Sands Estimates $6 Billion for Proposed New York Casino, Reaffirms Interest in Texas Market

Quick Intro

Las Vegas Sands Corp. (LVS), a major player in the gaming industry, is actively pursuing opportunities in the United States, particularly focusing on New York and Texas. During their fourth-quarter earnings call, LVS executives emphasized their bid for a casino license in New York, with an ambitious plan to invest around $6 billion in building a five-star resort at Nassau Coliseum in Uniondale. Despite legal challenges and local opposition, the company remains enthusiastic about this significant venture.

Competition and Challenges in New York

In New York, Sands faces stiff competition as it’s one of the several companies vying for three coveted downstate casino licenses. The proposed Nassau Coliseum project has been a subject of contention, especially with Hofstra University and some local organizations. Despite a recent court ruling against Nassau County’s lease transfer to Sands, CEO Rob Goldstein expressed optimism about possibly commencing construction soon, if awarded the license.

Analysts Bullish on Sands’ Asian Performance

Analysts remain bullish on Sands’ performance in its existing Asian markets, particularly Macau, where Sands China is a dominant operator. They see Sands’ expansive room supply and strategic management as key advantages for post-pandemic recovery and growth. The optimism extends to Sands’ Marina Bay Sands in Singapore, recognized for its significant earnings and contribution to the company’s overall strength. This global outlook underlines Sands’ continued leadership in the gaming industry and its strategic positioning for growth in both new and existing markets.