Following the New York State Gaming Commission’s Request for Application for three downstate New York gaming licenses, Las Vegas Sands has announced that it intends to develop a multi-billion-dollar flagship hospitality, entertainment and casino project on Long Island, New York.
According to the announcement, the company has agreed to purchase the long-term lease of the site currently home to the Nassau Veterans Memorial Coliseum.
Speaking of the announcement, Robert G. Goldstein, Las Vegas Sands chairman and chief executive officer said:
“Our company’s track record of driving significant economic benefits to the communities in which we operate and 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. Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments.
Our announcement today is only the first part of this journey. Our ability to put forward a compelling and competitive proposal will only succeed if we engage with the Long Island community and, in collaboration, develop a proposal that reflects the input of all those involved.”
The resort is set to include outdoor community spaces, four and five-star hotel rooms and a live performance venue. It will also include restaurants, convention space and a casino floor which will represent less than 10% of the the property’s square footage.
Las Vegas Sands’ partner in the project will be RXR Realty. The company has spent years carrying out community outreach to determine the best approach to the redevelopment of the Nassau Coliseum site.
Scott Rechler, CEO and chairman of RXR said:
“After nearly two decades of working to transform the Nassau Coliseum site, including countless hours meeting with thousands of community members, the message has been overwhelmingly clear that Long Islanders want a global renowned entertainment destination that creates well-paying jobs and new opportunities at the Nassau Hub. But the challenge for turning this vision into reality has always been the commercial viability of a site encumbered by a nearly obsolete half-century-old arena.
The plan envisioned by Sands is a once-in-a-generation opportunity to create the kind of world-renowned entertainment and hospitality destination that has been sought after by Long Islanders.”
Mr. Goldstein added:
“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. 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.”
Governor Paterson also said:
“Our diversity and inclusion strategies will foster an environment of collaboration and economic equity. Our goal will be to ensure that our supply chain is fulfilled from small businesses, minority-owned, women-owned as well as veteran and disabled entrepreneurs based locally so that our surrounding communities are central and fully participating in the success of this project.”
The project is expected to provide thousands of union jobs in both construction and operations.
Image credit: Antony-22 / CC BY-SA 4.0
iGaming veteran & data analyst covering the world of land-based and online gambling in the United States.
