Las Vegas Sands has officially dropped out of the competition for one of the three casino licenses up for grabs in downstate New York. The move reduces the number of contenders to nine. The company, which had pushed for a $4 billion resort at the Nassau Coliseum site, said it no longer sees the investment as viable.
Good to know
- Las Vegas Sands pulled its New York casino bid due to concerns over online gambling.
- The company is looking for a buyer for the Nassau Coliseum lease.
- Nassau County will decide within 30 days if a casino remains part of the development plan.
The tipping point was online gaming. The company pointed to the possibility of iGaming legalization, which it believes could undercut business at a physical casino. Leadership flagged the issue during recent earnings calls, making it clear that regulatory uncertainty was clouding the project’s future.
“Sands has decided not to bid for a casino license in New York,” the company confirmed in a short statement. It offered no further details during its earnings update for the first quarter.
Instead of pouring money into the New York bid, Sands will focus on buying back its own shares. In the first quarter alone, it spent $450 million (about £339 million or €396.7 million) repurchasing shares of both Las Vegas Sands and its Macau-based subsidiary, Sands China.
What Happens to the Nassau Coliseum Site Now?
The Nassau project had already faced legal issues. Although Sands secured a 42-year lease on the Coliseum land last year, a previous 99-year lease was voided after Hofstra University challenged it in court. The university had led the opposition to a casino on that property.
Sands is now exploring whether it can pass the bid to another group—ideally, one better positioned to balance both physical casino operations and the growing digital gaming market in New York. That may not be easy, though. Most of the large U.S. operators are already committed to other bids or tied up in partnerships.
If a deal with a third party does not materialize, Sands said it will work with Nassau County and other groups to ensure the land is developed in line with the county’s long-term goals. County officials acknowledged that they expect to make a decision within 30 days on whether a casino will stay part of the plan or not.
Sands now becomes the second company to officially exit the New York casino race. Earlier in April, Hudson’s Bay Co. pulled its proposal to develop a casino inside its Saks Fifth Avenue building in Manhattan.
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