Las Vegas Sands has agreed to lease land needed for its massive Long Island development, which could include a casino.
The company’s deal would give Sands control of Uniondale’s Nassau Coliseum property for the next 99 years, Newsday Report. The agreement is the first in a series of steps that could bring full-fledged gambling to Nassau County.
It’s the latest attempt to revive the Nassau Coliseum, which was struggling even before losing business to the new UBS Arena in Belmont Park. In 2019, the County selected Scott Rechler’s RXR as the lead developer for the stadium and its surrounding land. The following year, Nick Mastroianni II took over as leaser of the stadium with a $1.5 billion investment plan”nassau hub” Includes housing, offices, retail, restaurants and entertainment.
Sands is taking over the lease from Mastroianni and nearly tripling the size of the planned development. RXR remains the lead developer and will coordinate with Sands, a company spokesman said, but has not yet determined what financial role RXR will play.
The lease calls for Sands to pay the county a one-time payment of $54 million within 60 days, $5 million in annual rent, and a $900,000 public safety payment in the first year of operation.
If the Sands wins one of the three gaming licenses issued by the state, the annual rent and security fee will be doubled. The disparity in revenue for the county is stark: $96.3 million for those with casinos and just $7.9 million for those without.
Sands made its intentions clear when it reached an initial agreement on a long-term lease earlier this year. The company said it would spend as much as $4 billion on the project, and it would press ahead even without a casino license.
Getting a license is far from a sure bet. The racinos in Aqueduct and Yonkers are believed to already have electronic gaming machines but no live dealers, and two of the three downstate licenses are believed to be for racetracks in Aqueduct and Yonkers.
That leaves a license for a highly competitive field, including Related Companies, SL Green Realty, Thor Equities, Stefan Soloviev and Steve Cohen.
If the Nassau casino doesn’t come to fruition, Sands would still be obliged to build a luxury hotel, entertainment center and an undetermined portion of housing, according to county officials. Sands is also considering meeting spaces, restaurants and health clubs.
Its lease still needs approval from the Nassau Planning Commission, the Rules and Finance Commission and the county Legislature, which meet on May 22.
— holden warner
