Major investors are battling to secure one of the three casino licenses approved for NYC earlier this year by state legislators and the New York Yankees are among the competition.
Though one proposal by Caesars Entertainment and developer, SL Green Realty Corporation suggests Times Square be the location of an NYC casino, some major investors are moving in on Coney Island being the ultimate casino destination.
On Tuesday, November 22, Saratoga Casino Holdings, responsible for Upstate New York’s most successful racino, The Chickasaw Nation, a Native American tribe that operates thousands of hotels, electronic games and more, and Legends, a joint venture first founded with the New York Yankees and Dallas Cowboys, announced their partnership with Thor Equities to bid on a Coney Island Casino.
According to the press release, the $3 billion investment would require the labor and employment of local residents and businesses, creating 2,500 construction jobs. Thor Equities hopes to turn Coney Island into a year-round destination “to bring Coney Island security and vitality for the next century.”
The casino hopes to fulfill a “generations-long promise to Coney Island by providing the region with a permanent, thriving local economic engine,” shares the press release, ensuring the area’s economy wouldn’t have to rely as heavily on summertime visitors.
“My family has done business in New York for generations, including opening the first non-tribal casino in 2004 which has contributed over $1.2 billion to New York State education,” said Sam Gerrity, CEO of Saratoga Casino Holdings LLC. “We are thrilled to be partnering with Thor Equities Group, LLC and Global Gaming Solutions, LLC, two world class organizations, to bring a community friendly gaming and entertainment venue to Coney Island.”
With three decades of experience, Legends promises “to provide [their] operational and experiential expertise to bring the preeminent resort casino in New York to Coney Island,” said Bill Rhoda, President, Legends Global Planning. “This incredible resort will be a world class entertainment destination, with gaming, a variety of restaurants and entertainment for locals and tourists year-round.”
Interestingly enough, the Yankees aren’t the only New York baseball team affiliated with bidding on a casino. New York Met’s owner, Steven Cohen has also been reported to have his sights set on opening a casino near Citi Field.
It won’t be until a few more months that New York State will grant the three downstate licenses, so until then we must wait for the final decision.