Major investors are battling to secure one of the three casino licenses approved for NYC earlier last year by state legislators—the New York Yankees are even 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.
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 back in November 2022.
In partnership with Saratoga Casino Holdings, The Chickasaw Nation, and Legends, Thor is proud to announce our plans to submit a comprehensive casino, hotel, and entertainment proposal for Coney Island that will transform and create lasting prosperity for an important community.
— Thor Equities Group (@ThorEquities) November 23, 2022
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.”
NYC council member Robert Cornegy (who now works on the Coney Island casino bid) announced on Good Day New York that the casino bid had been dubbed ‘The Coney.’
“We’re really excited,” Cornegy told Good Day New York. “Obviously, brining economic development and brining jobs and opportunity to that portion of Brooklyn that has been so underserved is an incredible component to the project.”
Recent renderings envisioning The Coney’s potential were released by Thor Equities. You can see them below:
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 (expected for sometime later in 2023) that the casino bids will be accepted or denied, so until then we must wait for the final decision.