Las Vegas Sands Casino Project in New York Approved

Nassau County, New York State legislators approved the Las Vegas Sands‘ 99-year lease to build and manage a $4 billion casino on the site of Nassau Coliseum on Long Island.

The civic association “Say No to the Casino”, in collaboration with various pressure groups, has opposed the idea. They claimed that the Las Vegas Sands Casino on Long Island will increase crime, traffic and pollution in the area.

“We are deeply disappointed that our elected representatives disregarded their constituents’ concerns and approved the lease transfer,” said representatives of the group “Say No to the Casino”.

Las Vegas Sands agreed that ‘gambling’ would represent only 10% of the new integrated resort.

Nassau Coliseum

The lease approval was originally signed by the National Capital Planning Commission (NCPC).

Las Vegas Sands no longer operates any commercial casinos in the US, and the Long Island casino is expected to become the company’s main business in the country.

The Las Vegas Sands Nassau Coliseum is just one of several proposed casino projects for the region.

Caesars Entertainment’s bid for a Manhattan casino in Times Square was also criticised. Another group of investors is proposing a casino in Coney Island.

The New York State Gaming Commission is expected to announce the winners later this year, following recommendations from the three members of the Gaming Facilities Location Board.

Winning operators must pay a US$500 million license fee and have a minimum of US$500 million for capital development.

Las Vegas Sands share price

With a volume of 1,967,202, the Las Vegas Sands price dropped -3.46% to $57.43. Next quarter’s results are due in 57 days.