Las Vegas Sands’ (LVS) plans to build an integrated resort at the Nassau Coliseum on Long Island came one step closer to approval this week.
Las Vegas Sands’ (LVS) plans to build an integrated resort at the Nassau Coliseum on Long Island came one step closer to approval this week.
On Monday (22 July), the Nassau County Legislature Rules Committee approved a 42-year lease on the building for LVS, bringing the operator closer to its aim of transforming it into an integrated resort.
LVS is among several bidders looking to secure one of three downstate New York casino licences set to be awarded next year.
Approval is required both at the local and county level in order for the bid to move forward.
Following approval by the Rules Committee, the lease will now go to the full county legislature next month for an additional vote.
LVS will then need to secure a gambling licence from the New York State Gaming Commission in order to move forward with its plans.
Long Island resort plans
LVS plans to build a “multi-billion-dollar flagship hospitality, entertainment and casino project” on the site if it is able to secure full approval.
“Our company’s track record of driving significant economic benefits to the communities in which we operate and the meaningful relationships and partnerships we have created in each of those communities gives us a unique perspective on what it takes to develop transformative tourism destinations that positively impact the local community,” said LVS CEO Robert Goldstein when the plans were announced.
“Based on that experience, we strongly believe Long Island can be home to one of the region’s great entertainment and hospitality developments.”
On completion, the resort would include outdoor community spaces, four and five-star hotel rooms, a live performance venue, celebrity chef restaurants, experiential events, and flexible meeting and convention spaces, according to the operator.
Casino gaming space would take up less than 10% of the project’s total square footage, LVS said, while other amenities such as a day spa, swimming pool and health club would also be included.
Sands posts Q2 results
Elsewhere, LVS today (25 July) published its financial results for the Q2 2024 reporting period.
The business generated net revenue of $2.76bn during the quarter, up 8.7% year-on-year, from its resorts in Macau and Singapore.
Operating income grew 10.1% to $591m, while net income increased 15.2% to $424m.
“Our financial and operating results for the second quarter of 2024 reflect growth in both Macau and Singapore compared to the second quarter of 2023,” commented CEO Goldstein.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programmes in both Macau and Singapore.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programmes in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our programme to return excess capital to stockholders,” he added.