Following the successful launch of mobile sports betting and the legalization of this form of wagering, New York has taken the gambling world by storm. The state has quickly become a leading player in the industry, even outperforming more established markets with record-breaking revenues and betting volumes. With the surging popularity of mobile betting, lawmakers in New York have set their sights on expanding the state’s retail gambling sector.
Earlier this year, New York legislators greenlit a plan to potentially establish up to three new downstate casinos. These prospective locations include Westchester County, New York City, and Long Island.
Las Vegas Sands Joins the New York Casino Race
Recognizing the immense potential in this burgeoning market, leading gaming companies have eagerly joined the race for a coveted downstate casino license. One notable contender is Las Vegas Sands (LVS), a renowned developer and operator of integrated resorts.
During a recent earnings call, LVS’ CEO, Rob Goldstein, revealed the company’s strong Q3 financial results and reiterated its commitment to securing a license in New York. Las Vegas Sands has set its sights on Nassau County for its integrated resort, spanning nearly 100 acres, which includes the Nassau Veterans Memorial Coliseum.
Goldstein shed light on the company’s ambitions, stating, “We have secured the Nassau Coliseum and are in the process of meeting the necessary requirements to move forward.” He indicated substantial local support for LVS’ project and hinted at an investment exceeding $5 billion, emphasizing that this substantial sum would facilitate the creation of a five-star resort boasting unparalleled entertainment and amenities. Goldstein underlined that this venture represents an extraordinary opportunity for Las Vegas Sands.
“The resort will cost in excess of $5 billion, but enables us to develop a five-star resort with unlimited appeal. This is simply an extraordinary opportunity.”
- Rob Goldstein, CEO at Las Vegas Sands
A Strong Cash Flow Backs Ambitious Plans
Patrick Dumont, President and COO at LVS, also contributed to the discussion, highlighting the company’s robust cash flow, which stands at approximately $5.6 billion across its operations. He assured that LVS could fulfill its commitments in Macao while simultaneously pursuing the New York casino license due to its healthy cash flow and the flexibility of its assets.
“We’ll be able to do our concession commitment to Macao, and then we’ll have excess capital to pursue New York, as well as other growth opportunities in new jurisdictions, all thanks to the timing of our cash flow, our substantial cash reserves, and the adaptability of our assets.”
- Patrick Dumont, President and COO at Las Vegas Sands
Dumont commended LVS’ continued success in Singapore and Macau, which consistently generates revenue. With the current financial stability, he expressed optimism that the company could simultaneously invest in its Macau operations and advance its bid for a New York casino license. Additionally, Dumont hinted at a willingness to explore further investments and seize opportunities in emerging markets. Las Vegas Sands’ ambitious plans promise an exciting future for the company in the ever-evolving world of gambling and entertainment.
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