LV Sands CEO Says Online Gambling Could Alter New York Casino Plans

^{Las Vegas Sands CEO Rob Goldstein says the prospects of legal online gambling in New York makes him a bit uneasy. (Image: ImagineChina)}

Las Vegas Sands Chairman and CEO Rob Goldstein told investors that while the company still wants to win a license to build a casino on Long Island, the possibility of online gambling in New York could impact its investment in the project.

Goldstein made the comments during a third-quarter earnings call, which took place on Wednesday.

‘Online Impact’ Has Goldstein Thinking Twice About New York

The Las Vegas Sands has proposed spending approximately $6 billion to build a casino on the site of the Nassau Coliseum in Uniondale, New York. That proposal is one of nearly a dozen competing for three lucrative downstate casino licenses that will be awarded around the end of 2025. 

The Sands proposal is the only notable plan to bring a casino to Long Island proper, a factor that could work in its favor in a competitive race for those licenses. However, New York legislators have been debating whether to legalize online casino games, having already opened the doors to online sports betting in the state. Goldstein says that could change the calculus for opening a major land-based casino.

“We remain interested in the process,” Goldstein told investors. “The only concern I have these days is the ongoing strength of online gambling. You can’t ignore what’s happening in New Jersey, Pennsylvania, and Michigan. We build capital-intensive buildings that require a long-term perspective. There has to be some way to think about the online impact, no matter where you are in the US.”

While the threat of online gambling is nothing new, Goldstein says he has been taking the issue more seriously in recent months, pointing to the fact that online gambling revenue may soon surpass land-based revenues in New Jersey.

“I would love to be in New York with the right capital structure and right licensure process,” Goldstein continued. “This is the newest wrinkle. My personal thinking has been influenced somewhat by the last six months of the growth of online gambling.”

Appellate Division Sends Lease Challenge Back to Nassau Courts

Also on Wednesday, Sands received some good news in terms of its lease of the Nassau Coliseum site. The Second Judicial Department of the New York Supreme Court’s Appellate Division overturned a lower court ruling that had found that county officials violated open meeting laws in transferring the building’s lease to the casino giant. 

The Nassau County Planning Commission and the county’s legislature granted Sands a 99-year lease transfer for the site last year. However, the Nassau County Supreme Court temporarily halted that move last year, after Hofstra University – located near the proposed casino site – brought its lawsuit. The Nassau County Legislature later granted a shorter 27-year lease in 2024. 

The new ruling doesn’t dismiss the case, as county officials had hoped. However, it will send the case back to Nassau County’s courts, with Sands to be included in further litigation on the matter.

Even if Sands can navigate the local politics and decides it still wants to spend the money to open a casino in New York, it will face stiff competition for the three available downstate licenses.

Two racinos – MGM’s Empire City at Yonkers Raceway, and Genting’s Resorts World New York City – are favored for licenses, as they could be up and running quickly with minimal if any construction required. The next tier of contenders include Sands, along with a Hudson Yards proposal backed by Wynn, a Times Square casino proposed by Caesars and entertainment mogul Jay-Z, and New York Mets owner Steve Cohen’s proposed Metropolitan Park complex near Citi Field, which he is developing with Hard Rock.