Igaming causes Las Vegas Sands CEO to hedge bet on New York

 On January 29th, during a quarterly earnings call, Rob Goldstein, CEO of Las Vegas Sands, restated his concerns about building a large integrated resort in Nassau County, New York.  He referenced the most recent bill that has been introduced in the New York legislature, which aims to legalise internet casino gaming in the state.

 When a Wall Street analyst asked Goldstein about his thoughts on the potential market cannibalisation caused by legalised igaming, Goldstein reiterated his concerns.

 Online gambling, including slots, horse races, lotteries, and sports betting, will be legalised under a bill that was submitted last week in the state senate.  On the grounds of the Nassau County Coliseum, Las Vegas Sands has submitted a bid to construct a $6 million (£4.8 billion/€5.8 billion) casino complex.  In response to a question regarding Las Vegas Sands' quest for one of three downstate casino licenses, Goldstein threw doubt on the company's plans in the event that igaming were to arrive.

 According to Goldstein, "I believe in New York, that it's a very strong market" (quoted on the call).  Having said that, I believe that igaming will inevitably exist in any market that offers both online and brick-and-mortar gambling, including sports betting.  Having read your response, I believe it is safe to say that you must agree that the product's value may be diminished due to intense gaming competition encountered at some point throughout the construction period.  That brings us to our dilemma.

 This is further shown by the findings from adjacent states like Pennsylvania or even Michigan.  Great market, we enjoy being there; you've asked and answered the question.  However, there is the stipulation of how to handle the persistent danger, which seems foreseeable in many states given the presence of both land-based properties and sports betting.  I fail to understand why igaming couldn't be a part of your future plans.  As we assess that market, that is our main concern.

 Despite igaming measures being introduced throughout each of the last three sessions, the New York legislature has not yet legalised online casino gaming.

 Resident resistance
 At the same time, the Las Vegas Sands New York proposal is still facing local resistance.  According to the Long Island Herald, environmental groups and Nassau County government officials have recently resumed their conversations.  They are worried that the project may harm Hempstead Plains, a local area that is home to a variety of plants and animals.

 Meanwhile, on January 29th, a group of concerned citizens known as Say NO to the Casino Civic Association met with the editorial board of Newsday to voice their opposition to the proposal.  Those identical ecological worries were expressed by them at the meeting.  They spoke on the potential social and economic effects on Nassau County as well as the breadth of the idea.

 Resident Rich Catalano of Garden City expressed his disapproval of the project's placement in the middle of their hamlet, as reported by Newsday.

 An integrated casino resort spanning 72 acres, the Sands New York is projected to cost $4 billion.  Ten percent of the land would be devoted to the casino.  Outdoor community areas and luxurious hotel rooms would also be a part of the project.  Additionally, a space for live performances is in the works.  The Nassau Veterans Memorial Coliseum has a long history of hosting live music, and that would be a fitting tribute.

 Even if local opposition is overcome, the project would still require permission from the state.  There is a lot of rivalry among the eleven suggestions.  June 2025 is the cutoff date for bids.  Licenses are expected to be issued by the New York Facility Location Board before the year ends.