Las Vegas Sands to Pursue Multi-Billion-Dollar Downstate New York License at Nassau Veterans Memorial Coliseum Site on Long Island
Las Vegas Sands (NYSE: LVS) plans to develop a multi-billion-dollar hospitality and casino project on Long Island, New York, following the New York State Gaming Commission's recent Request for Application. The company aims to acquire a long-term lease for the Nassau Veterans Memorial Coliseum site, securing control of up to 80 acres. The project is expected to generate substantial tax revenue and create thousands of jobs, while emphasizing community collaboration and sustainability. It will include luxury hotels, entertainment venues, and a casino occupying less than 10% of the total area.
- Plans for a multi-billion-dollar project in Long Island could significantly boost local economy.
- Potential to generate tens of millions in annual tax revenue for the local community.
- Creation of thousands of quality union jobs during construction and operations.
- Focus on community collaboration and sustainable development practices.
- Project still requires various approvals, which may delay development.
- Dependence on commercial viability of the site, which is currently encumbered by an outdated arena.
Company to Kick Off Community Collaboration Effort to Develop Bid
UNIONDALE, N.Y., Jan. 12, 2023 /PRNewswire/ -- With the recent release of the New York State Gaming Commission's Request for Application for three downstate New York gaming licenses, Las Vegas Sands (NYSE: LVS), the world's most valuable integrated resort company, today announced its intention to pursue the development of a multi-billion-dollar flagship hospitality, entertainment and casino project on Long Island, New York.
The company has entered into agreements to purchase the long-term lease of the site currently home to the Nassau Veterans Memorial Coliseum. These transactions, which still require certain approvals, would grant the company control of up to 80 acres in Nassau County, New York.
"Our company's track record of driving significant economic benefits to the communities in which we operate and the meaningful relationships and partnerships we have created in each of those communities gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community. Based on that experience, we strongly believe Long Island can be home to one of the region's great entertainment and hospitality developments," said Robert G. Goldstein, the company's chairman and chief executive officer. "Our announcement today is only the first part of this journey. Our ability to put forward a compelling and competitive proposal will only succeed if we engage with the Long Island community and, in collaboration, develop a proposal that reflects the input of all those involved."
The integrated resort components of a Long Island development would include outdoor community spaces, four and five-star hotel rooms and a world-class live performance venue honoring the long legacy of live music at the Nassau Coliseum. The resort property would also feature celebrity chef restaurants, experiential events and venues and flexible meeting and convention space, including ballrooms. Other amenities would include high-quality casino gaming, which is planned to represent less than ten percent of the project's total square footage, a luxurious day spa, swimming pool and health club, and a variety of other entertainment programming.
Building upon years of community outreach at the site by RXR Realty, Sands will work with local Long Island communities to co-create a development plan and bid that ensures that the new integrated entertainment and hospitality resort maximizes economic opportunity, helps to build stronger communities, and protects the quality of life for all Long Islanders. Sands will re-activate the various working groups previously established by RXR to identify the goals and opportunities for local residents.
"After nearly two decades of working to transform the Nassau Coliseum site, including countless hours meeting with thousands of community members, the message has been overwhelmingly clear that Long Islanders want a global renowned entertainment destination that creates well-paying jobs and new opportunities at the Nassau Hub. But the challenge for turning this vision into reality has always been the commercial viability of a site encumbered by a nearly obsolete half-century-old arena," said Scott Rechler, CEO and chairman of RXR. "The plan envisioned by Sands is a once-in-a-generation opportunity to create the kind of world-renowned entertainment and hospitality destination that has been sought after by Long Islanders."
Mr. Goldstein added, "Our proposed project would be designed to produce tens of millions of dollars in tax revenue for the local community on an annual basis, potentially offering property tax relief for residents. The project would also provide a lift for local businesses through a robust procurement program and support a broad range of community organizations and causes."
The project would also provide thousands of quality union jobs in both construction and operations.
"Long Island has always attracted entrepreneurial businesses, and in this case, it would be creating an entirely new industry for the region. The breadth and depth of the job opportunities created from this development, including many with no prior experience or minimum education requirements needed, are unlikely to be matched by any other proposal the state receives. We will offer a wide range of career paths and professional advancement and training programs working in partnership with trade schools, community colleges, local universities and other institutions. Career advancement will be possible and prioritized for all our team members," said Mr. Goldstein.
"I will always consider Hempstead my home, so it is with great pride that I have a leadership role working with this great community on this transformational project. We are committed to bringing opportunities for small businesses to thrive, career paths in multiple disciplines for our local residents, innovative approaches for minority and women-owned businesses, thousands of union jobs, and an understanding of our obligation to partner and communicate our vision for the future," said former New York Governor and Sands Senior Vice President David A. Paterson.
Governor Paterson also said, "Our diversity and inclusion strategies will foster an environment of collaboration and economic equity. Our goal will be to ensure that our supply chain is fulfilled from small businesses, minority-owned, women-owned as well as veteran and disabled entrepreneurs based locally so that our surrounding communities are central and fully participating in the success of this project."
Through the company's well-established and industry-leading environmental sustainability program, Sands ECO360, the Long Island development would also utilize cutting-edge sustainable building and operating practices. The company will seek guidance from Long Island's environmental leaders on its ambition to achieve LEED certification and its goal of being the "greenest" building on Long Island.
Sands is also committed to creating a development that is uniquely Long Island through investments in existing community and cultural projects and organizations and partnerships with local celebrities and sports teams. The project would also honor the site's legacy as a veteran memorial and pay tribute to Long Island's beloved community of military service members – past and present.
"The entire Sands team is excited for the opportunity to help bring this vision to reality and we are ready to work in a serious and transparent manner with the local community in an effort to bring an exciting new industry to Long Island," concluded Mr. Goldstein.
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America and recognition as one of Fortune's World's Most Admired Companies. To learn more, visit www.sands.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to: the success of our plan for a hospitality, entertainment and casino project on Long Island, New York, including with respect to government approvals, development and construction risks, and financial and operational results; the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities and produce future returns; new development, construction and ventures; government regulation; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; benchmark interest rate transitions for some of our debt instruments; fluctuations in interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loans receivable; and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such statements and information.
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SOURCE Las Vegas Sands Corp.
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