The burgeoning global population has heightened concerns regarding energy management and freshwater production. Traditional liquid air energy storage (LAES) systems, while innovative, struggle with low operational efficiency and substantial energy demands. Similarly, conventional desalination methods are impeded by inefficiencies and high energy consumption. Addressing these deficiencies is imperative to more sustainable energy and water resource management. In prior work, our team proposed two advanced polygeneration liquid air energy storage systems coupled with LNG cold energy, solar energy, and hydrate-based desalination (LNG-HBD-SALAES). This study further conducts a comprehensive life cycle cost analysis to investigate their potential profitability in typical application scenarios near coastal LNG receiving terminals. In addition, it examines the sensitivity of the overall economic performance to various parameters. The results indicate that the initial capital cost of the LNG-HBD-SALAES project is 103.10 million USD. When the plant is situated in Guangdong Province, the annual operational and production cost is 5.45 million USD, with the total life cycle cost potentially as low as 199.52 million USD. The LNG-HBD-SALAES system demonstrates optimal economic benefits when located in Guangdong Province, where the levelized cost of energy is 0.117 USD/kWh, and the net present value is 196.54 million USD. Additionally, the detailed sensitivity analysis indicates that the purchase cost of equipment and revenue from the LNG regasification process significantly impact the overall economic performance. These two parameters require focused attention in project investment. This thorough evaluation provides dependable groundwork for the initiation and execution of energy storage projects.