Nassau County officials have revealed that a lease agreement that gives them control over the Nassau Coliseum site was reached with Las Vegas Sands.
Under the deal, the county will get a significant sum payment, with annual revenues brought to both the county and the Town of Hempstead and the communities nearby expected to exceed $100 million a year.
At a briefing that took place in the middle of the week, Nassau County Executive Bruce Blakeman confirmed that an agreement was reached. He further noted that the project would bring not only new jobs, but also economic prosperity and tax relief to the region, and would also improve safety in Nassau County. At the time when the announcement was made, Mr. Blakeman was joined by several leaders from organized labor groups, and representatives of the National Association for the Advancement of Colored People (NAACP), who have backed the proposed agreement. The project is supported by the Nassau Community College, which already has a partnership in place with the gambling operator.
Las Vegas Sands has been willing to establish an integrated resort on Nassau Hub, a 72-acre site in the county. The casino resort project, which has been estimated at about $4 billion, would include not only a casino venue but also hotel rooms, conference spaces and ballrooms, restaurants, a live entertainment venue, as well as a spa and health club.
The gambling giant has revealed its intentions to apply for a commercial gaming license in New York, which costs a total of $500 million, and in order to do so, it needs to have control of the site.
Nassau Casino Project Faces Opposition and Disapproval, Too
Not everyone accepts the proposed deal well, so the agreement has faced criticism, too.
Hofstra University and some local residents who have established the “Say No to the Casino” group have openly reiterated their objections to the casino plans because they believe such an operation will only bring more traffic to the area, and will boost crime rates. Campaigners have presented a number of petitions, with them claiming that the development of the project is fine but without a casino.
Reportedly, about a dozen operators are competing for three casino licenses in downstate New York, with the region including New York City, Westchester, and Long Island.
Las Vegas Sands has been willing to establish a presence in the lucrative region, with the gambling company’s chief executive officer Rob Goldstein saying that the operator remains unsure what it will do with the Nassau Veterans Memorial Coliseum. Mr. Goldstein shared that the venue may remain as it is, but it may also be changed, with Las Vegas Sands set to establish an alternative venue “no matter what”.
According to County Executive Bruce Blakeman, the Nassau Casino project has the potential to become the highest-grossing casino in the US, and the best part is that it will share part of its revenue with Nassau County. According to preliminary expectations, the county, the Town of Hempstead and four communities situated nearby, would get revenue of more than $100 million every year.