The competition to secure the three downstate New York casino licenses is narrowing, with Las Vegas Sands the latest company to pull out of the race. It revealed on Wednesday that it won’t be pursuing approval for a Long Island project that would cost $6bn to develop.
citing concerns about the potential rollout of online casinos in New York
Las Vegas Sands COO and President Patrick Dumont announced the decision in a first-quarter earnings call, citing concerns about the potential rollout of online casinos in New York as the main reason behind the withdrawal. While there’s no immediate timeline for legalizing the activity, it seems inevitable in the Empire State.
The company still thinks the site was the best location for a gaming facility and that the project would have been a success. Las Vegas Sands is in talks with another company about potentially transferring the option to build a casino on the Nassau Coliseum to a firm that could operate in New York’s online and land-based markets.
The project had come under threat from the adjacent Hofstra University, while locals expressed concerns about increasing levels of addiction, traffic, and crime.
Las Vegas Sands is now going to focus its resources on repurchasing up to $2bn in company stock. It isn’t the only company to pull out of the bidding recently, with Saks Fifth Avenue revealing earlier tihs month that it won’t be pursuing a license for its iconic Manhattan property.
