Full-fledged gambling is coming to Long Island! Las Vegas Sands has thrown their hat in the ring with plans to build a complete casino resort in New York City. Known for its expensive resort and entertainment assets, the leading casino operator has taken a step in that direction on the East Coast. In efforts to expand the Las Vegas Sands empire, they have locked in the land lease of Nassau Veterans Memorial Coliseum for an integrated gaming facility. A whopping 77-acre chunk of prime real estate will be changed into a gambling joint. That provided they can get past the regulatory hurdles and approval processes.
If all goes as planned, the project will include a swanky new hub of leisure and entertainment. Complete with live performance venues, a wellness center, a high-end spa, conference facilities, and celebrity-approved dining options. Since the casino will only take up a fraction of the space, the remainder will be devoted to the development of a fully-integrated experience.
RXR Realty has taken the Coliseum under its wing, flexing its real estate muscles. And overseeing a portfolio of 84 other properties with a combined value of $22.4 billion. However, the New York-based investment firm has been tirelessly running a strategy with a vision to create a sparkling new suburbia called “The Hub” in Nassau County. But instead of the core concept being an office complex and residential community, it will be shaped by a hospitality and entertainment scene that works with the local amenities.
RXR’s focus is to develop the community
RXR Realty doesn’t just build properties; they build partnerships with the surrounding communities. By collaborating with Las Vegas Sands and proximate neighborhoods. They aim to highlight the master-planned development that considers the seaside surroundings. Moreover, the company’s top priorities are taking advantage of economic potential. Fortifying the community fabric, and promoting a better life for residents by creating economic value.
On the resort front, RXR had already got working groups in place to support the massive undertaking. And now, with Sands in the picture, the revamped concept will see the creation of thousands of union jobs. And possibly pay tribute to the veteran’s memorial aspect of the site.
In Robert Goldstein’s opinion, Sands’ CEO, their knack for generating substantial economic impacts for the local region they serve, along with the supportive relationships they have built with the spirit of the community, grant them an unparalleled perspective on how to transform the travel industry into a transcendent experience that delivers a positive impact on the lives of everyone they touch.
Meanwhile, Sands’ VP, David Paterson, vowed to hook up the immediate communal members with diverse job opportunities. Empower female and minority group entrepreneurs, fill thousands of union roles. However, keep their partners in the loop about their vision for the future.
Stiffened race for a New York casino
The competition is anticipated to become majorly intense in the coming months since the state facilities sighting board recently called for proposals for related project ideas. Many contenders are moving forward with their propositions, some of which are big-name competitors of Sands. Moreover, Caesars has already submitted a bid for Times Square. While Hard Rock may soon reveal intentions of seeking a similar venture.
$500 million could be the floor price by which gaming operators would have to pay for their successful bid on at least one of the coveted downstate New York licenses. A competitive frenzy between rival gaming firms is expected to ensue. And elevate the bids to higher levels in order to counter one another. Given that regulators have not set a cap on the authorization cost.
Companies like Yonkers’ MGM Empire City and Aqueduct’s Resort World are well-positioned to get the newest licenses in New York. Back in 2013, voters accept ten legal licenses. Upstate New York received the first four, leaving three currently banned for 10 years. Now, with seven years left to go, lawmakers may grant the remaining licenses, giving the people what they voted for.
