The Sands recently got their lease agreement approved for the Nassau Coliseum, the proposed site of a resort/casino they plan to build if given legislative approval.
Let’s take a closer look at the agreement and how it might impact top-rated sportsbooks.
Approval Granted
Nassau County legislators voted 18-1 to approve a lease of the Nassau Coliseum to the Las Vegas Sands Corporation. Moreover, unanimous approval was also granted for a state environmental review of the coliseum and the surrounding property. This is the second time Sands has gone through this approval process, receiving a 17-1 vote in favor of the lease in 2023 that was ultimately struck down by a New York State judge.
The lease approval, which encompasses not only the coliseum but the surrounding 72 acres located in Uniondale, is a critical step in what will optimistically be approval for one of the three downstate casino licenses that are up for bid in New York. The terms of the lease include an initial 27-year term with three five-year renewals bringing the total number of years to 42 should it complete its full term.
Betting on the Future
In the interim, the venue will be booked for live events and concerts but the endgame is the construction of a resort casino should Sands be awarded one of the licenses. The county-owned property is also home to several hundred jobs that will be protected because of the agreement. Should the Sands fail to obtain one of the three gaming licenses, its focus will pivot to building a resort and entertainment destination sans gambling.
Sands Vice President Tracey Edwards said in a statement after the vote that “the 400+ employees and management of the Coliseum will sleep better at night knowing their jobs are safe. We are also deeply grateful to the many hundreds of supporters and community leaders that have turned out to share their voice on this project and the opportunities it holds.”
Not Everyone’s a Fan
Matt Cohen, president and CEO of the Long Island Association, an organization founded in 1926 representing businesses on Long Island, is in favor of the Sands lease, as are the many unions whose members will be employed in a variety of positions because of it.
“This is a once-in-a-generation opportunity to finally redevelop the Nassau Hub and support new job creation, economic activity, and opportunities for small businesses,” wrote Cohen. “Long Island should roll out the welcome mat for international companies that want to invest multiple billions of dollars to revitalize our region and be a committed community partner.”
However, there are others that are not thrilled about the creation of a Las Vegas-style casino inhabiting the coliseum. Among those is the Say No to the Casino Civic Association, a group that has lobbied state officials against granting Sands one of the casino licenses.
In a written statement, the organization calls for the Sands to be disqualified for consideration due to its “repeated failures to follow the State Environmental Quality Review Act (SEQR) and site selection guidelines. If the county leadership truly cares about the Coliseum jobs, they can simply enter into a management agreement with an operator to run the Coliseum until the future of the site is fully resolved, or until new leadership develops a vision for the Nassau Hub that does not include a predatory casino in the heart of our community.”
