Las Vegas Sands New York casino project approved

Posted: May 24, 2023 11:56 Posted by Lea Hogg
Category: Americas, Asia, Corporate News,
Posted: May 24, 2023 11:56 Category: Americas, Asia, Corporate News, Posted by Lea Hogg

Nassau County legislators have approved the 99-year lease with Las Vegas Sands for a US $4 billion casino at the the Nassau Coliseum site in Long Island, New York.

The “Say No to the Casino” civic association in collaboration with a number of lobby groups have been opposing the proposed development. They claimed that the Las Vegas Sands Casino in Long Island will increase crime, traffic and pollution in the area.

We are deeply disappointed that our elected officials disregarded their constituents’ concerns, and approved the lease transfer.” “Say No to the Casino” lobby group

Las Vegas Sands have agreed ‘gambling’ would only amount to 10 percent of the new integrated resort. (Full SiGMA report)

Nassau Coliseum

The approval of the lease of the  72-acre was originally signed off by the National Capital Planning Commission (NCPC).

Las Vegas Sands no longer operates any commercial casinos in the US and if the Long Island casino will be a US flagship for the company.

Bids for more casinos in New York

The Las Vegas Sands Nassau Coliseum casino is only one of a number of proposed casino projects.

The bid by Caesars Entertainment for a Manhattan casino in Times Square has also been criticised. Another group of investors are proposing a casino on Coney Island.

The New York State Gaming Commission is expected to announce the winners later this year following recommendations from the three-member Gaming Facility Location Board. The winning operators will be required to pay a licence fee of US $500 million and have a minimum of US $500 million for capital development.

Las Vegas Sands share price

With a volume of 1,967,202, the price of Las Vegas Sands is down -3.46 percent at US $57.43.

Next quarter earnings are expected to be released in 57 days.

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