After first launching an interest in commercial gaming licenses in New York, Las Vegas Sands is now discussing its potential. In a recent earnings call, the company's CEO, Rob Goldstein, noted that Empire State offers an extraordinary and unique opportunity for casino games due to the simple dynamics of the huge market with limited capacity.
New York State will award three commercial casino licenses in the northern part of the year. This month, the Game Facilities Location Committee launched a volunteer request process to allow interested parties to submit proposals for casino projects in the region. The winners will be announced at the end of 2023.
Mr. Goldstein noted in an earnings call that Empire State is likely the only jurisdiction in the United States with a population of millions but only a few casino options. So he sees the state as a unique opportunity because of its casino-to-population ratio, which is the opposite of Las Vegas.
Mr. Goldstein also said that while Empire State would have an exceptional win per unit, the company's bid is not simply considering making a casino debut. Instead, it is exploring its own developing country at the Nassau Veterans Memorial Coliseum in Uniondale, Long Island. Their bids also include hotels, numerous restaurants, convention spaces, theaters, and, among other things, entertainment areas.
The CEO said that if their bid is accepted, the company will participate fully in its project, and in his words, it will bring about a transformation in the county. He also expects the project to attract tourism, explaining that the proposal is a trademark of the company with numerous non-game assets, numerous meeting spaces, and about 400,000 square feet of new space.
Mr. Goldstein also said the company plans to invest more than $5 billion to develop the area. A casino will be built, but it will be more than that, he added. In other words, the project is not for small investments, and the company is committed to transforming and driving the region
But Las Vegas Sands will have to overcome the competition first to get their hands on one of the three licenses. So far, many companies have expressed interest in game licenses, including the trio of SL Green, Caesars Entertainment, and Rock Nation. The trio teamed up to bring Caesars Palace Time Square in Manhattan, New York.
In December, their bids gained huge boost, supported by a coalition of theater workers, musicians, small business owners, hotel operators and construction unions. According to the coalition's estimates, the casino project will generate more than $130 million in revenue from more than 7 million new visitors a year, accommodation of more than 600,000 at hotels, retail and Broadway ticket sales.
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