The chairman and CEO of Las Vegas Sands expressed concerns Wednesday about investing in a $6 billion casino-resort on New York’s Long Island, while facing competition from online gambling.
Sands has proposed developing a multi-billion resort and casino around the Nassau Coliseum that has been opposed by Hofstra University, which is across the street. Opponents fear an increase in crime, traffic, and gambling addiction.
During a third-quarter earnings call, Rob Goldstein said the expectation is that casino operators seeking a license will be required to submit applications in the spring and that he learned Wednesday morning that a decision may not be made until the first quarter of 2026, instead of the end of 2025.
“We remain interested in the process,” Goldstein said. “The only concern I have these days is the ongoing strength of online gambling. You can’t ignore what’s happening in New Jersey, Pennsylvania, and Michigan. We build capital-intensive buildings that require a long-term perspective. There has to be some way to think about the online impact, no matter where you are in the U.S. I ‘ve been looking at it closely. I would love to be in New York with the right capital structure and right licensure process. This is the newest wrinkle. My personal thinking has been influenced somewhat by the last six months of the growth of online gambling.”
Goldstein said in the next year or two, online-gambling revenue will exceed land-based revenues in New Jersey, which he called “pretty exceptional.”
New York is considering legalizing online gambling and Goldstein was asked if Sands would reevaluate its proposal if that happens.
“It goes beyond that,” Goldstein said. “Like in Singapore, our buildings take years to finish. I need some understanding of any market (with legalized online gambling). If Singapore legalized online gambling, it would make you stop and think (about investments). If any market does legalize it, you think, what does it mean to me and my capital investment? There has got to be some resolution of the issue. You can’t ignore the impact on land-based revenue of online in New Jersey, Michigan, Pennsylvania, and the other four states coming online.”
