Nassau County to Convene over Potential Transfer of Sands Casino Lease Agreement
Nassau County and Las Vegas Sands have another opportunity to address issues related to the county's leasing rights transfer to the gaming company, happening at a public hearing by the Nassau County Planning Commission this week. The meeting, scheduled for 10 a.m. on Thursday, serves as a re-do, following a New York State Supreme Court ruling last year that the initial lease agreement between the county and the gaming company violated open meeting laws. This suit was initiated by Hofstra University, which has been vocal in its opposition to a casino hotel near its campus.
The meeting's schedule, which will be held virtually as well, shows that the planning commission will discuss the leasing rights transfer in question.
Although Sands aims to construct a casino at the Coliseum site, the lease agreement does not grant approval for the Coliseum site to be developed or used for a casino, with any such approval being determined through a separate lease in the future, subject to public comment. This lease will also be a topic at the Commission’s 8:45 A.M. work session on the same date at the same location, as per the agenda.
Finalizing the lease transfer is crucial, as it grants Sands control and redevelopment rights of the Nassau Coliseum in Uniondale, NY.
The Significance of the Nassau County Lease
In May 2023, Nassau County legislators voted 17-1 in favor of giving Sands a 99-year lease for county-owned land on the Nassau Hub site, with the gaming company paying $241 million for those rights. The agreement highlights that Sands has already made a substantial financial investment in the project. Moreover, the operator has stated, along with other contenders for the three downstate casino permits, that the appeal of these projects diminishes if casinos aren't present.
Resolving the lease agreement issues is essential for both the county and LVS, as should New York speed up the approval of these downstate casino licenses, analysts believe that bidders encountering land use and legal issues may be deemed less desirable by state regulators.
Sands has promised a $6 billion redevelopment of Nassau Hub, including a casino resort, convention center, entertainment space, and various dining options. This commitment, exceeding the operator's previous US integrated resort development costs, could be lost if the casino bid isn't feasible, emphasizing the importance of getting the lease transferright.
No Guarantee for the Nassau County Casino
Although the planning commission's Thursday meeting is a positive development and could help demonstrate the county and LVS's effort to comply with open meeting laws, it doesn't guarantee the casino plan will be approved. Other steps include an environmental review and further approval through various channels.
As stated in the agenda, “the meeting does not authorize the Coliseum site to be developed or used for a casino, and any such authorization will occur, if at all, through a separate lease in the future that will be subject to public comment.”
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