IDA approves Coliseum lease transfer

Sands reportedly to seek tax breaks to finance $4 billion casino, entertainment center

BY ROBERT PELAEZ

The Nassau County Industrial Development Agency unanimously approved a lease transfer of the Nassau Coliseum and the surrounding 72 acres known as the Hub to Las Vegas Sands at its meeting on Tuesday.

The lease transfer to the Sands, which will expire in 2050, allows the company full control of the Coliseum, though the Sands has not committed what the fate of the Nassau fixture’s fate will be.

Nassau County officials announced in 2020 that a deal was struck with Nassau Live Center LLC and Nick Mastroianni to take immediate control of the Coliseum as its new tenant.

Tuesday’s agreement transferred control of the lease from Mastroianni to Sands. An unidentified Sands representative told Newsday that the company plans to apply for tax breaks to support the $4 billion venture.

The representative told Newsday “We’ve had no discussions with the IDA about this at all. However, whatever agreement we structure with the IDA will certainly be better [for the taxing jurisdictions] as opposed to the present day where they receive $0 [in payments-in-lieu-of-taxes].”

Sands officials had said earlier they did not intend to seek tax breaks for the project.

Immediate efforts to reach Sands officials for comment were unavailing.

The IDA granted more than $4 million to developer Bruce Ratner in

2015 to conduct enhancements on the former home of the New York Islanders.

More than $3 million in sales tax exemptions were granted for purchasing construction materials and an ad- ditional $1.1 million for a mortgagerecording tax exemption.

The Nassau County Legislature approved a resolution for Las Vegas Sands to construct a $4 billion entertainment center last week.