'Proposed $3B Coney Island Casino Venture Unveiled, Known as "The Coney"'
The proposed casino and resort project by New York real estate powerhouse Thor Equities, in collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends Hospitality, has been dubbed "Coney."
Thor officials announced the name through a press release, which also unveiled the designs of the integrated resort.
This proposal aims to construct a casino and resort close to the renowned Coney Island Boardwalk and the iconic 150-foot-tall Wonder Wheel.
Thor executives have managed to secure a plot of around five acres at Surf Ave. and W. 12th St. If they receive one of the three downstate casino licenses from New York’s Gaming Facility Location Board, Thor promises a $3 billion investment to convert Coney Island into a gaming hotspot, revitalizing the area that's seen better days.
Coney's Revival
If The Coney wins the competitive bidding process for the sought-after downstate concessions, the casino would be within walking distance of Coney Island's major attractions, including the Wonder Wheel, the Cyclone wooden roller coaster, Luna Park amusement park, and the Nathan’s Famous Hot Dogs stand.
According to project spokesman Eric Koch, "The Coney will revitalize Coney Island, providing year-round employment opportunities and world-class entertainment for Brooklyn and New York City. The project's rejuvenating impact will help ignite a comeback for a community that has struggled in areas such as poverty rate, unemployment rate, and access to healthcare."
Coney Island was once a popular summer destination for New Yorkers during the early 20th century, but its visitation declined following World War II. Crime subsequently increased, and the area slipped into economic hardship starting in the 1960s.
Despite numerous revitalization attempts, most New Yorkers still don’t view Coney Island today as a top-tier holiday destination.
Thor, whose founder, Joe Sitt, is a Coney Island native, has long been committed to helping the Lower New York Bay community turn its fortunes around. In 2005, Sitt proposed a Las Vegas-style hotel and amusement park and spent over $100 million acquiring land around the Boardwalk. However, this project, which Sitt planned to pattern after the Bellagio on the Las Vegas Strip, never came to fruition.
$500M License Fee, $500M Minimum Investment
If Thor Equities and its casino partners receive a downstate New York casino license, they must pay $500 million for the gaming license. Under New York's casino regulations, the license holder must then invest a minimum of $500 million into the resort's construction.
The downstate casino proposals have been developing over the past few months.
Las Vegas Sands aims to invest up to $5 billion on Long Island for an integrated casino resort at the Nassau Veterans Memorial Coliseum. In Queens, billionaire Steve Cohen has suggested teaming up with Hard Rock International to build a casino resort at his Citi Field MLB ballpark, home to his New York Mets.
In the Bronx, the Bally’s Corporation and Trump Organization are developing a casino pitch near the latter’s Trump Golf Links at Ferry Point.
In Manhattan, hedge fund tycoon Stephen Ross is partnered with Wynn Resorts for development at his Hudson Yards complex. A separate casino project on the East Side, just south of the United Nations, comes from billionaire Stefan Soloviev and Mohegan. Finally, Caesars Entertainment and SL Green, a leading New York real estate landlord, want to establish a casino in Times Square.
Resorts World New York City in Queens near JFK Airport and Empire City Casino at Yonkers Raceway are strong contenders for two of the three downstate licenses. Both racinos currently only offer video lottery terminals and electronic table games.
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