In a resounding 17-1 vote, the Nassau County Legislature has granted Las Vegas Sands a 99-year lease for the development of a sprawling 72-acre area surrounding the Nassau Coliseum in Uniondale, Long Island. The approved plan outlines the creation of a $5 billion integrated resort, complete with a casino.
Lease Terms and County Benefits:
As part of the agreement, Las Vegas Sands will make an upfront payment of $60 million to the county, irrespective of whether it secures one of the three casino licenses that the State of New York will grant for the downtown area. The lease terms include an initial rent of $5 million per month, which could double to $10 million per month if Las Vegas Sands successfully obtains one of the coveted casino licenses.
Economic Impact and Job Creation:
Supporters of the project, including labor and business leaders, emphasize that the development is expected to generate significant economic benefits for the region. It is estimated that the project will create around 8,500 jobs, breathing new life into the area. Furthermore, the integrated resort is projected to yield an annual revenue of approximately $100 million in the vicinity of the Nassau Coliseum.
County Executive’s Perspective:
Nassau County Executive Bruce Blakeman expressed his satisfaction with the resounding support from the County Legislature. He highlighted that the approval of the lease terms with Las Vegas Sands underscores Nassau County’s decision to move forward with a world-class entertainment center, complete with a luxury spa and hotel. He further stressed the project’s potential to stimulate economic prosperity and generate thousands of jobs in Nassau County.
Sands Chairman and CEO’s Statement:
Sands Chairman and CEO Robert Goldstein regarded the vote as a significant step in their journey to secure a New York gaming license. He emphasized their commitment to developing a premier destination for hospitality, entertainment, and gaming. Acknowledging the wide-ranging support from the local community, Goldstein expressed gratitude for the trust placed in their company and their dedication to continued collaboration with the community.
Local Concerns and Opposition:
Despite the enthusiasm surrounding the project, not everyone is in favor of the casino resort development. Trustees of Hofstra University expressed concerns about the appropriateness of the Nassau Hub location for a casino, considering the 40,000 students who attend schools in the area, ranging from children to graduate students.
Local residents have also formed a nonpartisan group known as the Say No to the Casino Civic Association. This group is actively advocating for the rejection of the proposal and has initiated a change.org petition against the establishment of the gaming facility.
The approval of Las Vegas Sands’ 99-year lease to develop an integrated resort in Nassau County represents a significant milestone in the region’s development and the gaming industry. While proponents emphasize job creation and economic growth, there are valid concerns from local stakeholders regarding the location of the casino. The project will continue to be a subject of discussion and debate as it progresses, underscoring the intricate nature of casino development in densely populated areas.