Las Vegas Sands Withdraws New York Casino Bid

Las Vegas Sands Corp. (LVS) has officially withdrawn its bid for one of the three coveted downstate New York casino licenses, citing concerns over the potential future legalisation of online gaming, or “igaming,” in the state. The decision, confirmed during the company’s first-quarter earnings call on April 23, leaves nine applicants still in the running as the June 27 submission deadline approaches.

The move marks a significant pivot for the casino giant, which had proposed a $4 billion integrated resort at the Nassau Coliseum site on Long Island. Despite securing a 42-year lease for the property last year—after a court challenge disrupted a previous 99-year lease—LVS has opted to step back from a market it once saw as a high-potential opportunity.

In a statement, LVS reaffirmed its belief in the viability of a Long Island casino but pointed to the destabilising effect that potential igaming legislation could have on brick-and-mortar operations. The company had flagged this concern in its last two earnings calls, with CEO Rob Goldstein stating earlier this year that “the ongoing threat [of igaming] appears…inevitable.”

Instead of pursuing the New York licence, LVS is redirecting capital toward shareholder returns, announcing it had repurchased $450 million in shares during Q1 2025. The company is now seeking a third party to potentially take over its bid—an uphill task, given that most major operators are already committed to their own New York casino plans or partnerships. LVS becomes the second company to officially bow out of the race, following Hudson’s Bay Co.'s April 10 decision to abandon its proposal for a casino at Saks Fifth Avenue in Manhattan.

LVS’ primary concern—online gambling—remains speculative in New York. There has been minimal legislative movement toward legalisation, with lawmakers generally preferring to resolve the casino licensing process first. However, explosive igaming growth in neighbouring states like New Jersey, Pennsylvania, and Michigan has spurred industry anxiety. All three posted record revenue numbers in March.

Goldstein has previously cited these developments as evidence of the long-term threat igaming poses to traditional casinos. “I don’t know why you wouldn’t have igaming [in New York] at some time in the future,” he noted in January.

Shifting Sands: LVS’ U.S. Strategy in Question

With its New York exit, LVS’ U.S. expansion strategy enters a period of renewed uncertainty. Since selling its Las Vegas Strip properties in 2021, the company has focused exclusively on its Macau and Singapore operations. Yet as recently as late 2024, LVS had been active on two major U.S. casino fronts—New York and Texas.

In Texas, LVS spent more than $13 million lobbying for gambling legalisation, nearly quadrupling its 2023 investment. Despite this, efforts to introduce casinos and sports betting stalled once again amid a political backlash exacerbated by a state lottery courier scandal. LVS had envisioned a large-scale development in Irving, near Dallas, tied to the NBA’s Dallas Mavericks, which is owned by the Adelson family. Mounting public opposition led the company to drop the casino component from that project last month.

Meanwhile, LVS' reliance on Asian markets adds another layer of vulnerability. It is the only U.S.-based operator fully dependent on overseas operations, notably in Macau. During Wednesday’s earnings call, President and COO Patrick Dumont acknowledged growing geopolitical risks, especially in light of recent U.S.-China trade tensions.

While Dumont emphasised a strong relationship with Beijing, he voiced concerns over escalating tariffs, which have rattled markets and led to reciprocal economic measures. “This dislocation between the two countries is not sustainable,” he said, though he remains optimistic that de-escalation could come soon.

 

The ongoing threat [of igaming] appears to me to be inevitable in a lot of states… So that’s our concern as we look at that market.

Looking Ahead

LVS’ withdrawal narrows the field for New York’s highly anticipated downstate casino licences, expected to be awarded by year-end. For LVS, the decision reflects both caution in an evolving digital gaming landscape and strategic recalibration amid domestic and international pressures.

With limited U.S. presence and mounting global uncertainties, the path forward for the company remains murky. But one thing is clear: LVS is no longer betting on New York.