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Comprehension checkLas Vegas Sands’ Interest in NY Gaming License Turns Into Discussion of Its Potential
Las Vegas Sands is still interested in getting a commercial gaming license in New York, and now the potential of this opportunity is under discussion. As it comes from the commentary of Rob Goldstein, the company’s CEO, there is an extraordinary and unique opportunity for casino gaming in the Empire State as it has a simple dynamic of an enormous market with limited capacity.
As Mr. Goldstein noted during the earnings call, the Empire State is most likely the only jurisdiction in the U.S. where there are millions of people but only several casino options in total. He sees NY as a unique opportunity because of its population to casinos ratio, while in Las Vegas, it is the other way around.
According to the CEO, Las Vegas Sands’ bid includes not just a casino but also numerous restaurants, a hotel, a theater as well as an entertainment area, a convention space, and other things.
Mr. Goldstein noted that if their bid were accepted, the company would be all in on its project. The CEO also expects the project to be transformational for the county and tourist-attractive. According to the company’s plans, over $5 billion may be invested to develop the venue.
As a reminder, this year in NY, three applicants will be granted commercial casino licenses in the downstate region. Currently, the interested parties are able to submit their offer of a casino project in the region as the Gaming Facility Location Board kick-started the process of Request of Applicants this month.
It is worth mentioning that Las Vegas Sands has several competitors on its way to obtaining one of the gaming licenses. The list of rivals includes a trio of Caesars Entertainment, SL Green, and Roc Nation, which teamed up and presented a Caesars Palace Times Square project. In December, their bid received tremendous support from musicians, theater workers, hotel operators, small business owners, and construction unions.
In other news, Endorphina will be represented soon at ICE London 2023.
