Las Vegas Sands draws request for permit New York in

The American gambling company Las Vegas Sands has announced that it will withdraw his offer for a permit in New York. The plan concerned an investment of $ 4 billion in an integrated resort on the Nassau Coliseum site in Long Island.

In a statement, as noted by IGB, the gambling company announced that it wants to use its resources elsewhere and worry about possible legislation on online gambling in the state of New York. The company indicated that the legalization of online casinos could undermine the plans for a physical casino.

Las Vegas Sands reported that in the first quarter of 2024 it bought back for $ 450 million in its own shares and shares of Sands China. In line with this, the company states that it is currently preferable to investing in its own shares above participation in the expensive bidding process in New York.

Hofstra University

Las Vegas Sands’ proposal for the Nassau Coliseum included a casino resort with various facilities. Almost two years ago, the company had concluded a 42-year lease agreement with Nassau County for the site. This agreement followed a legal battle, in which Hofstra University strongly opposed the project.

Hofstra University has indicated in a statement that it is satisfied with the decision of Las Vegas Sands. The university speaks of a desire to be involved in future developments that stimulate economic growth and improve life quality in the region.

Despite the withdrawal of the bid, Las Vegas Sands indicated for a third party who may be interested in taking over the project and to submit a new bid. Nassau County announced that it wanted to make a decision within 30 days about the future interpretation of the site, with or without a casino.

Seven more casinos things to permit

After Hudson’s Bay Company, Las Vegas Sands is the second game to officially withdraw from the race for one of the three permits for New York. After the departure of Las Vegas Sands and Hudson’s Bay Company, seven more candidates remain for the coveted license.

These include Hard Rock, which, together with METS owner Steve Cohen, wants to develop a $ 8 billion-cost complex alongside Citi Field, Empire City Casino / MGM Resorts, Wynn Resorts, and the consortium of SLEEN, Caesars Entertainment, and ROC Nation (Jay-Z) with a location for a Casino on Time.