Las Vegas Sands has taken a significant step towards developing an integrated resort with a casino on Long Island by signing a preliminary 99-year contract with Nassau County for usage of Nassau Veterans Memorial Coliseum. The company, led by Chairman and CEO Rob Goldstein, aims to apply for one of the three highly coveted downstate New York gaming licenses. This development, if approved, could have far-reaching economic implications for the region.
The Road to Approval:
The contract hinges on securing approval from the 19-member Nassau County Legislature. The legislators are scheduled to deliberate on the matter on May 22. It is a critical step in Las Vegas Sands’ pursuit of becoming a major player in the New York gaming landscape.
Terms of the Preliminary Deal:
Under the terms of the agreement, Las Vegas Sands is obligated to pay Nassau County an upfront sum of $60 million, irrespective of whether the company is granted a casino license. The rent for the property is set to commence at $5 million per month, with the potential to double to $10 million per month if Las Vegas Sands successfully obtains a gaming license. Nassau County Executive Bruce Blakeman estimates an additional $25 million in annual revenue for the county if the project moves forward.
Economic Prosperity and Community Impact:
Blakeman expressed his belief that the development of the Coliseum site into a world-class hotel and entertainment center funded by a casino could bring numerous benefits to Nassau County. These advantages include job creation, economic prosperity, tax relief, and improved safety. The project holds the promise of revitalizing the area and contributing to the well-being of the local community.
Local Concerns and Opposition:
However, the prospect of a casino resort has sparked concerns and opposition from certain quarters. Trustees of Hofstra University have published an open letter raising apprehensions about the project, stating that the Nassau Hub is an unsuitable location for a casino due to its proximity to numerous educational institutions and diverse suburban communities.
Residents have mobilized to form the Say No to the Casino Civic Association, a nonpartisan group, which has launched a change.org petition against the gaming facility. They are urging the county legislature to reject the proposal, citing worries about increased traffic congestion, potential crime, economic harm to local businesses, and other adverse impacts.
The preliminary deal between Las Vegas Sands and Nassau County represents a significant milestone in the company’s ambitions to establish a casino resort on Long Island. While the project holds the potential for substantial economic benefits, the concerns voiced by local residents and educational institutions underscore the need for a careful evaluation of its impact. The decision of the Nassau County Legislature, set to be made in May, will play a pivotal role in determining the future of this ambitious endeavor.