Nassau County Executive Edward Mangano and the Shinnecock Nation are a step closer to possibly bringing a casino to Long Island.

The two parties are said to be close to signing a "memorandum of understanding" that could lead to the tribe buying about 40 acres of land the county owns, to the tune of about $120 million in a public-private deal.

If a casino were to come to Long Island, it could also bring in annual revenues of $30 million – bringing badly needed money to a cash-strapped county.

One of the sticking points in the proposed tribal casino and possible hotel/conference center is the so-called Lighthouse Project and New York Islanders hockey team (that currently plays at the Nassau Veterans Memorial Coliseum) – both owned by Charles Wang. He's developed parts of the area already, but is said to take issue with all the county owned acreage going to the casino.

Sources say if Wang could get his hands on more county the land, the whole deal could go through.

While a casino on Long Island would mean gamblers would save travel time – instead of hitting Connecticut's Mohegan Sun or Foxwoods, or Atlantic City in New Jersey - many people who live in this area are not excited about gambling here

Officials at nearby Hofstra University in particular, say college –aged gambling is on a troubling rise.

If a deal were to go through, it would still take year, and need state and federal approvals.