Las Vegas Sands Exits New York Casino Race Amid Online Gaming Concerns
On April 23, 2025, Las Vegas Sands (LVS) announced its decision to withdraw from the competitive bid for one of the three downstate New York casino licenses. This announcement has reduced the number of applicants for the licenses to nine. LVS’s executives cited concerns regarding the potential impact of online gaming on their plans, stating that the legalization of igaming could undermine their efforts. Though they expressed strong support for a casino at the Nassau Coliseum on Long Island, they believed the risks associated with online gaming were too significant to continue.
LVS confirmed its withdrawal in a statement, indicating that the company would instead focus on repurchasing shares of LVS and Sands China. In the first quarter, LVS had already repurchased $450 million worth of shares. The company’s proposal for a New York casino included plans for a luxurious $4 billion integrated resort, which had gained the approval of a 42-year lease for the location after a court challenge from Hofstra University, the main opponent of the project.
In light of its withdrawal, LVS is seeking third-party partners who could manage both land-based and digital gaming markets in New York. This approach is significant considering that most major U.S. gaming operators are already committed to their bids or have formed partnerships. If LVS fails to find a suitable arrangement for the site’s future, they plan to collaborate with Nassau County and other stakeholders to ensure the area is developed in alignment with its long-term vision. The county has stated it will decide within the next month whether to pursue a casino project or consider alternative developments. Las Vegas Sands
LVS is not the only entity to withdraw from the New York casino bid; Hudson’s Bay Co also stepped back from its proposal for a casino at its iconic Saks Fifth Avenue location in Manhattan earlier in April. Concerns regarding the impact of igaming in New York are still largely speculative, and there seems to be a consensus among lawmakers to delay addressing this issue until the casino licensing process is further advanced. Applications for casino developments in the state must be submitted by June 27, with licenses expected to be granted by the end of the year.
Across the United States, the push for igaming legalization has stalled, with no new markets launching since Rhode Island’s legislation in 2023. However, neighboring states like New Jersey, Pennsylvania, and Michigan have reported record-breaking igaming revenues. LVS CEO Rob Goldstein emphasized the challenges posed by the successful igaming markets in these states, illustrating the potential threat to any new land-based gaming ventures in areas that also engage in online gaming.
Read also: New York Gaming Commission (NYGC) Invites Proposals for Casino Community Advisory Committee
The future of LVS in the U.S. appears uncertain after the withdrawal from New York, particularly following its previous exit from Las Vegas, where the company sold the Venetian-Palazzo for $6.25 billion after the founder, Sheldon Adelson, passed away in 2021. Since then, LVS has solely operated in Macau and Singapore.
Notably, LVS had been actively pursuing other development opportunities in the U.S., including significant efforts to legalize casino operations in Texas. Under the leadership of Miriam Adelson, the company invested over $13 million in lobbying efforts in Texas ahead of the legislative session, a marked increase from previous funding. Despite these efforts, attempts to advance casino and sports betting legislation in the state were stymied, partly due to public backlash arising from a recent scandal.
Additionally, LVS faces unique challenges in China, where it is the only U.S.-based operator solely focused on the Asian market. Trade tensions between the U.S. and China have introduced further instability, with tariffs impacting both economies. LVS President and COO Patrick Dumont expressed concern over these relations but maintained that the company enjoys a strong partnership with Beijing. While he remains optimistic about navigating these tensions, Dumont cautioned that the current dislocation between the two countries is not sustainable.
As it stands, while LVS is stepping back from the New York casino bid, its broader strategies and operations in both the U.S. and China are being closely scrutinized amid an evolving landscape marked by regulatory challenges and geopolitical uncertainties. Las Vegas Sands
