Company to Kick Off Community
Collaboration Effort to Develop Bid
UNIONDALE, N.Y., Jan. 12,
2023 /PRNewswire/ -- With the recent release of
the New York State Gaming
Commission's Request for Application for three downstate
New York gaming licenses, Las
Vegas Sands (NYSE: LVS), the world's most valuable integrated
resort company, today announced its intention to pursue the
development of a multi-billion-dollar flagship hospitality,
entertainment and casino project on Long
Island, New York.
The company has entered into agreements to purchase the
long-term lease of the site currently home to the Nassau Veterans
Memorial Coliseum. These transactions, which still require certain
approvals, would grant the company control of up to 80 acres in
Nassau County, New York.
"Our company's track record of driving significant economic
benefits to the communities in which we operate and the meaningful
relationships and partnerships we have created in each of those
communities gives us a unique perspective on what it takes to
develop transformative tourism destinations that positively impact
the local community. Based on that experience, we strongly believe
Long Island can be home to one of
the region's great entertainment and hospitality developments,"
said Robert G. Goldstein, the
company's chairman and chief executive officer. "Our
announcement today is only the first part of this journey. Our
ability to put forward a compelling and competitive proposal will
only succeed if we engage with the Long
Island community and, in collaboration, develop a proposal
that reflects the input of all those involved."
The integrated resort components of a Long Island development would include outdoor
community spaces, four and five-star hotel rooms and a world-class
live performance venue honoring the long legacy of live music at
the Nassau Coliseum. The resort property would also feature
celebrity chef restaurants, experiential events and venues and
flexible meeting and convention space, including ballrooms. Other
amenities would include high-quality casino gaming, which is
planned to represent less than ten percent of the project's total
square footage, a luxurious day spa, swimming pool and health club,
and a variety of other entertainment programming.
Building upon years of community outreach at the site by RXR
Realty, Sands will work with local Long
Island communities to co-create a development plan and bid
that ensures that the new integrated entertainment and hospitality
resort maximizes economic opportunity, helps to build stronger
communities, and protects the quality of life for all Long
Islanders. Sands will re-activate the various working groups
previously established by RXR to identify the goals and
opportunities for local residents.
"After nearly two decades of working to transform the Nassau
Coliseum site, including countless hours meeting with thousands of
community members, the message has been overwhelmingly clear that
Long Islanders want a global renowned entertainment destination
that creates well-paying jobs and new opportunities at the Nassau
Hub. But the challenge for turning this vision into reality has
always been the commercial viability of a site encumbered by a
nearly obsolete half-century-old arena," said Scott Rechler, CEO and chairman of RXR. "The
plan envisioned by Sands is a once-in-a-generation opportunity to
create the kind of world-renowned entertainment and hospitality
destination that has been sought after by Long Islanders."
Mr. Goldstein added, "Our proposed project would be designed to
produce tens of millions of dollars in tax revenue for the local
community on an annual basis, potentially offering property tax
relief for residents. The project would also provide a lift for
local businesses through a robust procurement program and support a
broad range of community organizations and causes."
The project would also provide thousands of quality union jobs
in both construction and operations.
"Long Island has always
attracted entrepreneurial businesses, and in this case, it would be
creating an entirely new industry for the region. The breadth
and depth of the job opportunities created from this development,
including many with no prior experience or minimum education
requirements needed, are unlikely to be matched by any other
proposal the state receives. We will offer a wide range of career
paths and professional advancement and training programs working in
partnership with trade schools, community colleges, local
universities and other institutions. Career advancement will
be possible and prioritized for all our team members," said Mr.
"I will always consider Hempstead my home, so it is with great pride
that I have a leadership role working with this great community on
this transformational project. We are committed to bringing
opportunities for small businesses to thrive, career paths in
multiple disciplines for our local residents, innovative approaches
for minority and women-owned businesses, thousands of union jobs,
and an understanding of our obligation to partner and communicate
our vision for the future," said former New York Governor and Sands Senior Vice
President David A. Paterson.
Governor Paterson also said, "Our diversity and inclusion
strategies will foster an environment of collaboration and economic
equity. Our goal will be to ensure that our supply chain is
fulfilled from small businesses, minority-owned, women-owned as
well as veteran and disabled entrepreneurs based locally so that
our surrounding communities are central and fully participating in
the success of this project."
Through the company's well-established and industry-leading
environmental sustainability program, Sands ECO360, the
Long Island development would also
utilize cutting-edge sustainable building and operating
practices. The company will seek guidance from Long Island's environmental leaders on its
ambition to achieve LEED certification and its goal of being the
"greenest" building on Long Island.
Sands is also committed to creating a development that is
uniquely Long Island through
investments in existing community and cultural projects and
organizations and partnerships with local celebrities and sports
teams. The project would also honor the site's legacy as a
veteran memorial and pay tribute to Long
Island's beloved community of military service members –
past and present.
"The entire Sands team is excited for the opportunity to help
bring this vision to reality and we are ready to work in a serious
and transparent manner with the local community in an effort to
bring an exciting new industry to Long
Island," concluded Mr. Goldstein.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of
world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business
tourism and deliver significant economic benefits, sustained job
creation, financial opportunities for local businesses and
community investment to help make our host regions ideal places to
live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza
and Four Seasons Hotel Macao, The Londoner Macao, The Parisian
Macao and Sands Macao in Macao
SAR, China, through majority
ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate
responsibility, anchored by our core tenets of serving people,
planet and communities. Our ESG leadership has led to
inclusion on the Dow Jones Sustainability Indices for World and
North America and recognition as
one of Fortune's World's Most Admired Companies.
To learn more, visit www.sands.com.
This press release contains forward-looking statements made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include the discussions of our business strategies and expectations
concerning future operations, margins, profitability, liquidity and
capital resources. In addition, in certain portions included in
this press release, the words "anticipates," "believes,"
"estimates," "seeks," "expects," "plans," "intends" and similar
expressions, as they relate to our company or management, are
intended to identify forward-looking statements. Although we
believe these forward-looking statements are reasonable, we cannot
assure you any forward-looking statements will prove to be correct.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond the company's control, which may cause
material differences in actual results, performance or other
expectations. These factors include, but are not limited to: the
success of our plan for a hospitality, entertainment and casino
project on Long Island,
New York, including with respect
to government approvals, development and construction risks, and
financial and operational results; the uncertainty of the
extent, duration and effects of the COVID-19 pandemic and the
response of governments and other third parties, including
government-mandated property closures, vaccine mandates, regular
testing requirements, other increased operational regulatory
requirements or travel restrictions, on our business, results of
operations, cash flows, liquidity and development prospects;
general economic conditions; disruptions or reductions in travel
and our operations due to natural or man-made disasters, pandemics,
epidemics, or outbreaks of infectious or contagious diseases; our
ability to invest in future growth opportunities and produce future
returns; new development, construction and ventures; government
regulation; our subsidiaries' ability to make distribution payments
to us; substantial leverage and debt service; benchmark interest
rate transitions for some of our debt instruments; fluctuations in
interest rates; our ability to collect gaming receivables; win
rates for our gaming operations; risk of fraud and cheating;
competition; tax law changes; political instability, civil unrest,
terrorist acts or war; legalization of gaming; insurance; the
collectability of our outstanding loans receivable; and other
factors detailed in the reports filed by Las Vegas Sands Corp. with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date thereof. Las Vegas Sands Corp. assumes no
obligation to update such statements and information.
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SOURCE Las Vegas Sands Corp.