Las Vegas Sands announced Wednesday that it is not going to pursue a gaming license that would allow it to operate at the site of the Nassau Coliseum.

In a statement, the company says it believes that the Coliseum "is the best location" for a development opportunity. However, the company cited concerns about "the impact of the potential legalization of iGaming on the overall market opportunity."

The company adds that it's in the process of trying to secure an agreement with a third party to whom it can transact the opportunity to bid for a casino license on the Coliseum site.

If Las Vegas Sands is unable to secure an agreement that would allow for the third party to bid for a license on the Coliseum, it says will work with Nassau County and other parties to try and ensure it is developed consistent with the County’s long-term vision for the site.