Nassau Coliseum Casino Would Cost $7.6B, Needs New Partner

^{Converting Nassau Coliseum in Long Island, New York, into a casino would cost a few billion more than initially anticipated, environmental impact researchers say. (Photo: Dirk Shadd / Tampa Bay Times / ZUMA)}

If a new developer wants to build a casino on the site of the Nassau Coliseum, they’re going to have to deal with a much higher price tag than initially thought.

According to a newly released environmental impact statement for the project, the cost to build a casino-resort on the 72-acre plot of land where the Nassau Coliseum currently stands will now be $7.6 billion, nearly double the $4 billion project originally pitched by Las Vegas Sands.

Legislators Say Path is Set for Nassau Coliseum Development

According to the new estimate, which was first reported by Newsday, the additional costs come from traffic mitigation efforts, increased labor and material costs, and the price of the application for a New York gaming license. 

The final environmental impact statement (FEIS) was compiled by VHB Engineering, Surveying, Landscape Architecture and Geology P.C., and its release was approved unanimously by Nassau County legislators on May 19.

According to the Nassau County Legislature, the completed environmental impact statement should make it possible for a casino proposal to move forward on the site in Uniondale. 

“The legislature has now done its job in preparing the way for what we hope will be tremendous development benefiting all county residents,” Nassau County Presiding Officer Howard Kopel (R-Lawrence) told Newsday. “I think we’ve done a responsible job balancing all of the pros and cons.”

But while local officials are still hoping to push for a casino on Long Island, the increased price tag is only the latest hurdle that has been placed in front of the project in recent weeks.

Las Vegas Sands Backs Out of Casino Proposal

Las Vegas Sands removed itself from the project last month, with CEO Robert Goldstein announcing the decision during a conference call on April 23. According to Goldstein, the company was concerned about the potential legalization of iGaming in New York and how that might impact brick-and-mortar casinos.

That left the proposal in an unusual position. While Sands may have stepped away from the casino, it holds a 42-year lease on the Nassau Coliseum facility. That leaves Sands looking for a third-party developer and/or gaming operator that would be able to put together a viable bid for one of the three downstate casino licenses available in New York.

“Nassau County residents have made clear they want and deserve a transformational project at the site of the Coliseum,” Sands Senior Vice President Michael Levoff said in a statement addressing the FEIS. “No matter what development ultimately takes place, completion of the multimillion-dollar environmental review process that Las Vegas Sands has undertaken is an essential step towards realizing that project.”

Officials have yet to announce a third-party developer or new gaming operator to take over the casino proposal.

Time is running out for a potential casino project to develop at the Nassau Coliseum site. Applications for the three licenses are due by June 27, with a final determination from the New York State Gaming Commission expected by the end of the year.

Sands isn’t the only potential player to drop out of the New York casino race. Wynn and Related Companies recently dropped their bid for a Hudson Yards project, while a potential boutique casino in the Saks Fifth Avenue building has also been axed.