As the June 27 deadline gets closer for casino license applications in New York, nobody knows what will happen to the proposed makeover project at the Nassau Coliseum site. Las Vegas Sands, once the main force behind a big casino-resort for the Uniondale property, is now backing off and trying to find another company to take over its plans.
Sands Faces Time Crunch as It Seeks Successor for Coliseum Casino Bid
At a recent zoning board meeting in Hempstead, Sands’ lawyers said that while they are still talking to possible partners, time is running out. They cannot promise they will have a deal ready in time to put in a bid for one of three prized downstate casino licenses.
Even though Sands has pulled out of the New York casino competition, it is still working to rezone the 72-acre plot, reported Newsday. The proposed zoning shift would establish a new development area — Mitchel Field Integrated Resort District — allowing the construction of a 280-foot hotel, entertainment spots, shops, and a casino, if another company steps in.
Sands’ exit was mainly due to the growth of online betting, which the company thinks poses a threat to the financial health of physical casinos. When Sands first showed off its $6 billion plan, it wanted to breathe new life into the underused Coliseum site with a high-end resort. That figure has since grown to $7.6 billion, making it even harder to find a replacement…