Las Vegas Sands has withdrawn its planned bid to open a $4 billion casino complex at the site of the Nassau Coliseum on Long Island.
The gaming giant’s announcement Wednesday caught some casino industry insiders by surprise.
“Crazy,” one industry source said.
Sands had the strong political support of Nassau County Executive Bruce Blakeman and the Republican-run legislature — but there was some hard-core opposition led by nearby Hofstra University and residents living near the Nassau Coliseum hub in Uniondale.
“Hofstra University is pleased with Las Vegas Sand’s decision to abandon their application for a license to build a casino at the Nassau Coliseum. 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,” Susan Poser, Hofstra University President, said in a statement to The Post.
In a statement, Sands said it wanted to focus its financial resources elsewhere and expressed concern about legislation introduced in New York to legalize internet or i-Gaming.
“For Las Vegas Sands, 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 gaming company said.
“Accordingly, Sands has decided not to bid for a casino license in New York.”
While headquartered in Vegas, all of Sands’ gambling operations are in Asia — with five in China-controlled Macao and one in Singapore.
Sands’ withdrawal comes at a time of a tariff war between the US and China, putting the gaming giant in a difficult position with so much of its business dependent on licenses overseen by the communist country, one industry source said.
Last April, a top Sands Casino official ripped New York gaming regulators for a “confusing” years-long review process to bid for a casino license.
Las Vegas Sands was founded by billionaire Sheldon Adelson, a major Republican donor who died in 2021. His family still owns the gaming company.
The state gaming commission is expected to approve up to three casino licenses in the New York City region by year’s end.
Sands has entered into a lease arrangement with Nassau County to build a casino-entertainment complex at the Nassau Coliseum hub.
In its statement, the company said it would try to “secure an agreement” from a third party to bid for a casino at the site.
Blakeman said he will see if another developer wants to develop the Coliseum site — with or without a casino.
“County Executive Blakeman has been aware of certain pressures that have factored into Las Vegas Sands’ rethinking of land-based brick and mortar casinos in the United States. The County Executive is grateful that Las Vegas Sands is committed to the development of the Coliseum site with or without a casino,” a spokesman for Blakeman said.
“There is strong interest from gaming organizations, which have been in confidential discussions with Nassau County in taking the place of Las Vegas Sands in the licensing application process. Nassau County will crystallize within the next 30 days whether or not to entertain a casino component or develop the site without.
“In either event, there will be an exciting new development that will create jobs and positive economic activity,” the rep added.
Sands’ exit could boost the odds of other bidders bordering Nassau, including Mets owner Steve Cohen’s plan with Hard Rock to open an $8 billion casino complex next to Citi Field, and the Genting Resorts World slots parlor at Aqueduct race track, which is seeking to obtain a gaming license to offer table games.
Among the other bidders vying for a gaming license include the Wynn NYC- Related Companies casino proposal for Hudson Yards; SL Green/Caesar’s Entertainment/Jay-Z Roc Nation pitch in Times Square; Thor Equities consortium’s push to erect a casino in Coney Island and Bally’s proposed casino next to its golf course in the Bronx’s Ferry Point.
The post Las Vegas Sands drops bid to open $4B casino complex at Nassau Coliseum site appeared first on New York Post.
