Long Island Casino Costs Swell to $7.6 Billion
Posted on: May 23, 2025, 03:36h.
Last updated on: May 23, 2025, 03:36h.
- Nearly double previously estimated $4 billion
- No news yet on Las Vegas Sands replacement
If a casino hotel is built on the property currently occupied by Nassau Coliseum in Uniondale, NY, it could cost as much as $7.6 billion, far more than the $4 billion Las Vegas Sands previously estimated.
That new forecast is according to the final environmental impact study (FEIS) commissioned by the gaming that said last month it’s dropping out of the New York City casino competition, citing potential threats from iGamng. It’s not clear if the elevated price tag played a role in the operator’s decision to bow out of the race.
The FEIS encompasses a range of factors, including construction and labor costs, infrastructure investments, and financing for building. It also factors in the $1 million Sands or another applicant would pay to New York regulators to participate in the downstate bidding process as well as the $500 million that would be paid to the state if a license was procured.
Regarding that $500 million figure, there’s speculation that cash-hungry New York could later up it to $1 billion because the state knows gaming companies are unlikely to turn down the opportunity to run casinos in the most populous US metropolitan area.
Nassau County Legislature Still Wants Casino, But…
Earlier this week, the Nassau County Legislature voted 19-0 in favor of releasing the FEIS results, which some civic groups interpreted forging ahead with ill-fated casino plans.
This vote appears to be a continuation of a pattern in which the legislature disregards the concerns of Nassau County residents in favor of the interests of Las Vegas Sands,” said The Say No to the Casino Civic Association. “We urge County Executive Blakeman and the County Legislature to lead an inclusive, transparent process to create a plan for the HUB that will benefit our community for generations to come.”
That group and Hofstra University, among others, have long opposed the Long Island casino plan, though it’s not clear if those objections figured into the decision by Sands to drop its bid. However, opposition has been cited as a factor in other gaming companies departing the New York casino race.
Long Island Casino Hopes Appear Dim
When Sands announced that it was dropping it New York plans, it also said that it was hoping to identify a company with land-based casino and iGaming experience to potentially takeover its obligations in Nassau County.
That was followed up by reports indicating the company has been in talks with other parties and that an announcement was expected in a matter of weeks. Nassau County Executive Bruce Blakeman told local media outlets that he recently fielded calls from interested parties from outside the US, including Albania and China.
However, all of that occurred a month ago and neither Sands nor the county have made announcements regarding the fate of the Nassau Coliseum bid since then. It’s possible that a price tag of $7.6 billion, other gaming companies may not be interested in pursuing Long Island. What is clear is that Sands is out and Say No To The Casino opposes the county’s push to keep the gaming venue plan alive.
“We firmly believe that this action (the FEIS vote) represents a blatant and irresponsible move to push the casino project forward and circumvent the fact that no one has shown any interest or ability to step up and take over from Las Vegas Sands,” according to the organization. “Why waste taxpayer money pushing this project forward when no one wants to build it?”
Last Comments ( 2 )
Thank you for this informative article. The statements attributed to Say No To The Casino reflect the opinions of the people on the street by a wide margin. I bring up the casino plan often in conversations. It seems like nine of every ten residents I speak with (in my town, on any Uber ride, in restaurants) are opposed to a casino. Academics and Economists are in agreement that the jobs in the casino industry pay so low that it actually hurts the local economy. Also, tax revenues from Casinos do not cover the cost of hosting a casino. In fact, for each $1 of revenue, the social cost is $3 to $7. That is to pay for: - extra policing and adjudication because every casino brings an increase in crime - problem gambling treatment - lost tax revenues which result in foreclosures by gambling addicts who lose their homes - business and employment costs borne by employers and society because of reduced performance and lost time and unemployment due to gambling addiction - costs associated with the increases in the number of suicides and attempted suicides among problem and pathological gamblers - increased treatment costs associated with the increases in illness-including depression, stress-related illnesses, chronic or severe headaches, anxiety, moodiness, irritability, intestinal disorders, asthma, cognitive distortions, and cardiovascular documentrd to occur among problems and pathological gamblers.* *From “Gambling in America” a 2006 study by Dr. Earl L. Grinols
Talking about corruption, it is only worse than New York if you go to a third world island country. Almost 8 billion for a casino in Long Island. Ha. I would like to see how much the Sands group of milked out of before they decided enough is enough. Genting knew if they paid enough they would get the license. Remember, this is only my opinion..