The Las Vegas Sands have withdrawn a planned bid to open a $4 billion casino complex on the Nassau Coliseum site on Long Island.
The gaming giant’s announcement on Wednesday caught a surprising casino industry insider.
“Crazy,” said a source in an industry.
The Suns received strong political support from Nassau County’s Bruce Blakeman and Republican-run Congress, but with hardcore opposition led by residents living near nearby Hofstra University and the Nassau Coliseum Hub in Uniondale.
In a statement, Sands said he wanted to focus his financial resources elsewhere and expressed concern about the laws introduced in New York to legalize the Internet or I-Gaming.
“For the Las Vegas Sands, we believe that the best and best use of capital in the near future will be to buy stocks in Las Vegas Sands and Sands China,” the gaming company said.
“Therefore, the Suns have decided not to bid for a casino license in New York.”
While headquartered in Las Vegas, Sand’s gambling business is all in Asia. There are five in Macau, controlled by China, and five in Singapore.
The Sons’ withdrawal came at the time of the tariff war between the US and China, putting the gaming giant in a difficult position and many of the businesses relying on licenses overseen by communist states, said one industry source.
Last April, officials from the top Sands casinos ripped off New York gaming regulators and went on a “confusing” year-long review process to bid on casino licenses.
The Las Vegas Sands was founded by billionaire Sheldon Adelson, a leading Republican donor who passed away in 2021. His family still owns a gaming company.
The state gaming board plans to approve up to three casino licenses in the New York City area by the end of the year.
The Sands signed a lease agreement with Nassau County and built a casino entertainment complex in the Nassau Coliseum hub.
In its statement, the company said it would attempt to “secur a agreement” from third parties to bid on the site’s casino.
Blakeman said he would check if another developer would like to develop a Coliseum site with or without a casino.
“The county executive breakman is aware of certain pressures considering rethinking land brick and mortar casinos in the Las Vegas Sands in the US. County executives are grateful that the Las Vegas Sands are committed to developing the Coliseum site, with or without casinos,” a spokesman for Blakeman said.
“There is a strong interest from gaming organizations that have been holding secret discussions with Nassau County on behalf of the Las Vegas Sands in the licensing application process, which will crystallize within the next 30 days, whether to entertain casino components or develop the site without developing it.
“In both cases, there are exciting new developments that will create employment and positive economic activity,” the person in charge added.
The Suns exit can increase the odds of Mets owner Steve Cohen’s plans with Hard Rock to open a $8 billion casino complex next to Citifield, as well as other bidders who come into contact with Nassau, including Aqueduct Race Track’s Genting Resorts World Slots Parlor, who are about to acquire a game license to offer a table game.
Other bidders fighting for a gaming license include casino proposals from Wynn NYC-related companies in Hudson Yard. SL Green/Caesar’s Entertainment/Jay-Z Roc Nation Pitch in Times Square; a push by the Tall Equity Consortium to build a casino on Coney Island and a proposed casino in Barry next to a golf course at Ferry Point in the Bronx.
