Sands Cashes Out: Vegas Giant Abandons $6B Long Island Casino Dream

Las Vegas Sands is throwing on the towel on landing a NY casino license- says it wants a third party partner to take over its bid of $4B-$5B for the site at the Nassau Coliseum on Long Island. $LVS says buybacks are a better use for its capital is buybacks. Shares are ~$34 pic.twitter.com/g4hTFiWVI8

— Contessa Brewer (@contessabrewer) April 23, 2025

Why the House Walked Away

During an earnings call, Sands President Patrick Dumont cited two reasons the company no longer wanted to play: rising construction costs and the “uncertain threat” that a future online casino boom poses to brick-and-mortar returns.

While online gambling regulations have yet to be approved in New York, the Senate Racing, Gaming, and Wagering Committee has had SB2614 on the agenda since January.

Executives said U.S. digital wagering is on pace to hit $26 billion next year. They also noted that any move to approve new gambling regulations in New York could siphon 15-20% of revenue from a physical cash casino.

Rather than doubling down, Sands will redirect capital to share buy-backs and its proven Asia portfolio, saying “the digital shuffle has changed the game board for large-scale U.S. developments.”

What It Means for Long Island

Local officials are left with an empty chair and 72 acres of property that needs a plan.

Nassau County Executive Bruce Blakeman says several “confidential” operators have already expressed interest in taking over the bid; if no viable casino partner emerges within 30 days, the county may go with a mixed-use project heavy on housing, offices, and entertainment.

For backers, the retreat erases 5,000 construction jobs, 3,500 permanent positions, and a $58 million annual tax stream for police, parks, and schools.

For opponents, led by Hofstra University and the “Say No to the Casino” group, it’s a big win. They said the resort would clog the Meadowbrook Parkway, lower property values, and ruin the area’s family-friendly image.

New Odds at the Final Table

Sands’ exit narrows a crowded field as the application deadline on June 27 approaches. Front-runners now include:

• Resorts World NYC: A $5 billion expansion of its Queens video-lottery venue.
• MGM Empire City: A Yonkers upgrade seeking full casino status.
• Cohen–Hard Rock Metropolitan Park: An $8 billion Flushing mega-resort that just got some breathing room.
• Manhattan wild cards: Wynn at Hudson Yards, Caesars at Times Square, and the Avenir on Eleventh Avenue.

With two licenses expected to go to the existing racinos, Sands’ out means one less player, and everyone else gets a bigger piece of the pie. Bally’s Bronx, Thor’s Coney Island, and a few other smaller bids also get a chip bump.

Steve Cohen wants to build an $8 billion entertainment district around Citi Field — complete with public parks, bars, restaurants, a hotel, a casino, and a sportsbook.

Cohen still needs state & city approval (+ a casino license), but the entire project would be privately funded. pic.twitter.com/Dszspgl8ab

— Joe Pompliano (@JoePompliano) February 14, 2025

Future Bets

Sands’ fold is part of a broader industry trend. As mobile gambling apps are generating more revenue in the US, traditional operators are looking to hedge.

As for New York, the message is clear: the licenses that will be awarded later this year will not only determine who builds the next casino, but also whether global brands will continue to bet billions on bricks in an increasingly virtual world.