Posted on: January 5, 2023, 02:31h.
Final up to date on: January 5, 2023, 02:45h.
Las Vegas Sands (NYSE: LVS) might focus its New York Metropolis-area on line casino efforts on Nassau County — a densely populated space of western Lengthy Island that borders the borough of Queens.
Nassau County, New York on a map. Las Vegas Sands is reportedly contemplating the world as the positioning of a brand new on line casino. (Picture: CBS New York)
Late Tuesday, New York opened the request for purposes (RFA) course of for 3 downstate on line casino licenses. There’s no deadline for submissions, however operators should decide to initiatives of at the very least $500 million whereas paying a brand new gaming license price of the identical quantity. Bidders should additionally think about a statutory minimal gaming tax of 25% on slots and 10% on desk video games.
Las Vegas Sands applauds the State of New York for transferring ahead with the method of awarding the downstate gaming licenses,” stated a Sands spokesperson in a press release. “Because the world’s preeminent developer and operator of world-class built-in resorts and casinos, we’re excited for the chance to current an especially aggressive and compelling proposal. These new licenses symbolize the potential to generate hundreds of excellent paying jobs and construct an thrilling new business for the area’s economic system.”
Sands participation within the New York bidding competitors is significant to the operator’s US growth efforts. At the moment, the Las Vegas-based firm has no home gaming properties, as its portfolio is comprised of 5 built-in resorts in Macau, and Marina Bay Sands in Singapore.
Sands Tied to NY, Extra Just lately Lengthy Island
Sands has lengthy been tied to New York on line casino rumors, together with the potential for growing a gaming venue in Manhattan or Queens close to Citi Discipline.
Extra just lately, hypothesis involving the corporate’s New York play turned to Lengthy Island. Final month, former New York Gov. David Paterson (D), now a senior vice chairman on the gaming firm, stated he’s pushing his employer to think about Lengthy Island.
Whereas he didn’t a reveal a selected location into account by Sands, unidentified sources informed Newsday the Nassau Hub, together with Nassau Veterans Memorial Coliseum, is presumably into account by Sands, as is the UBS Enviornment/Belmont Park space in Elmont.
There are tangible advantages to specializing in Lengthy Island. Not solely would an built-in resort mission there keep away from bringing extra site visitors congestion to Manhattan, however Nassau County is the second-most populous county in New York after New York Metropolis. Moreover, Lengthy Island is a brief drive to the Kennedy and LaGuardia airports.
New York On line casino Competitors Heating Up
Whereas New York will finally award three downstate on line casino permits, the consensus view is that two are already spoken for by MGM’s Empire Metropolis On line casino in Yonkers and Resorts World in Queens. That’s not official, however the two slots-only venues are established entities recognized to New York policymakers.
That might imply Sands and rivals together with Caesars Leisure, Laborious Rock Worldwide, and Wynn Resorts are vying for only one license. It’s not stunning why these corporations and maybe others need entry to New York.
Union Gaming analyst John DeCree just lately stated the New York Metropolis space is doubtlessly essentially the most profitable gaming market within the US exterior of Las Vegas. Three full casinos there might generate as a lot as $4.8 billion in annual income — an estimate that doesn’t embrace leisure and lodge rooms.
