The Las Vegas Sands unveiled plans to pursue the development of a Long Island-based multi-billion-dollar casino and entertainment project. That is exactly why the gambling operator has agreed to acquire the Nassau Veterans Memorial coliseum’s long-term lease. The takeover deal would provide the company with controlling rights over an 80-acre site in Nassau County.
So far, the state of New York opened up the application process for three downstate gambling facilities.
According to the developers, the casino would constitute only 10% of the overall project, which would also include hotels, a convention space, a performance venue, and some restaurants. The development would also create thousands of union jobs in construction and operations.
Preliminary expectations say that the immediate result of the approval of the project would be 12,000 construction jobs, with a further 5,000 jobs to be created in entertainment.
Although the project faced some criticism, Bruce Blakeman, a Nassau County Executive, believes that if the projected revenue is right and the community supports the proposal, he would keep an open mind. According to him, it would be a mistake for the local Government not to listen.
The deal that has been only recently announced by the Las Vegas Sands is still required to receive the official approval of the state.
The Casino and Entertainment Project Expected to Bring Significant Economic Benefits
The CEO and chairman of the Las Vegas Sands, Robert G. Goldstein, shared that his company already had a track record of bringing significant economic benefits to the communities it operated in. Mr. Goldstein further shared that the casino and gambling company had created some meaningful partnerships and relationships in each of the communities it operated in, not to mention that it helped develop some transformative tourism destinations that had had a positive impact on the local community.
Based on the experience it had so far in other communities, the company strongly believes that Long Island could become home to one of the region’s top entertainment and hospitality developments, Mr. Goldstein also noted. Under the plan unveiled by the Las Vegas Sands, the project will feature some four-and five-star hotel rooms, community spaces, and a top-notch live performance venue to honor the long legacy of live music that the Nassau Coliseum has been known for. Celebrity chef restaurants, flexible meeting and convention space, including ballrooms, and experiential events and venues, would also be featured by the casino resort property.
As mentioned above, the casino gaming floor is planned to represent about 10% of the total square footage of the project.
There are still a lot of hurdles the project is required to go over but its supporters remain excited about its future and the benefits it is likely to bring to the region. Apart from that, the competition is likely to be fierce because other companies are also trying to get one of the three gambling licenses in the state of New York, including an operator that has been trying to put a casino in Times Square.