Las Vegas Sands (LVS) announced on Wednesday that it pulled itself out of the running for a downstate casino license in New York during a Q1 2025 earnings call. The company had plans to redevelop the Nassau Veterans Memorial Coliseum in Uniondale for use as a casino.
President and COO, Patrick Dumont, said on the call that he still believes a casino can succeed in Nassau County. However, the company had previously said that the possibility of online casinos being legalized in the state was causing it to reconsider. Except for a brief experiment with business-to-business services, LVS has avoided exploring the online gambling space—a holdover from its late founder Sheldon Adelson’s longtime opposition to the idea.
Dumont’s comments confirmed that iGaming possibilities are still the sticking point for LVS:
“We strongly believe in the development opportunity for a land-based downstate casino license in New York. We also continue to believe that the Nassau Coliseum site (on Long Island) is the best location for that development opportunity and should be highly competitive in the New York casino licensing process.
“However, as we previously stated, the company remains concerned about the potential impact on the legalization of iGaming on the overall market opportunity and project returns.”
LVS sold off its remaining US retail properties in 2022 in order to focus on other markets, particularly Macau. Aside from New York, it has been eyeing Texas as a possible place for a US re-entry, but that idea has been shut down by Republicans in the state Senate.
LVS looking sell off bidding opportunity
A bid for a gambling facility in Nassau County will remain live, but it won’t be from LVS. The company is attempting to find another party to buy out its interest in the $6 billion proposal.
Dumont said that LVS is in the process of securing “an agreement with a third party with whom we can transact the opportunity to bid for a casino license on a Nassau Coliseum site.” While Dumont didn’t give specifics, it’s likely the buyer can handle online, once passed, and retail markets together. He did say what LVS is focused on moving forward:
“We believe repurchases of LVS equities through our repurchase program will be accretive to the company and shareholders over the long term. Our board has increased our share-repurchase authorization to $2 billion.”
The competition for the final license remains fierce, despite LVS’ departure. Wynn Resorts proposed a $12 billion project in Hudson Yards, which includes a gambling facility, restaurants, shops and housing units.
The Coney also has plans of bringing a casino to revitalize the Brooklyn section of New York. It is targeting a five-acre plot near the corners of Surf and Stillwell avenues. Earlier this year, the project pledged $200 million for a community trust if it receives a license.
Caesars proposed a facility in Times Square, while Bally’s threw its hat in the ring for a casino in Bronx.
Competition for a casino in Nassau County is still alive. However, LVS won’t be in charge of the proposal moving forward.
