CEO Rob Goldstein said on the company's earnings conference call that the management team believes in the development opportunity for land-based downstate casino license in New York, and thinks the Nassau Coliseum site is the best location for that development opportunity, but remains concerned about the impact of potential legalization of iGaming on the overall market opportunity and project returns. Interestingly, Las Vegas Sands (NYSE:LVS) disclosed that it is in the process of attempting to secure an agreement with a third party to whom it can "transact the opportunity" to bid for a casino license on the Nassau Coliseum site, which would include those that may be able to address both land-based and digital markets in New York.

At this time, Las Vegas Sands  thinks the highest and best use of its capital is to buy back its own shares.

As for the race for the New York downstate casino licenses, a final decision is expected by the end of 2025. The process has attracted intense interest from major casino operators and real estate developers, each promising multi billion-dollar investments and large-scale developments that could reshape the New York City metropolitan area.

The contenders include the Hudson Yards Casino proposal from Related Companies and Wynn Resorts. The Manhattan proposal features a resort and casino, an 80-story residential tower, hotel, office space, a public school, and a 5.6-acre public park. The plan recently cleared a major hurdle when the City Planning Commission voted 9-2 to advance it, though it still faces community opposition and further regulatory review.

Other major bids include Mets owner Steve Cohen in partnership with Hard Rock pursuing a casino near Citi Field, SL Green (NYSE:SLG) and Caesars Entertainment (NASDAQ:CZR) aiming for a casino in Times Square, and Bally's Interactive (NYSE:BALY) plan to develop a casino at the former Trump Golf Links at Ferry Point. Resorts World at Aqueduct and MGM’s (NYSE:MGM) Empire City in Yonkers are also seeking full casino licenses to expand their current operations.

Hudson’s Bay Company also has a proposal to convert the top floors of Saks Fifth Avenue into a Monte Carlo-style casino. The property could be operational quickly due to minimal construction needs, but the bid is considered a long shot to land a license.