Las Vegas Sands has withdrawn its deliberate bid to open a $4 billion on line casino complicated on the web site of the Nassau Coliseum on Lengthy Island.
The gaming large’s announcement Wednesday caught some on line casino trade insiders without warning.
“Crazy,” one trade supply stated.
Sands had the robust political assist of Nassau County Govt Bruce Blakeman and the Republican-run legislature — however there was some hard-core opposition led by close by Hofstra College and residents dwelling close to the Nassau Coliseum hub in Uniondale.
In a press release, Sands stated it wished to focus its monetary sources elsewhere and expressed concern about laws launched in New York to legalize web 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 firm stated.
“Accordingly, Sands has decided not to bid for a casino license in New York.”
Whereas headquartered in Vegas, all of Sands’ playing operations are in Asia — with 5 in China-controlled Macao and one in Singapore.
Sands’ withdrawal comes at a time of a tariff battle between the US and China, placing the gaming large in a troublesome place with a lot of its enterprise depending on licenses overseen by the communist nation, one trade supply stated.
Final April, a prime Sands On line casino official ripped New York gaming regulators for a “confusing” years-long assessment course of to bid for a on line casino license.
Las Vegas Sands was based by billionaire Sheldon Adelson, a significant Republican donor who died in 2021. His household nonetheless owns the gaming firm.
The state gaming fee is anticipated to approve as much as three on line casino licenses within the New York Metropolis area by 12 months’s finish.
Sands has entered right into a lease association with Nassau County to construct a casino-entertainment complicated on the Nassau Coliseum hub.
In its assertion, the corporate stated it might attempt to “secure an agreement” from a 3rd get together to bid for a on line casino on the web site.
Blakeman stated he’ll see if one other developer desires to develop the Coliseum web site — with or with no on line 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 stated.
“There’s robust curiosity from gaming organizations, which have been in confidential discussions with Nassau County in taking the place of Las Vegas Sands within the licensing utility course of. Nassau County will crystallize throughout the subsequent 30 days whether or not or to not entertain a on line casino element or develop the positioning with out.
“In either event, there will be an exciting new development that will create jobs and positive economic activity,” the rep added.
Sands’ exit may enhance the percentages of different bidders bordering Nassau, together with Mets proprietor Steve Cohen’s plan with Exhausting Rock to open an $8 billion on line casino complicated subsequent to Citi Discipline, and the Genting Resorts World slots parlor at Aqueduct race monitor, which is looking for to acquire a gaming license to supply desk video games.
Among the many different bidders vying for a gaming license embrace the Wynn NYC- Associated Firms on line casino proposal for Hudson Yards; SL Inexperienced/Caesar’s Leisure/Jay-Z Roc Nation pitch in Occasions Sq.; Thor Equities consortium’s push to erect a on line casino in Coney Island and Bally’s proposed on line casino subsequent to its golf course within the Bronx’s Ferry Level.
