Las Vegas Sands plans to seek tax breaks from Nassau as IDA approves lease transfer
The Nassau County Industrial Development Agency (IDA) voted unanimously Tuesday to approve a lease transfer of the Nassau Coliseum to Las Vegas Sands.
The vote comes as News 12 learned that the Last Vegas Sands pans to seek tax breaks from Nassau County to support the multibillion-dollar entertainment complex slated for the Coliseum site.
Sands will now take over the rights and benefits of the current lease holder.
The terms of the lease, which expire in 2050, will state the same.
However, the vote does not mean the proposed $4 billion project can go forward.
More steps will be taken in the process, including zoning approval from the Town of Hempstead and a gaming license from the state to build a casino.
"The next step in the process will be to move on to design and seeking approvals from the Town of Hempstead," says Dan Baker, attorney representing Las Vegas Sands.
A spokesperson for the Town of Hempstead tells News 12 the town board will carefully and thoroughly review any and all proposals that come before it.
The Sands must also receive one of three gaming licenses from the state in order to build the casino.
There is no word yet on when that decision will come.