Las Vegas Sands curtailed the casino project in Nassau Coliseum: what will happen next?
Las Vegas Sands has decided to abandon a large-scale project to build a $4 billion casino resort on the territory of Nassau Coliseum in New York. The decision was explained by a change in financial priorities and uncertainty in the regulation of the gambling business in the state.
Despite support for the project from local authorities, including Nassau County Chief Bruce Blakeman, work on the project is officially frozen. However, the land lease remains with Sands, which gives the company the opportunity to participate in the future in the fight for one of the three new casino licenses that should be issued by the end of 2025.
Hofstra University was a particularly active opponent of the construction of the casino. Representatives of the university positively perceived the news about the curtailment of the project and expressed their readiness to work on the development of alternative plans for the development of the territory.
The abandonment of the New York project coincided with the announcement of a major new investment by Las Vegas Sands: the company will spend $1 billion on the expansion of Marina Bay Sands in Singapore. This reflects a change in strategy - now Sands is betting on sustainable development and strengthening existing assets.
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Business is business – if it is not profitable, of course, they curtail it. There is nothing surprising here.
It is logical that Singapore was chosen. In New York, it is not at all clear what is going on with the laws.
it would be better to build it here....
Yes, in the USA now almost everything is through one place with a casino theme. It would be better if something was built in Europe.
It is a pity that such large projects are disrupted. For the district, these would be jobs...
Oh, finally someone gave up on a useless casino! Maybe they will really build something normal.