Las Vegas Sands Focus on New York Following Texas’ Legislation Setback
LISTEN TO THIS ARTICLE:Despite news arriving earlier this month that there is no immediate chance of casino gaming legislation in Texas, Las Vegas Sands Corp. executives have said that they were not overly disappointed.
Texas lawmakers meet every other year, similar to the Nevada Legislature. Therefore, when supporters of casino gambling in the state said that there wasn’t enough support in the Senate, the process was abandoned. House Joint Resolution 155 was withdrawn, but it is predicted to return when Texas lawmakers next meet.
It is expected that the legalization of gambling in Texas will be anything but simple while Lt. Gov. Dan Patrick remains in control of the Senate as its presiding officer. However, Andy Abboud, senior vice president of government relations with Sands, has said that he is encouraged by progress made in Texas since the 2021 session.
This was largely due to positive comments made by “Shark Tank” celebrity and Dallas Mavericks owner Mark Cuban.
My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino. That’s the mission. Obviously, (gaming’s) got to pass the Legislature, and I’m not the politician to know all the elements there. But you’re talking about billions of dollars in revenue. And it won’t be one of those things, I don’t think, where you ask the city and state for concessions. It’s more about, ‘This is going to generate a ton of revenue'.
As such, Texas is very much seen as a long-term project. In the meantime, the company is focusing on New York, where it is coming closer to receiving a gaming license. Last week, the Nassau County Legislature voted to transfer a lease to Sands for the 72 acres where the Nassau Coliseum is located.
Sands is now able to apply for a downstate New York gaming license from the Gaming Facility Location Board. However, there will be stiff competition for the license from the New York Gaming Commission, with operators such as Wynn Resorts Ltd., Caesars Entertainment Inc. and Genting Group’s Resorts World also interested.
Las Vegas Sands' Strong Interest in New York
The setback in Texas' casino gaming legislation means that the prospects for legalized gambling in the state have been delayed. Las Vegas Sands is focusing its efforts on New York, where it aims to obtain a gaming license, but it will face stiff competition from other operators.
The company's focus on New York indicates a strong interest in the state's casino gambling market. The potential establishment of a new resort and casino, along with the competition from other operators, suggests that New York is an attractive destination for casino investments. The development could bring significant economic benefits and contribute to the overall growth of the tourism and hospitality sectors in the state.
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