Las Vegas Sands withdraws Long Island casino complex bid
The bid for the site at Nassau Coliseum was valued at $4bn.
Key Points
- Las Vegas Sands has withdrawn its $4bn Nassau Coliseum casino bid
- The operator has chosen to focus its financial efforts on its properties in Asia and Singapore
- This follows shortly after the operator released its Q1 2025 results, which saw net income decline 30% year-over-year
Las Vegas Sands has withdrawn its $4bn casino complex bid for a site at Nassau Coliseum, Long Island.
The operator, which received support from politicians including Nassau County Executive Bruce Blakeman but opposition from locals and Hofstra University, announced the decision on Wednesday 23 April. This followed shortly after the operator reported its Q1 2025 earnings, where net income was reported to have dropped 30% year-over-year to $408m.
The operator stated, “For Las Vegas Sands, we believe the highest and best use of our capital in the near term is to purchase Las Vegas Sands and Sands China shares. Accordingly, Sands has decided not to bid for a casino license in New York.”
Indeed, the operator currently manages properties in Macau and Singapore including Marina Bay Sands, The Venetian Macao, The Londoner Macao and The Parisian Macao. In its quarterly report, Chairman and CEO Robert Goldstein noted, “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets.”
Good to know: Following the release of President Trump’s international trade tariffs, stock prices for operators in Asia fell dramatically. In the days immediately after the announcement, Sands’ stock price fell 8.4%, from $36.41 to $33.37
In a statement to The Post, Hofstra University President Susan Poser said, “Hofstra University is pleased with Las Vegas Sand’s decision to abandon their application for a license to build a casino at the Nassau Coliseum. Over the past 90 years, Hofstra has been deeply invested in the future of this region, and we are eager to be a part of planning for development in the Nassau Hub that would promote, sustainable economic growth, enhance the quality of life for all who live and work here, and serve the true needs of Nassau County and Long Island.”
The move comes as New York City continues on its path to approving three casino licenses for operators, with the licenses expected to be approved by the end of the year.
Earlier this month, the New York City Planning Commission passed a proposal by Related Companies and Wynn Resorts to build a commercial space and potential casino in Hudson Yard. While this does not guarantee a casino will be built, as Wynn has yet to acquire the license, it does create a possibility. Though, it is notable that Wynn’s casino plan has been rejected twice, both by the Hudson Yard Community Board 4 and Borough President, with the former calling the property a “Las Vegas-style monstrosity.”
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