Las Vegas Sands Signs Preliminary 99-Year Lease for New York Location

Las Vegas Sands has signed a preliminary deal for a 99-year contract for the usage of Nassau Veterans Memorial Coliseum, with a plan to develop an integrated resort with a casino on Long Island.

However, the Las Vegas company drew a line in the sand when revealing information about the development and offered no new details about the project. Approval to obtain the site will be overseen by the 19-member Nassau County Legislate, with a decision expected to be made on 19 May.

This news comes a week after Las Vegas Sands released its Q1 results for 2023, with the company reporting net revenue of $2.12bn.

The 16,000-seat Nassau Coliseum was home to NHL team the New York Islanders until 2021 and is also used for graduations, minor league baseball and lacrosse matches.

The deal is still dependent on Las Vegas Sands bidding for and acquiring one of the state’s new licences, with Goldstein not expecting to know if they will be successful in the bid until 2024.

If successful, a range of amenities will be included in the facility, with the casino due to take up less than 10% of the space. It will also include outdoor community spaces, four and five-star hotel rooms, a performance venue, celebrity chef restaurants, experimental events, and venues.

Las Vegas Sands Chairman and CEO Rob Goldstein along with Nassau County Executive Bruce Blakeman stated that this agreement is the first step in Las Vegas Sands making a bid to apply for one of three Downstate New York gaming licenses that are overseen by New York’s Gaming Facility Location Board.