Las Vegas Sands recently saw how a New York State Supreme Court ruled to block the transfer of Nassau Veterans Memorial Coliseum to the gambling giant. This was in connection to the company’s bid for a downstate casino on Long Island. However, shortly after the appellate division of New York State Supreme Court put a hold on the decision.
A while back, the gambling leader announced its intention to pursue one of the three available licenses for full-scale commercial casino gaming in southern New York. Currently, the state is in the process of answering the second round of questions from interested parties. After that, they will be able to submit their official bids for review by the state.
Lease Agreement Still in Play
The latest say from the appellate court’s ruling means that the previously reported 99-year lease agreement between Nassau County and Las Vegas Sands can move along until an appeal hearing on that ruling comes. This is scheduled for November 21, 2023. The location known as The Hub has been in a twilight zone of inaction explained Nassau County Executive Bruce Blakeman.
Mr. Blakeman said the county was grateful that the Appellate Division granted a stay of the lower court’s decision, and that they are optimistic the lower court’s ruling will be overturned. In the meantime, he will continue to support Sands’ plans of developing a world-class luxury hotel, spa, entertainment centre, and casino which will bring revenue and stable permanent jobs.
The appellate division ruling arrived after previously Hofstra University took Nassau County to court and claimed that the lease transfer agreement violated New York’s Open Meeting Law. Last week, New York State Supreme Court Justice Sarika Kapoor said Hofstra proved that the county purposefully did not allow for public comment on the lease transfer.
Shortly before taking the matter to court, trustees from Hofstra University sent an open letter about the proposed gaming project labelling it “entirely inappropriate.” In a statement, they claimed that the target location for the casino is surrounded by educational institutions from preschool through graduate schools and a range of suburban communities.
Meanwhile, Las Vegas Sands commented that the judge’s latest ruling does not impact its Nassau County plans and does not believe that it will hurt its odds of acquiring one of the three downstate casino licenses. Their bid is also backed by Long Island policymakers of both parties, as they claim that it would create thousands of jobs and boost location tax collection.
Experts also Favour the Company’s Chances
Experts such as Wells Fargo analyst Daniel Politzer also back Las Vegas Sands as a favourite for one of the licenses. He said the company is a frontrunner due to the scale of its project, track record, and ability to collaborate well with local communities. He also noted that the company’s proposal was the most compelling one among dozens of others in contention for the three licenses.
