Long Island-based RXR Realty and Las Vegas Sands are joining forces on a bid to redevelop the Nassau Coliseum into a casino and hotel, the latest venture teaming a gaming giant with an NY real estate firm in the contest to win one of three NYC-area casino licenses.

Sands has agreed to buy a long-term lease for the 80-acre site in Uniondale, NY, which includes the 40-year-old arena that was the former home of the NY Islanders NHL franchise, for an undisclosed price. Last year, the Islanders moved into a new arena next to the Belmont Park racetrack.

In what it said would be a "multibillion-dollar" bid, Sands said the proposal would include a five-star hotel, a live-performance venue, convention space, a spa, health club and swimming pool, outdoor community spaces and a casino. RXR, which said it has been working the for past two decades to redevelop the Coliseum site, will be the master developer of the project.