Las Vegas Sands Corp has confirmed it is withdrawing from the bidding process for a commercial casino licence in downstate New York. With this, LVS is officially out of the $4 billion casino resort (€3.52 billion) at the Nassau Coliseum site in Uniondale, New York. Instead, the company intends to focus on a significant share buyback programme.
The decision was announced by the company’s president and chief operating officer, Patrick Dumont, during a first-quarter earnings call. He explained that the company believes the best use of its capital at present is to return value to shareholders by buying back shares in both LVS and its Macau-based subsidiary, Sands China.
This marks a significant shift from the plans LVS outlined in early 2023, when LVS revealed its ambition to develop a multi-billion-dollar hospitality, entertainment, and casino complex on Long Island, New York.
New York plans not off table: LVS
Although the group has now withdrawn from the bidding process, Dumont emphasised that the site remains a highly attractive location for future development. However, he stated that ongoing uncertainty surrounding the potential legalisation of iGaming in New York has raised concerns about the long-term financial returns of such a project.
The company is now exploring the option of partnering with a third party that could still submit a bid for the licence, potentially using the Coliseum site. According to Dumont, this partner would ideally operate across both land-based and online gambling sectors in New York.
With this strategic shift, the LVS board has authorised an expansion of its share repurchase programme to $2 billion (€1.87 billion). Dumont said the company intends to remain proactive in the buyback market to enhance shareholder returns.
The company is also preparing for a leadership change. Dumont is set to take over as chairman and chief executive in March 2026, as current CEO Robert Goldstein plans to step down. Goldstein will continue to serve as an advisor to the company until March 2028.
Domination in Asia continues
LVS has also strengthened its position in Asia by increasing its stake in Sands China to nearly 72 percent. In February, Sands China declared its first dividend in five years, paying HK$ 0.25 (€0.030 euros) per share for 2024.
Meanwhile, the company has finalised a $1.2 billion (€1.12 billion) renovation of The Londoner Macao resort in Cotai. This project involved updates to the Sheraton and Conrad hotels, as well as a redesigned casino area now known as the Londoner Grand Casino.
With more than 2,400 rooms and suites ready before China’s May Golden Week holidays, company executives anticipate that the resort will significantly enhance revenue, earnings, and market share in the coming year.
