Las Vegas Sands is planning a $4 billion development in Long Island, NY

diving letter:

  • Las Vegas Sands, a Paradise, Nevada-based casino and resort company, announced plans to develop a multi-billion dollar flagship hotel, entertainment and casino project on Long Island, New York. according to a press release from the company.
  • The transaction, which is subject to certain approvals, would give the resort company control of up to 80 acres in Nassau County, New York, according to the press release.
  • The $4 billion Long Island development would include outdoor community spaces, four and five star hotel rooms, a live performance venue, meeting rooms and a casino. reports Newsday.

Dive insight:

Las Vegas Sands plans to work with trade schools, community colleges and local universities to offer workers on the project a wide range of training programs and career advancement opportunities, according to the release.

Robert Goldstein, the company’s chairman and CEO, expects the project to create thousands of union jobs in both construction and operations. He added that the development will use “state-of-the-art sustainable construction and operational practices” and will seek guidance from Long Island’s environmental leaders on “its ambition to achieve LEED certification and its goal of becoming the greenest building on Long Island.” , according to the press release .

Other features of the proposed site, which currently houses the Nassau Veterans Memorial Coliseum, include:

  • restaurants.
  • ballrooms.
  • day wellness.
  • Swimming pool.
  • health club.

The company brought in former New York Gov. David A. Paterson in 2019 to help with development planning. reports The Nevada Independent. Most recently, in December, he spoke at the joint meeting of the Nassau Council of Chambers of Commerce and the Suffolk County Alliance of Chambers to present the plan for the Long Island site. according to World Casino News. Paterson was the 55th governor of New York from March 2008 to December 2010.

It’s the latest attempt to revitalize what was once a premier entertainment destination. In 2020, Nick Mastroianni II, founder and chairman of the US Immigration Fund, which facilitates foreign investment in US real estate, took over as leaseholder of the Nassau Veterans Memorial Coliseum to revitalize the aging arena. reports The Real Deal.

The venue, which once served as the former home of the NHL’s New York Islanders, the NBA’s New York Nets and a marquee tour for A-list artists, now hosts minor league basketball games Monster Truck Rallies.

Cautious industry outlook

Construction starts on recreational projects such as casinos and convention centers are just beginning 1% in 2023 to $19 billion, according to Dodge Construction Network. The MSG Sphere, an entertainment project in Las Vegas, has recently caught his attention Price tag up to $2.18 billion due to inflation and supply chain pressures.

This market is also closely linked to the ailing hotel sector. Hospitality projects still have one “long recovery ahead” said Sarah Martin, chief economist at Dodge.

Still, the muted outlook in both the leisure and hotel sectors isn’t dampening the company’s optimism about development.

“[Las Vegas Sands’ track record] gives 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 release. “Based on this experience, we truly believe that Long Island can be home to one of the greatest entertainment and hospitality developments in the region.”