Las Vegas Sands advances towards Long Island casino project

Lea Hogg July 25, 2024

Share it :

Las Vegas Sands advances towards Long Island casino project

Las Vegas Sands (LVS) is making significant strides in its ambitious plan (photo above) to transform the Nassau Coliseum on Long Island into a multi-faceted integrated resort. This week marked a crucial milestone as the Nassau County Legislature Rules Committee gave its approval for a 42-year lease on the building to LVS.

This approval propels LVS further towards its goal, positioning it among several contenders vying for one of the three downstate New York casino licenses due to be awarded next year. However, the journey is far from over. The bid requires sanction at both local and county levels to proceed.

The approved lease will be presented to the full county legislature for an additional vote in the coming month. Following this, LVS will need to obtain a gambling license from the New York State Gaming Commission to actualize its plans.

LVS envisions a “multi-billion-dollar flagship hospitality, entertainment, and casino project” at the site, contingent on securing full approval. CEO Robert Goldstein expressed confidence in the project, citing the company’s history of driving substantial economic benefits in the communities where they operate.

Upon completion, the resort promises an amazing choice of amenities including outdoor community spaces, luxury hotel rooms, a live performance venue, restaurants helmed by celebrity chefs, experiential events, and flexible meeting and convention spaces. The casino gaming space will constitute less than 10 percent of the project’s total area, with other amenities such as a day spa, swimming pool, and health club also planned.

Strong Q2 results fuel future growth

In other news, LVS announced its financial results for Q2 2024. The company reported net revenue of $2.76 billion, an 8.7 percent increase year-on-year, driven by its resorts in Macau and Singapore. Operating income rose by 10.1 percent to $591 million, while net income saw a 15.2 percent increase to $424 million.

Goldstein expressed optimism about the company’s future, highlighting the growth in both Macau and Singapore compared to Q2 2023. He emphasized LVS’s financial strength and industry-leading cash flow, which support ongoing investment and capital expenditure programs in Macau and Singapore, pursuit of growth opportunities in new markets, and the return of excess capital to stockholders.

As of the close on 25 July, Las Vegas Sands Corp. was trading at $40.32 USD, which represents a decrease of $0.81 (1.97%) from the previous trading session.