Las Vegas Sands Continues to Compete for License for $5 Billion Casino Resort in New York
Earlier this year, New York lawmakers approved a plan to create up to three new casinos in the southern part of the state. Las Vegas Sands is eyeing a potential gaming site spanning approximately 100 acres in Nassau County, which is home to the multi-purpose indoor arena, Nassau Veterans Memorial Coliseum.
Goldstein stated that the local community supports the company's project. He also noted that the resort will cost Las Vegas Sands more than $5 billion. However, the CEO remains optimistic, describing the project as a "five-star resort with unlimited appeal" and an "exceptional opportunity."
Patrick Dumont, president and COO of LVS, highlighted that after fulfilling contractual obligations in Macau, the company will have excess capital. The operator plans to "focus on New York" and "explore other growth opportunities in new jurisdictions," aided by the timing of cash inflows and availability of funds.
Dumont praised LVS's operations in Singapore and Macau, explaining that the company's properties in these regions consistently generate profits. Given the current cash flow, he predicted that the company would continue to invest in its Macau business.
At the same time, Las Vegas Sands will continue its efforts to secure a casino license in New York. Dumont did not rule out further investments and opportunities in emerging markets.
Meanwhile, Boyd Gaming reported a 3% increase in revenue for the third quarter of 2023, driven by iGaming.
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