Coney Casino Developers Continue Community Input in Brooklyn

Coney Casino developer continues to contribute to Brooklyn community

Despite a host of globally recognized brands, the development team behind The Coney remains confident of securing one of three casino licenses issued by the Southern District of New York State.

Oklahoma's Chickasaw Nation's gaming subsidiaries Global Gaming Solutions and Saratoga Casino Holdings, along with New York real estate giants Thor Equities and Legends Hospitality, are part of a consortium preparing to make a $3 billion bet on Brooklyn.

Global Gaming Solutions COO Paul Pippin and Saratoga CEO Sam Gerrity recently spoke to discuss the latest developments in their proposal for a multi-billion dollar integrated casino resort in New York City.

Executives are confident their bid will be approved by the New York Gaming Facility Location Commission as the best match for the designated application, which aims to build a towering resort on the Coney Island boardwalk at Surf Boulevard and Stillwell Avenue, Close to the iconic Cyclone roller coaster and the Wonder Wheel. situation. The commission is tasked with accepting applications for the coveted license, which requires a one-time upfront fee of $500 million.

We can bring immediate economic development to Coney Island," Gritty said."Our area desperately needs a boost. "The casino will attract new businesses, which will also strengthen the area."

The Gaming Facility Positioning Committee said three winners will be selected based on weighted criteria consisting of four factors. Economic activity and business development are weighted at 70%, while local impact locations, workforce improvement and diversity frameworks each have a 10% weight.

“Coney Island makes sense,” Pippin said of the judging criteria. "If you think about jobs and seasonality, we can completely transform the entire Boardwalk area into a new entertainment district. We can make it a true resort destination again."

Listen to community concerns

Coney recently received his first endorsement from the New York City Community Board in Brooklyn Community Board 11. Although the committee represents neighboring communities, Pippin and Gritty said the development team will continue to receive additional support for the project. A local campaign has collected more than 10,000 signatures to support residents.

Executives say getting local input, both for and against, is a hallmark of their approach to developing casinos and integrating gaming resorts into communities.

We're excited to see the momentum," Pippin said of the community board's endorsement. Pippin said the group will continue to update its offerings based on the public's input."We want to ensure acceptance feedback and address their concerns. "

The concerns largely follow the typical concerns that accompany potential new casinos, including claims that gambling leads to more crime, bankruptcies, higher rents and higher property taxes.

"It's always been our desire to connect with the community. It's critical to us," Gritty added. "It's a two-way street. It's very helpful for them to let us know what their top concerns are. The more involved we are, the sooner we can reach mutual solutions."

Casino developers say they are developing strategies to address other concerns, including claims that integrated resorts trap guests. Pippen said one idea is to allow local businesses to use the casino's loyalty program to encourage resort guests to patronize Coney Island's established restaurants, retail stores and boardwalk vendors.

As for the congestion issue, Pippen and Gerrity said they will work with the MTA to create express subway service and expand ferry service to and from Coney Island once the gaming license is secured.

As for jobs, executives said People's Playground is expected to create 4,000 positions, many of which will be sought by Coney Island residents to fill.

Bid

It is expected that approximately ten offers will be received for the three licenses. Many observers believe two of the licenses have already been awarded, with MGM Resorts' Empire City Casino in Yonkers and Genting's Resorts World New York in Queens considered the frontrunners. Both communities currently offer video lottery terminals.

It's not a sure thing, however, that the speedway will receive a full casino license allowing Las Vegas-style slot machines, table games and sports betting.

Bidders are awaiting responses from the Gaming Facilities Location Committee to the agency’s second round of questions. Once the board responds, qualified applicants will have 30 days to formally submit their casino application.

Meanwhile, each proposal deemed qualified by the Gaming Facility Siting Committee will begin the process of forming a six-member Community Advisory Committee (CAC), with seats appointed by state and local government officials.

Each CAC will work with the casino developer to complete the offer. The CAC who ultimately voted against the project will be fired. In New York Gov. Kathy Hochul's (D) 2025 budget plan, the governor projects the state will issue three downstate gaming licenses in 2024, generating $1.5 billion in revenue. Gambling tax revenue is expected to increase by $231 million to $413 million annually. Once the three casinos become operational, the funds may not be available for several years.

If Empire City and Resorts World emerge as winners, the tax increase could come sooner than three new construction projects.