Las Vegas Sands (LVS) has signed a 99-year preliminary lease on a 72-acre site in Nassau County for a potential spot to build a New York casino. It is currently the location of the Nassau Coliseum, which previously hosted NHL games.
If the casino company gets one of three downstate New York casino licenses, it would develop a $4bn integrated resort on the site in Long Island. If the county legislature approves this lease transfer next month, Las Vegas Sands will pay the county $54m within 60 days.
Annual rent will be $5m until the state grants casino licenses. It will increase to $10m each year if LVS’ application is successful. The county will get a revenue cut of about $25m annually, as well as money for policing and security improvements.
The casino floor would account for less than 10% of the property.
The facility would include ballrooms, conference space, a hotel, live entertainment venue, health spa, and restaurants. The casino floor would account for less than 10% of the property. At a briefing on Wednesday, Nassau County Executive Bruce Blakeman said that a casino resort would “bring jobs, economic prosperity, tax relief, and improved safety.”
Casino companies that want to pursue one of the $500m New York licenses need to have control of a site to formally apply. A number of operators reportedly plan to do so, including Wynn Resorts and Caesars Entertainment. The licenses most likely won’t be handed out until next year.