The company will also utilize its industry-leading environmental sustainability program, Sands ECO360. Last but not least, the plan is to create a development that is unique for the area through investment in existing community and cultural projects and organizations.
Some of the Other Applicants
But in order to get its hands on one of the licenses the company must face some severe competition. Currently, Resort World NYC and Empire City Casino are almost nailed-on to get two of the licenses. Others who have expressed interest in joining the local industry include Thor Equities, Stefan Soloviev, Wynn Resorts, Steven Cohen and more.
A coalition of Caesars Entertainment, SL Green, and Roc Nation has also expressed interest in bringing a casino to Times Square, NYC. In December, their bid even received backing from local theatre workers, musicians, small business owners, hotel operators and construction unions. This is considered a major boost in the race and certainly boosts the bid’s chances.
Source: “Las Vegas Sands to Pursue Multi-Billion-Dollar Downstate New York License at Nassau Veterans Memorial Coliseum Site on Long Island” PR Newswire, January 12, 2023