The NHL hockey team, which left Long Island and has been playing its home games at the Barclay Center in Brooklyn the past couple seasons, beat out a bid by Major League Soccer's New York City FC team to build a 26,000-seat soccer stadium at Belmont.
The bid was put in by the New York Arena Partners, which includes the owners of the New York Mets and others.
The official announcement is slated for Wednesday at 11pm ET with Governor Andrew Cuomo expected to be on hand for the announcement.
The New York Islanders are coming back to Nassau County.
John and Nizzette Conlon and their two sons, all Islanders fans from St. James, N.Y., walked to their seats in Section 3 at the southwest end of Barclays Center and took one flabbergasted look. The Islanders outlined their development plans at a public meeting in Elmont earlier this month. The re-developed Nassau Coliseum could be the best option. In addition, it would have 435,000-square feet of space for retail, a hotel with 200 to 250 rooms and a 10,000-square foot "innovation center".
If Barclays Center were to opt out in that scenario the Islanders would have until the start of the 2018-19 season to find a new home - something they won't have to worry about anymore.
What the plan might mean for the future of Belmont and nearby Aqueduct Racetrack, both of which are operated by the New York Racing Association, is subject to much speculation. The Islanders moved out of their previous home, the Nassau County Veterans Coliseum, in 2015, and now play in Brooklyn's Barclay's Center. There is a Long Island Rail Road stop at Belmont Park, which most likely would need to undergo further renovation to accommodate increased usage.
The team is now negotiating with Brooklyn Sports & Entertainment, which operates Barclays Center and Nassau Coliseum, on amending their lease.