Nassau officials have announced the county has reached a new lease agreement with Las Vegas Sands at the Nassau Coliseum site.

Nassau County Executive Bruce Blakeman made the formal announcement Wednesday during a news conference, saying the county could stand to make millions in additional revenue from the deal.

"We are going to develop the Coliseum site and bring a world-class hotel and entertainment center - funded by a casino. We believe that will bring jobs, economic prosperity, tax relief and improved safety to Nassau County," says Blakeman.

The deal will give Las Vegas Sands control over the property and the lease agreement is the key to the developer's plan to build the $4 billion resort on the 72-acre site. Las Vegas Sands still has to win one of the casino licenses from the state to do so.

"We turned down many proposals from many places," said Las Vegas Sands president Rob Goldstein. "We thought this was the best location to do what we do, which is build large-scale resorts, we don't build casinos."

The county Legislature still has to approve the lease transfer in May. If they do, Blakeman says Las Vegas Sands will write the county a check for $54 million within 60 days.

A total of $5 million in reoccurring rent would be paid until a license to operate a casino is granted by the state. If Las Vegas Sands receives one of the casino licenses, the rent will increase to $10 million annually.

Blakeman says once a potential casino is open, Nassau County will be guaranteed $25 million in additional revenue every year. He says the county will also get $1.8 million a year for security and policing improvements.

Nassau County Legislator Joshua Lafazan says they will have a public hearing and then decide to vote whether to uphold or reject the agreement.

"I'm excited by what I hear about revenue and jobs and cautious about traffic and crime and other issues," Lafazan says.