Las Vegas Sands plans $4B casino development in Long Island, NY

Las Vegas Sands plans $4B casino development in Long Island, NY

Dive Brief:

  • Las Vegas Sands, a Paradise, Nevada-based casino and resort company, announced plans to develop a multi-billion-dollar flagship hospitality, entertainment and casino project on Long Island, New York, according to a company press release.
  • The transaction, which still requires certain approvals, would grant the resort company control of up to 80 acres in Nassau County, New York, according to the release.  
  • The $4 billion Long Island development would include outdoor community spaces, four- and five-star hotel rooms, a live performance venue, convention space and a casino, Newsday reported.

Dive Insight:

Las Vegas Sands plans to partner with trade schools, community colleges and local universities to offer a wide range of training programs and professional advancement opportunities for laborers on the project, according to the release.

Robert Goldstein, the company’s chairman and CEO, expects the project to generate thousands of union jobs in both construction and operations. He added the development will use “cutting-edge sustainable building and operating practices” and will seek guidance from Long Island’s environmental leaders on “its ambition to achieve LEED certification and its goal of being the greenest building on Long Island,” according to the release.

Other features of the planned site, which is currently home to the Nassau Veterans Memorial Coliseum, include:

  • Restaurants.
  • Ballrooms.
  • Day spa.
  • Swimming pool.
  • Health club.

The company brought in former New York Gov. David A. Paterson in 2019 to assist with the development timeline, reported The Nevada Independent. He recently spoke in December at the joint meeting of the Nassau Council of Chambers of Commerce and the Suffolk County Alliance of Chambers to present the plan for the Long Island site, according to World Casino News. Paterson served as the 55th governor of New York from March 2008 to December 2010. 

It is the latest attempt to revive the site of what was once a premier entertainment destination. In 2020, Nick Mastroianni II, founder and chairman of U.S. Immigration Fund, which facilitates foreign investment in U.S. real estate, took over as leaseholder of the Nassau Veterans Memorial Coliseum in an attempt to revive the aging arena, reported The Real Deal

The venue that once served as the former home for the NHL’s New York Islanders, the NBA’s New York Nets and a marquee tour stop for A-List performers now hosts minor league basketball games and monster truck rallies

Muted sector outlook

Construction starts for recreation projects, such as casinos and convention centers, will tick up just 1% in 2023 to $19 billion, according to Dodge Construction Network. The MSG Sphere, an entertainment project in Las Vegas, recently pushed its price tag up to $2.18 billion due to inflation and supply chain pressures.

That market also closely aligns with the beleaguered hotel sector. Hospitality projects still have a “long recovery ahead,” said Sarah Martin, Dodge senior economist.

Nevertheless, muted outlooks in both recreation and hotel aren’t dampening the company’s optimism around the development.

“[Las Vegas Sands’ track record] gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community,” said Goldstein in the release. “Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments.”

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *