Las Vegas Sands (LVS) CEO and Chairman Rob Goldstein is expressing doubts about the company’s plans to secure a license for a $6 billion casino resort in New York State. During the third-quarter earnings call, Goldstein raised concerns about the growing popularity of online gambling and its potential impact on the long-term viability of capital-intensive projects like the proposed Long Island casino.
Goldstein highlighted the fact that online gambling revenue in New Jersey is projected to surpass land-based revenue in the next few years. Despite previous unsuccessful attempts to legalize online casinos in New York, industry insiders believe it is only a matter of time before it becomes a reality.
The proposed casino at the Nassau Coliseum site in Long Island has already faced significant opposition, including a lawsuit from nearby Hofstra University and complaints from concerned locals about potential increases in traffic and crime.
Goldstein also mentioned that the New York State Gaming Commission may not issue the three downstate casino licenses until the first quarter of 2026, causing further delays in the process. Interested parties are now expected to submit official applications in the spring of 2025.
Despite these obstacles, Goldstein reiterated LVS’s interest in the New York project once the company has the right capital structure and licensure process in place. The construction project would transform the 72-acre site over 18 months, creating 8,500 temporary jobs and approximately 5,000 permanent positions.
LVS is closely monitoring the impact of legal online casinos in states like Pennsylvania and New Jersey to gauge the potential effects of legalization in New York. However, there is no guarantee that LVS will receive one of the coveted licenses, as competition is fierce with almost a dozen groups vying for permits, including a Jay-Z-backed Times Square casino, a resort near the New York Mets ballpark, and two existing slots parlors in Queens and Yonkers.