Although worried, Sands CEO is "still interested" in the NYC casino bid.
Although worried, Sands CEO is "still interested" in the NYC casino bid.
Rob Goldstein, the CEO and chairman of Las Vegas Sands, is voicing his disapproval of the company's $6 billion casino-resort plan for Long Island, New York. The company's long-term investments in conventional brick-and-mortar casinos may be impacted by the possible legalisation of internet gambling in the state.
Sands in Las Vegas New York
Goldstein voiced concerns about investing in such a costly project during Sands' third-quarter earnings call on Wednesday, October 23, given that New York might enact igaming laws by 2026.
Goldstein pointed out that there is even more uncertainty because New York's decision-making process for physical casino licenses has been delayed. Sands isn't prepared to abandon New York, despite the worries.
Goldstein stated, "We are still interested in the process."
Adelson's mindset is still prevalent.
The possible effect of regulated mobile casinos on income from land-based casinos is a major worry for Goldstein.
Sheldon Adelson, the founder of Sands, was steadfast in his opposition to internet gambling while he was still living. Since his death in 2021, the company's stance has remained unchanged.
Some retail companies are concerned about the sharp rise in internet gambling revenue in the few states that have legalised it, especially New Jersey, Pennsylvania, and Michigan. Goldstein stated that the increase in internet gambling is a trend that influences investment choices all around the United States, adding, "You can't ignore what's happening in New Jersey, Pennsylvania, and Michigan."
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