Las Vegas Sands has officially abandoned its campaign to build a casino on Long Island, primarily due to fears that the proposed legalization of online gambling could negatively impact profit margins. This decision marks a significant shift in the competitive landscape for casino licenses around New York City, where numerous developers are vying for a limited number of licenses. Sands remains convinced that Nassau Coliseum is an ideal location for a casino and intends to transfer its bidding rights to another developer. Additionally, it plans to redirect funds initially allocated for the project into buying company shares.
Las Vegas Sands has dropped its bid to build a casino in Long Island, citing concerns over the threat of online gambling to its profit margins.
The competitive landscape for casino licenses in New York is intense, with multiple developers vying for the opportunity while Sands steps back due to market uncertainties.
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