The former dwelling of the New York Islanders, the place the skilled hockey group received 4 straight Stanley Cup championships in the Eighties, might quickly be reworked into the brand new U.S. flagship resort for Las Vegas Sands Corp.
The firm, which sold The Venetian, The Palazzo and The Venetian Expo a 12 months in the past for $6.25 billion, operates 5 resorts in Macau and Marina Bay Sands in Singapore however not operates a casino in Nevada. It desires to create a resort on Long Island in a new market that analysts suppose would be the nation’s most costly to construct exterior Las Vegas.
Last 12 months, Chicago selected Bally’s Corp. to construct a $1.7 billion resort, leaving New York City the most important market nonetheless trying to add casinos.
New York voters permitted casino legalization in 2013, however the state legislature licensed simply 4 casinos in upstate New York for the primary seven years, giving the operators a chance to construct their companies earlier than casinos had been added to New York City.
Las Vegas Sands was unsuccessful in its makes an attempt to velocity up the New York City licensing course of from the legislatively mandated 2023 timeframe.
Las Vegas Sands joins Caesars Entertainment, Wynn Resorts, Hard Rock International and Bally’s Corp., which have introduced partnerships for New York casino resorts or expressed curiosity in the profitable market.
New York is in search of proposals for 3 casino licenses in the New York City space. However, most analysts count on two of the licenses will go to MGM Resorts International and Resorts World, which already function New York City-area casino services at two horse racing tracks. The casinos solely provide slot machine-like video lottery terminals.
Industry analysts didn’t react to the Sands announcement.
Previously, CBRE gaming analyst John DeCree advised traders in a analysis word the three New York City casinos may produce annual income of $4.8 billion.
“We see New York City as an under-penetrated market even after expansion, with access to 19 million-plus people and favorable income metrics,” DeCree wrote.
Las Vegas Sands didn’t put a worth on its plans for Nassau County, roughly 36 miles east of Manhattan. In a assertion final week, the corporate stated it has agreements to purchase the positioning which homes the Nassau Veterans Memorial Coliseum. The Islanders vacated the ability in 2021 for the $1 billion UBS Arena close to Belmont Park Racetrack in Elmont, which can also be on Long Island.
Las Vegas Sands will acquire management of up to 80 acres in Nassau County after closing approvals are reached, the place the corporate stated it might construct “a multi-billion-dollar flagship hospitality, entertainment and casino project.”
Caesars has a partnership with SL Green Realty Corp. on a venture to develop Caesars Palace Times Square. In September, Wynn Resorts introduced a partnership with New York-based Related Companies to search a gaming license for Western Yards at Hudson Yards. The location is subsequent to the Javits Center, one of many busiest conference facilities in the United States.
Ironically, Las Vegas Sands founder Sheldon Adelson, who died in January 2021, had lengthy desired to construct a New York City casino close to the Javits Center. In 2019, the corporate introduced in former New York Gov. David Paterson to velocity the event timeline. Paterson continues to be concerned with the corporate’s New York efforts.
Las Vegas Sands is working with Long Island-based RXR Realty, which has lengthy sought to redevelop the Nassau County website in Uniondale.
“Our proposed project would be designed to produce tens of millions of dollars in tax revenue for the local community on an annual basis, potentially offering property tax relief for residents,” Sands CEO Rob Goldstein said in a statement. “The project would also provide a lift for local businesses through a robust procurement program and support a broad range of community organizations and causes.”
Sands stated the event would come with outside group areas, four- and five-star lodge rooms and a stay efficiency venue that might substitute the previous hockey enviornment.
The casino would cowl lower than 10 p.c of the venture’s complete sq. footage, however different particulars about gaming weren’t disclosed. The venture would have conference and assembly areas and eating places operated by celeb cooks.
Goldstein highlighted Sands’ “track record of driving significant economic benefits to the communities in which we operate.” Sands not has a presence in the U.S., after final 12 months’s sale of its Strip holdings and its 2019 sale of its Bethlehem, Pennsylvania casino for $1.3 billion.
Las Vegas Sands is also lobbying the Texas Legislature to legalize casinos. Last week, the company-backed Texas Destination Resort Association distributed an electronic mail blast to supporters with a link to ship letters to state lawmakers endorsing the laws.
Las Vegas Sands operates 5 resorts in Macau and Marina Bay Sands in Singapore.
“The meaningful relationships and partnerships we have created in each of those communities gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community,” Goldstein said in the New York news release. “Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments.”
