Las Vegas Sands facing New York iGaming “conundrum”

Article by : Charles Perrin Feb 3, 2025

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A proposed plan to build a Las Vegas Sands resort in New York appears to be shrouded in doubt.

Well, that is the current view of Las Vegas Sands CEO Rob Goldstein, who is worried about what the prospect of iGaming in New York would spell for his project.

Senator Joseph Addabbo tabled a fresh iGaming bill in New York (SB2614) which is an all-encompassing bill for online gambling, covering casinos and lottery.

It is a busy time for New York, with bids being mulled over for one of the three coveted downstate land-based casino licenses which is set to be decided by the end of the year.

During a recent quarterly earnings call, Goldstein admitted Las Vegas Sands faces a “conundrum” over how to proceed should iGaming come to fruition.

He said: “I believe in New York, that it’s a very strong market. However, the iGaming possibility to me in any market that has land-based gambling and sports betting, iGaming seems inevitable.

“So I think you have to agree, I mean, read your comment that sometime during the construction phase, you could be faced with high gaming competition which dilutes the value of the product. So that’s our conundrum.”

Goldstein pointed to worries about how iGaming has superseded land-based gambling in neighboring states such as New Jersey and Pennsylvania.

He added: “The caveat is how do you deal with the ongoing threat which appears to me to be inevitable in a lot of states, especially as it has land-based properties coupled with sports betting.

“I don’t know why you wouldn’t have iGaming at some time in the future. So that’s our concern as we look at the market.”

The prospective Sands New York resort would be to the tune of $4 billion covering a 72-acre site, with the casino occupying 10% of the acreage.

As well as the casino, the project would factor in outdoor community spaces and luxurious hotel rooms.

Opposition to Sands New York has so far been stiff, and that includes the Say NO to the Casino Civic Association.

The conundrum facing Goldstein is tangible, and it is one that will no doubt be giving him some restless nights over the next few months.