Online gambling concerns could halt the building of a Sands Long Island Casino

Recently, a new concern has emerged regarding the Las Vegas Sands project to build a downstate casino on Long Island, New York. It was not residents, politicians, or watchdogs. Instead, it was the chairman and CEO of Las Vegas Sands, Rob Goldstein. According to reports for CDC Gaming, Goldstein had apprehension during a Q3 earnings call. He expressed how he feels uneasy investing $6 billion into the project due to the competition of online gaming in New York. The CEO mentioned how neighboring states are having a ton of success with their online markets.

Is online gaming growing in the United States?

There are only seven states in the U.S. that offer a full slate of legal online casino games. The list includes Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia. Each year, the online gambling market continues to grow, In 2024, online gaming is expected to generate $5.1 billion in wagers across the United States. With how rapidly the industry is growing, that number is expected to hit $11 billion by 2029. That is an annual growth rate of nearly 17%. 

According to data from Statista, there could be 79 million online gaming users in the United States by 2027. During Q2 of 2024, commercial gaming in North America grew by nearly $18 billion. This was the 14th consecutive quarter that the industry saw annual revenue growth.

What are other concerns for Las Vegas Sands to build a Long Island Casino?

The threat of online gambling having more business than an in-person casino is a legitimate concern for Las Vegas Sands. Representatives from Hofstra University, Kellenberg High School, and the Village of Garden City are highly against plans to build the casino. They are worried that it will lead to more crime, gambling addictions, traffic, and environmental issues.