Sands CEO "still interested" in the NYC casino bid, but is worried
The city of Las Vegas Rob Goldstein, the chairman and CEO of Sands, is worried about the company's $6 billion plan to build a casino-resort on Long Island in New York. The possibility of legal online casino gambling in the state is becoming an issue that could affect the company's long-term investments in traditional brick-and-mortar casinos.
Vegas Sands New York
Goldstein said during Sands' third-quarter results call on Wednesday, October 23, that he was hesitant to commit to such a capital-intensive project when New York might enact igaming laws by 2026.
Goldstein said that New York's decision-making process for brick-and-mortar casino licenses has been put on hold, which makes things even more unclear. But the worries don't mean Sands is ready to leave New York.
Goldstein stated, "We're still interested in the process."
Adelson's mentality is still there.
Goldstein is quite worried about how regulated mobile casinos might affect the income of land-based casinos.
Sheldon Adelson, the creator of Sands, was quite against online gambling when he was still alive. Since he died in 2021, the company's stance has not changed.
Some retailers are anxious about the huge surge in internet gambling revenue in the few states that have made it legal, namely New Jersey, Pennsylvania, and Michigan. Goldstein said, "You can't ignore what's going on in New Jersey, Pennsylvania, and Michigan." He added that the surge in internet gambling is a trend that affects investment decisions all around the US.