Last updated on October 29th, 2023 at 01:39 am
Las Vegas Sands CEO Rob Goldstein confirmed that the company still wants to secure a New York casino license. After legalizing mobile sports wagering, New York surpassed other markets operating for years. Also, it enjoyed record revenues and handles in recent months.
In response to the meteoric rise of mobile betting, state legislators recommended a boost for the retail gaming industry. Legislators authorized a proposal to build up to three additional casinos in the state’s southern tier earlier this year. Also, lawmakers are considering New York City, Long Island, and Westchester County as potential locations for new casinos.
According to bookie PPH reports, many major gaming businesses have entered the competition for a casino license in the downstate area, seeing the market’s potential.
One of the organizations vying for a New York casino license is Las Vegas Sands (LVS), the industry-leading developer and operator of integrated resorts.
Quest for a New York Casino License
LVS CEO Rob Goldstein had an earnings call last week to review the company’s recent financial results. He confirmed LVS’s intention to apply for a New York license. He reported positive financial results for the third quarter—the Nassau County location where the firm plans to construct its resort and open a sportsbook. The Nassau Veterans Memorial Coliseum will be a part of LVS’s proposed 100-acre resort complex.
According to sportsbook pay per head reports, LVS president and COO Patrick Dumont was present at the latest meeting. Regarding liquidity, he disclosed that “approximately $5.6 billion worth of cash systemwide” exists at LVS.
Dumont lauded LVS’ performance, saying that both Singapore and Macau consistently create cash flow. He anticipated that the business would be able to maintain its investment in its Macau operations while also moving forward with its casino licensing proposal in New York, given its existing cash flow. Dumont did not wholly rule out the possibility of future investments and prospects in developing economies.
