Las Vegas Sands projects $6 billion cost for New York casino project

Las Vegas Sands projects $6 billion cost for New York casino project

In a strategic move to reestablish its presence in the American gaming landscape, Las Vegas Sands Corporation has announced plans to invest a staggering amount in its proposed New York casino project if awarded a coveted license. Announcing the plans during the fourth-quarter (Q4) earnings conference call, Las Vegas Sands revealed that it would invest $6 billion in the world-class resort in Nassau County, of course if it gets the required license. The announcement underscores the casino giant’s ambitious plans to develop a world-class gambling-friendly property in Nassau County.

CEO Rob Goldstein expressed profound enthusiasm for the casino project, citing robust local support and a compelling bid. The proposed casino hotel, set to be constructed on the Nassau Coliseum site in Uniondale, is part of Sands' bid for one of three downstate casino licenses that are expected to be awarded by the state’s gaming regulators sometime later this year. In spite of facing resistance from Hofstra University and local organizations, the operator remains committed to the endeavor, with the top executive emphasizing the potential for a "true” five-star casino resort.

Speaking on the topic, CEO Goldstein said, “As you know, we’re bidding for a license in New York. We’re receiving strong local support. The cost of the building will be in the $6 billion range, which enables us to develop a true five-star resort. This is a massive opportunity. We are very enthused about the prospect.”

The top executive went on to assure that the casino would be constructed as quickly as possible if its compelling bid is approved by the concerned authorities.

The bidding process, involving around a dozen companies, is a crucial moment for Las Vegas Sands. While Goldstein stressed on the company's readiness to move swiftly, aiming to break ground as soon as possible if it is awarded the license, uncertainties linger as the state's decision on winning bidders remains unclear. Even Goldstein admitted that he didn't have any great insight regarding future happenings.

While Las Vegas Sands expands its vision in the U.S. market, analysts remain bullish on its Asia exposure as well, especially in Macau. The operator’s portfolio, comprising five integrated resorts (IRs) in Macau and Marina Bay Sands in Singapore, positions it as the leader of the Asian market. The recent success of Marina Bay Sands further adds to the company's positive outlook, positioning it for potential growth in both the U.S. and Asia.

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