Real Estate, Architecture & Engineering Awards
David Winzelberg//May 23, 2023
Rendering of proposed casino/entertainment resort project at Nassau Coliseum site. / Courtesy of Las Vegas Sands
Nassau Legislature approves Coliseum lease transfer to Sands
Rendering of proposed casino/entertainment resort project at Nassau Coliseum site. / Courtesy of Las Vegas Sands
David Winzelberg//May 23, 2023
The Nassau County Legislature voted late Monday to approve the transfer of the Nassau Coliseum property lease to Las Vegas Sands, amid cheers and jeers from supporters and opponents of its plan for a $4 billion casino and entertainment complex on the 70-acre Uniondale site.
Dozens of people supporting the plan and dozens opposing it sported signs and voiced their opinions at the Legislature building in Mineola before the nearly unanimous 17-to-1 vote to approve the lease transfer cleared the way for the project to be built on the county-owned property.
The leaseholder of the Coliseum property has been Nassau Live, an affiliate of lender US Immigration Fund, which took over the property in August 2020 from the previous leaseholder Onexim Sports & Entertainment. The lender funded $100 million for the renovation of the Coliseum before becoming the property’s leaseholder.
Sands, which has been lobbying heavily to snag one of the three downstate casino licenses being made available by the state, will partner with RXR on the planned project, as RXR remains the master developer of the Coliseum site, but Sands will take the lead role.
Robert Goldstein, Sands chairman and CEO called the vote to transfer the lease “an important step” in the company’s efforts to secure a New York gaming license.
“We thank County Executive Blakeman for his vision, leadership, dedication, and commitment to Nassau County residents and taxpayers. We appreciate and are greatly honored by the near-unanimous support that the lease transfer received today from the Nassau County legislature,” Goldstein said in an emailed statement. “We have held over 300 community meetings and are proud of the widespread coalition we have built with our new neighbors across Long Island. We are grateful for the trust they have placed in us and look forward to continuing to collaborate with the community.”
And while the casino component is still contingent upon securing the state license, Sands has said the project will go forward as a mixed-use complex without gaming if the sought-after license isn’t awarded. In fact, the new 99-year lease agreement stipulates that a non-casino development must include up to 500 units of housing, a 5-star hotel and an entertainment venue with at least 3,600 seats.
The new Coliseum property lease is quite a lucrative deal for Nassau, according to a copy of the agreement. The leaseholder must make an upfront $54 million nonrefundable payment to the county within 60 days of the execution of the lease. If the state does grant Sands a casino license, the county will also get $25 million of the state Gaming Commission’s minimum $500 million license fee. In addition, the county will get a $5 million annual rent payment for the property, which increases to $10 million upon the start of casino operations or the three-year anniversary of the casino license award.
If the casino license is awarded, the county will also get a minimum of $25 million as a Gaming Tax Revenue Guarantee, which rises to $50 million three years later. The lease agreement mandates that Sands contribute $2 million a year for a Community Benefits Program, which later increases to $4 million annually.
“The overwhelming bipartisan approval of lease terms with the Sands by the County Legislature affirms that Nassau County has made the right decision,” County Executive Bruce Blakeman said in an emailed statement. “This is the first hurdle overcome to provide a world-class entertainment center with a luxury spa and hotel, creating thousands of jobs and economic prosperity for Nassau County. I am very pleased with the vote.”
However, one of the groups leading the opposition to the project, the Say NO to the Casino Civic Association, issued a statement saying the fight is not over.
“We are deeply disappointed that our elected officials disregarded their constituents’ concerns, and approved the lease transfer tonight. We are alarmed by the lack of transparency in the process, and disgusted that the taxpayers will be burdened with the long-term negative consequences of this decision. Tonight was a demonstration of the power of money in government,” the statement read. “Tonight’s vote is only the first step in the casino siting process. It is not a fait accompli. As the process moves forward, we are confident that community opposition from our group and others will be successful in preventing the Las Vegas Sands from building a casino at the heart of our county.”
The Sands proposed development is generally supported by Long Island business groups and labor unions but opposed by neighboring Hofstra University and some nearby municipalities and community groups.
Hofstra University is suing the Nassau County Planning Commission over alleged violations in regard to the proposed development, saying in a statement last month that the commission had “failed to properly notice and conduct its meetings for consideration of the transfer of the lease for the Nassau Hub and surrounding public property from its current leaseholder to Las Vegas Sands for the development of a casino.” The Article 78 lawsuit is still pending in Nassau Supreme Court.
Business groups and unions, however, are in support of the Sands plan.
“The Long Island Association has long advocated for redevelopment at Nassau County’s last substantial tract of commercial property – the Nassau Hub – and after several decades of stalled projects, the Sands New York proposal is an opportunity to finally transform this site into the economic engine Long Island needs to create thousands of jobs, generate hundreds of millions of dollars in tax revenues, and support small business growth,” Matt Cohen, LIA president and CEO, said in an emailed statement. “For several months, the LIA has carefully evaluated the plan and engaged with various stakeholders and has concluded that the potential for significant economic development is clear. Accordingly, the project should move forward, however, there are legitimate questions which we will continue to vigilantly monitor throughout the state and local approval processes to ensure Sands New York addresses and mitigates any valid community concerns.”
Share this!
The three highest-priced home sales in Baiting Hollow last month ranged from $575,000 to $859,000.
May 23, 2023
The 2,380-square-foot building is on .38 acres.
May 23, 2023
The three highest-priced home sales in Center Moriches last month ranged from $549,999 to $1.125 million.
May 23, 2023
The 178,134-square-foot building on 10.75 acres is on track to be completed next month.
May 22, 2023
The three highest-priced home sales in Nesconset last month ranged from $649,988 to $695,000.
May 22, 2023
The 3,228-square-foot building is on .37 acres.
May 22, 2023
Get our free LIBN e-alerts & breaking news notifications!
In the drive to expand the diversity of housing opportunities on Long Island, developers have been f[…]
Modern Northport continues to grow as a destination. Still, tradition runs deep in this former farmi[…]
When things seem too good to be true, they usually are.
Through this system, hospitals are assigned a letter grade, which is updated twice a year
The consultant’s report had recommended the municipalization of Long Island’s electric grid.
The three highest-priced home sales in Baiting Hollow last month ranged from $575,000 to $859,000.
Long Island architects are creating pivotal multifamily projects
18/5/2023
Inked: Recent LI real estate deals
18/5/2023
Adelphi names Corbin dean of School of Social Work
18/5/2023
Destination Northport: ‘The world’s biggest small town’
11/5/2023
Seafield Center partners with Kent Strategic Advisors
11/5/2023
Our mission at Long Island Business News is to be the vital business news and advertising source to Long Island’s most influential readers.
Get our free LIBN e-alerts & breaking news notifications!
Subscribe for access to the latest digital and special editions.
© 2023 BridgeTower Media. All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy
