Thor Equities Announce New Coney Island Casino Plans to Win Local Support
Thor Equities, together with its partners Saratoga Casino Holdings, the Chickasaw Nation, and Legends, has published a new version of its plans for a casino project in Coney Island, Brooklyn, now called The Coney.
Thor Equities releases new plans for Coney Island casino.
LISTEN TO THIS ARTICLE:This $3 billion development aims to be more than just a casino, featuring a comprehensive entertainment and hospitality hub. However, locals have voiced significant concerns about its long-term impact.
New Plans Aimed to Appeal to Locals
The proposal, first published in March 2023, now includes a 500-room hotel, a 2,500-seat concert venue, 70,000 square feet of retail space, and 90,000 square feet of meeting and event facilities. The goal is to revitalize the area and provide a lively, all-season destination for both locals and visitors.
Sam Gerrity, CEO of Saratoga Casino Holdings, emphasized that the casino resort would bring significant benefits, such as job creation, support for local businesses, and increased tourism. He believes The Coney will enhance the daily lives of residents by providing year-round economic support and improving infrastructure in a densely populated area.
The updated plans show Thor Equities’ vision for the five-acre site between Stillwell Avenue, West 12th Street, and Wonder Wheel Way. The design aims to complement Coney Island’s historical and cultural character, making it a top entertainment destination. However, the project faces strong competition for the limited casino licenses available.
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Intense Competition for New York Casino Licenses
Thor Equities and its partners are waiting for more details from the New York State Gaming Commission about the requirements for obtaining a downstate casino permit. They continue to refine their plans and engage with the community. The collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends brings together their expertise for this transformative project.
Despite these efforts, local community leaders voted overwhelmingly against the project in 2023, citing concerns about its long-term impact on the community. Opponents fear the casino could turn Coney Island into another Atlantic City, with all the negative aspects of the gambling industry affecting a struggling neighborhood.
While The Coney faces challenges in gaining local approval, rival projects from Wynn Resorts, Caesars Entertainment, and Resorts World are also competing for the limited casino licenses. The New York Gaming Facility Location Board’s final decision is expected next year.
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