{"id":162857,"date":"2021-01-29T04:13:06","date_gmt":"2021-01-29T12:13:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=162857"},"modified":"2021-01-29T14:23:25","modified_gmt":"2021-01-29T22:23:25","slug":"sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/","title":{"rendered":"Sands CEO Goldstein Says Company ‘Deep in the Hunt’ for a New York City Casino"},"content":{"rendered":"

Rob Goldstein, the newly named chairman and CEO of Las Vegas Sands Corp., didn\u2019t exactly let the cat out of the bag during a quarterly report call with analysts on Wednesday. But he did provide some insight into the company\u2019s thoughts about a possible New York City casino.<\/p>\n

\"Las
Then-Las Vegas Sands President Rob Goldstein, left, shakes hands with Azoff MSG Entertainment Chairman and CEO Irving Azoff at an October 2017 news conference in Japan. This week, Goldstein, now the Sands chairman and CEO, spoke about his company’s interest in building a casino in New York City. (Image: Shizuo Kambayashi\/AP<\/em>)<\/figcaption><\/figure>\n

Expanded gaming in the Big Apple has been a big topic in recent months, as the city and New York state seek to rebuild after COVID-19 decimated the metropolis nearly a year ago.<\/p>\n

\n

Gov. Andrew Cuomo (D) believes mobile sports betting can generate hundreds of millions for the state\u2019s coffers, and while he\u2019s still cool to the idea of issuing three downstate casino resort licenses before 2023, that date is drawing nearer. Former Democratic presidential candidate Andrew Yang<\/a>, now running for New York City mayor, has floated the idea of putting a casino on Governors Island.<\/p>\n<\/div>\n

So, it wasn\u2019t a surprise by any stretch that the topic came up during the call. And the man who has to fill the late Sheldon Adelson\u2019s shoes didn\u2019t shy away from it.<\/p>\n

“We’ve been looking at New York for, I think, about a hundred years,\u201d Goldstein quipped. \u201cI don’t think it’s any secret. We’re big believers in New York. We think it’s extraordinary. The density of population, the ethnicity. It’s a very good opportunity for anybody.\u201d<\/p>\n

In actuality, Sands officials have been looking seriously at New York for about five years. Among those helping the company in the state is former Gov. David Paterson, who has served as an advisor to Goldstein<\/a>.<\/p>\n

New York Can Be “Extraordinary”<\/h2>\n

Currently, there is gaming in New York City and the surrounding area, but it\u2019s limited.<\/p>\n

There are three video gaming casinos in and around the city. The Resorts World Casino is located at Aqueduct Racetrack in Queens. Just north of the Bronx is the MGM Resorts-owned Empire City Casino at Yonkers Raceway. When fully operational, they offer more than 5,000 gaming terminals each.<\/p>\n

Out on Long Island is Jake\u2019s 58, a 1,000-seat VGT casino born from a Marriott in Islandia.<\/p>\n

In the 2019-2020 fiscal year, the three facilities combined to generate $1.4 billion in net revenues.<\/p>\n

Goldstein was direct in his assessment of the current state of the New York City gaming market.<\/p>\n

\u201cI think it\u2019s close to $2 billion (net revenue) right now just in the facilities that are there, without table games or decent rooms or really a decent product,\u201d <\/strong>he said. \u201cA good product there will be extraordinary.\u201d<\/strong><\/p>\n

Report Sees Potential for NYC Casinos<\/h2>\n

The day before the Sands earnings call, the New York State Gaming Commission officially released the market assessment report developed by Spectrum Gaming Group.<\/p>\n

Not surprisingly, the report indicated that New York\u2019s downstate region, which includes Long Island, New York City, and the Lower Hudson Valley, has the greatest potential for growth. Spectrum forecasts a potential increase in annual gross gaming revenues from $970 million to nearly $4.5 billion in New York City.<\/p>\n

The study also forecast potential GGR for Empire City and Resorts World becoming full-fledged casinos, along with a third casino in either Manhattan, Brooklyn, or Queens. It also looked at what would happen if all three boroughs received casinos and the two racinos kept VGTs.<\/p>\n

\n

Interestingly, Spectrum\u2019s findings showed that a resort casino in either Brooklyn or Queens would produce slightly more revenue than one in Manhattan. A Queens casino has projected revenues of $2.3 billion, with Brooklyn about $100 million lower, and Manhattan $200 million lower. Those projections would include Empire City and Resorts World also getting casino licenses.<\/p>\n<\/div>\n

\u201cWhile fewer visitors stay overnight in Brooklyn or Queens than Manhattan, and thus those boroughs earn a lower capture rate, those who stay in Brooklyn or Queens would be more likely to visit a nearby gaming facility than would those staying in Manhattan, which has a greater number of entertainment options nearby,\u201d<\/strong> the Spectrum report stated.<\/p>\n

The richest scenario involved all three boroughs getting a casino, while the two racinos would not. Both racinos would face a substantial drop in revenue, but overall the gross gaming revenue would total nearly $5.6 million.<\/p>\n

Goldstein told analysts the company is enthusiastic about the developments in New York.<\/p>\n

\u201cWe’re deep in the hunt and looking seriously at New York on a whole bunch of levels,\u201d he said. \u201cAnd it’s still a long way to go before we understand where they want to build and what they want to build, but we are going to be bidders.<\/p>\n

\u201cIf it’s real, and if it’s done properly, we think the returns could be Sheldon-like.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Rob Goldstein, the newly named chairman and CEO of Las Vegas Sands Corp., didn\u2019t exactly let the cat out of the bag during a quarterly report call with analysts on Wednesday. But he did provide some insight into the company\u2019s thoughts about a possible New York City casino. Expanded gaming in the Big Apple has […]<\/p>\n","protected":false},"author":45,"featured_media":162859,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nSands CEO Says Company 'Deep in the Hunt' for a New York City Casino<\/title>\n<meta name=\"description\" content=\"Rob Goldstein, the newly named chairman and CEO of Las Vegas Sands Corp., said the company will be bidders for a New York City casino license\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sands CEO Says Company 'Deep in the Hunt' for a New York City Casino\" \/>\n<meta property=\"og:description\" content=\"Rob Goldstein, the newly named chairman and CEO of Las Vegas Sands Corp., said the company will be bidders for a New York City casino license\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-29T12:13:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-29T22:23:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/db1cb843-be52-4301-817b-ead65e230f56-AzoffSandsAP-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1723\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/\",\"url\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/\",\"name\":\"Sands CEO Says Company 'Deep in the Hunt' for a New York City Casino\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/db1cb843-be52-4301-817b-ead65e230f56-AzoffSandsAP-scaled.jpg\",\"datePublished\":\"2021-01-29T12:13:06+00:00\",\"dateModified\":\"2021-01-29T22:23:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"Rob Goldstein, the newly named chairman and CEO of Las Vegas Sands Corp., said the company will be bidders for a New York City casino license\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sands-ceo-says-company-deep-in-the-hunt-for-a-new-york-city-casino\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/db1cb843-be52-4301-817b-ead65e230f56-AzoffSandsAP-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/db1cb843-be52-4301-817b-ead65e230f56-AzoffSandsAP-scaled.jpg\",\"width\":2560,\"height\":1723,\"caption\":\"Then Las Vegas Sands President Rob Goldstein, left, shakes hands with Azoff MSG Entertainment chairman and CEO Irving Azoff at an October 2017 news conference in Japan. 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