Las Vegas Sands Looking for Coney Island Casino Location

Las Vegas Sands Stock Price

  • Las Vegas Sands is reportedly looking for a Long Island location to build its New York casino.
  • Sands senior vice president David Paterson says they are also looking at CitiField and Queens as possible sites.
  • Las Vegas Sands is one of six companies that have publicly announced their intention to bid for one of three downstate casino licenses.

Las Vegas Sands is reportedly looking for a Long Island location to build a New York casino.

According to reports, former New York Governor David Paterson, now a senior vice president in the gaming company, has convinced his employers to consider Long Island as the site of its proposed New York casino.

Paterson Cites Congestion in Manhattan

Sands is reportedly bidding for one of three downstate New York casino licenses that the state will hand out next year. The company was reportedly interested in proposing a Manhattan casino but Paterson shifted their focus to Long Island “because of the congestion in Manhattan”.

Aside from the traffic issue, Sands will face stiff competition if its bids for a Manhattan casino. Caesars Entertainment and developer SL Green have made known their plan to build a casino called Caesars Palace Times Square at the 1515 building in Times Square. The partners recently announced that rapper Jay-Z’s Roc Nation is joining their group as a partner.

Caesars’ Manhattan bid goes head-to-head versus Wynn Resorts plans. Wynn is partnering with Related Companies to build a casino at Hudson Yards. According to their plans, the casino will be located next to the Javits Center on the still undeveloped western portion of Hudson Yards. Hudson Yards is the largest mixed-use private real estate development in American history.

Sands Also Considering CitiField and Coney Island as Casino Sites

Aside from Long Island, Paterson also acknowledged the Citi Field Area and Coney Island in Brooklyn as contenders for a casino site. However, should Sands choose to make its bid at those two locations, they will not be without competition.

Previously, Las Vegas Sands was linked to New York Mets owner Steve Cohen’s plan to bring a casino near Citi Field. According to past reports, Cohen is working with Union Gaming, an investment bank that specializes in the casino industry. Previously, it was believed that Cohen was preferring to work with Hard Rock and Las Vegas Sands but the latest reports are saying that Hard Rock is the frontrunner.

Meanwhile, Thor Equities has declared its intention to bid for a casino in Coney Island. To gain more muscle, Thor has brought in Saratoga Casino Holdings, Chickasaw Nation, and Legends as partners in the proposed development. According to a joint statement from the partners, they are pooling $3 billion to build a comprehensive casino, hotel, and entertainment venue in Coney Island.

Competing for Three Downstate New York Licenses

Sands is just one of the six companies that have thrown their hat in the New York casino arena. The Empire State will end the exclusivity of upstate casinos by awarding three downstate casino licenses next year. The problem is that all six of them could be competing for only one license.

It has been rumored that the state will likely award the first two casino licenses to existing gambling companies that are already operating in New York. Resorts World New York City in Queens and Empire City Casino in Yonkers are Class II casinos that are limited to electronic gaming. Giving them the two Class III licenses would mean only adding slots and table moors betting online.

Aside from Sands, Caesars, Wynn, and Steve Cohen, billionaire Stefan Soloviev recently announced that his company will be bidding for a Manhattan casino located south of the United Nations building. The casino would include a Freedom museum and a Ferris wheel. Then there is Vornado’s Steve Roth who has hinted about a Herald Square bid.

Posted in: Casino