Las Vegas Sands Drops Out of New York Casino Race
Las Vegas Sands Corporation has reportedly abandoned its plans to develop a $4 billion casino resort at the Nassau Coliseum site.
LISTEN TO THIS ARTICLE:The company announced the decision in its latest financial update for the quarter ending March 31, 2025. It cited fears of cannibalization from digital gaming as the key reason behind the move.
The company’s retreat from the project has been long coming. In a previous earning call in October 2024, LVS’s CEO and Chairman Rob Goldstein expressed increasing unease about online gaming’s potential erosion of brick-and-mortar casino businesses.
LVS revokes the casino bid for the site after months of groundwork and political support from Nassau County leaders. However, since it still retains an active lease agreement, the company is not walking away entirely.
According to COO Patrick Dumont, LVS aims to transfer its bid to a third party that can offer both land-based and online gaming in New York.
Without a deal, the company said it will partner with Nassau County to explore development options that align with the county’s long-term plans.
Nassau County officials are weighing various development plans for the site that may or may not include a casino. The county announced it will decide within 30 days whether to pursue a casino development or explore alternative uses.
With this development, LVS becomes the second company to abandon its NY casino bid, following Hudson’s Bay Co’s decision to withdraw its Manhattan proposal earlier this month.
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Hofstra University, which had been the biggest critic of the development, has welcomed the news of Sands’ withdrawal.
Hofstra University is pleased with Las Vegas Sand’s decision to abandon their application for a license to build a casino at the Nassau Coliseum. Over the past 90 years, Hofstra has been deeply invested in the future of this region, and we are eager to be a part of planning for development in the Nassau Hub that would promote sustainable economic growth, enhance the quality of life for all who live and work here and serve the true needs of Nassau County and Long Island.
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