Las Vegas Sands is hoping to resume operations in the US with a New York casino – The Nevada Independent

The former home of the New York Islanders, where the professional hockey team won four consecutive Stanley Cups in the 1980s, may soon become the new US flagship resort for Las Vegas Sands Corp. being transformed.

The company, which sold The Venetian, The Palazzo and The Venetian Expo for $6.25 billion a year ago, operates five resorts in Macau and Marina Bay Sands in Singapore, but no longer operates a casino in Nevada. It plans to build a Long Island resort in a new market that analysts believe will be the nation’s most expensive development outside of Las Vegas.

Last year Chicago chose Bally’s Corp. to build a $1.7 billion resort, leaving New York City as the largest market still looking for casinos.

New York voters approved the legalization of casinos in 2013, but the state legislature approved only four casinos in New York state in the first seven years, giving operators a chance to build their businesses before casinos in New York City have been added.

Las Vegas Sands has been unsuccessful in its attempts to expedite the licensing process in New York City from the 2023 statutory timeframe.

Las Vegas Sands joins Caesars Entertainment, Wynn Resorts, Hard Rock International and Bally’s Corp. that have announced partnerships for New York casino resorts or have expressed an interest in the lucrative market.

New York is seeking proposals for three casino licenses in the New York City area. Most analysts, however, believe two of the licenses will go to MGM Resorts International and Resorts World, which already operate New York City-area casino facilities at two racetracks. The casinos only offer slot machine-like video lottery terminals.

Industry analysts did not respond to Sands’ announcement.

Earlier, CBRE gaming analyst John DeCree told investors in a research note that the three New York casinos could generate $4.8 billion in annual revenue.

“Even as we expand, we see New York City as an underpenetrated market with access to over 19 million people and favorable income metrics,” DeCree wrote.

Las Vegas Sands hasn’t put a price on its plans for Nassau County, about 36 miles east of Manhattan. In a statement last week, the company said it had agreements to acquire the land where the Nassau Veterans Memorial Coliseum is located. The islanders vacated the facility in 2021 for the $1 billion UBS Arena near the Belmont Park racetrack in Elmont, also on Long Island.

Las Vegas Sands will gain control of up to 80 acres in Nassau County after receiving final permits, where the company said it will build “a multi-billion dollar flagship hospitality, entertainment and casino project.” .

Caesars has partnered with SL Green Realty Corp. on a project to develop Caesars Palace Times Square. In September, Wynn Resorts announced a partnership with New York-based affiliates to apply for a Western Yards gaming license from Hudson Yards. The location is adjacent to the Javits Center, one of the busiest convention centers in the United States.

Ironically, Las Vegas Sands founder Sheldon Adelson, who died in January 2021, had long expressed a desire to build a New York casino near the Javits Center. In 2019, the company brought in former New York Gov. David Paterson to accelerate the development schedule. Paterson is still involved with the company’s efforts in New York.

Las Vegas Sands is partnering with Long Island-based RXR Realty, which has long sought to redevelop the Nassau County location in Uniondale.

Rob Goldstein, Chairman and CEO of Las Vegas Sands

“Our proposed project would be designed to generate tens of millions of dollars in annual tax revenue for the local community and potentially provide residents with a property tax break,” Sands CEO Rob Goldstein said in a statement, providing a boost for local businesses a robust procurement program and support for a wide range of community organizations and causes.”

Sands said the development would include outdoor common spaces, four- and five-star hotel rooms, and a live performance venue that would replace the former hockey arena.

The casino would take up less than 10 percent of the project’s total area, but other details about gaming were not disclosed. The project would have convention and meeting rooms and restaurants run by celebrity chefs.

Goldstein highlighted Sands’ “track record of delivering significant economic benefits to the communities in which we operate.” Sands is no longer present in the US after selling its interests in the Strip for $1.3 billion last year and its casino in Bethlehem, Pennsylvania in 2019.

Las Vegas Sands is also committed to legalizing casinos in Texas. Last week, the company-backed Texas Destination Resort Association distributed an email blast to supporters with a link to send letters to state lawmakers approving the legislation.

Las Vegas Sands operates five resorts in Macau and Marina Bay Sands in Singapore.

“The meaningful relationships and partnerships we’ve forged in each of these communities give us a unique perspective on what it takes to develop transformative tourism destinations that have a positive impact on the local community,” Goldstein said in the New York press release . “Based on this experience, we truly believe that Long Island can be home to one of the region’s greatest entertainment and hospitality developments.”