L
as Vegas Sands has abandoned its ambitious plan to transform the Nassau Veterans Memorial Coliseum into a $6 billion gaming hub on Long Island. The company's decision comes as online gambling gains traction, casting a shadow over traditional table games, and amidst an uncertain economic climate that threatens to erode shareholder value.

    Rather than pursuing a license for itself, Las Vegas Sands will seek to transfer its bid rights to another entity, allowing it to redirect funds towards stock buybacks. This strategic move aims to bolster the company's financial position by repurchasing shares of Las Vegas Sands and its subsidiary, Sands China.

    The decision marks a significant shift in Sands' approach, which had initially envisioned a massive resort on the Coliseum site. Despite being a leading contender for one of three gaming licenses near New York City, the company has opted to withdraw from the competition. This move follows Saks' earlier withdrawal from the bidding process, citing similar concerns about online gambling and economic uncertainty.

    Las Vegas Sands still believes that the Nassau Coliseum would be an ideal location for a new casino, but it will now seek out a partner to take on this opportunity. The company's president, Patrick Dumont, emphasized the need for a third party to address both land-based and digital markets in New York.

    As the search for a suitable partner continues, other developers are stepping forward to vie for the coveted gaming licenses. Steve Cohen, owner of the New York Mets, has proposed a casino with Hard Rock Entertainment at Citi Field in Queens, while Related Companies and Wynn Resorts have teamed up to pitch a casino on Manhattan's Far West Side. SL Green Realty is also vying for a license with Caesars Entertainment in Times Square, and Bally's has set its sights on a potential site in the Bronx.