Real Estate Developer Thor Equities Wants To Build a $3B Casino at Coney Island

Article by : Erik Gibbs May 20, 2024

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In southwestern Brooklyn, a transformative $3 billion project known as The Coney is set to reshape leisure and entertainment at a prime five-acre site on Surf and Stillwell avenues in Coney Island.

This ambitious endeavor is led by a consortium comprising Saratoga Casino Holdings, Global Gaming Solutions (part of the Chickasaw Nation), Legends Hospitality Group, and Thor Equities. Each contributes expertise in gaming, hospitality, and real estate.

The blueprint for The Coney is expansive and aims to cater to a diverse audience:

It includes a luxurious 500-room hotel designed to accommodate both tourists and local visitors seeking upscale accommodations. Complementing the hotel is a state-of-the-art 2,500-seat concert venue that promises a rich array of entertainment options throughout the year.

Dining options at The Coney are set to be plentiful, featuring over a dozen establishments ranging from fine dining restaurants to casual bars, ensuring a culinary experience for every taste.

The resort will also boast extensive convention facilities totaling 90,000 square feet, intended to attract corporate events and conferences and thereby position Coney Island as a destination for business gatherings.

The Coney’s main appeal will be its “world-class gaming facility,” which aims to be a focal point of the resort experience. While specific details about the casino remain undisclosed from the public unveiling, the emphasis has been on broader economic benefits and community enhancements.

A significant aspect of The Coney’s development is its commitment to integrating local businesses into its commercial landscape. The project pledges dedicated spaces for small, locally-owned enterprises within the resort, fostering a symbiotic relationship with the community.

Moreover, employment opportunities are a cornerstone of The Coney’s strategy, with a promise to hire “thousands” of individuals, prioritizing residents from the surrounding area. This initiative aims to bolster economic stability and mitigate seasonal job fluctuations in Coney Island.

Sam Gerrity, CEO of Saratoga Casino Holdings, underscores the project’s role in providing year-round economic support and upgrading local infrastructure. This commitment follows extensive engagement with Coney Island and Southern Brooklyn residents to address community needs.

In the competitive arena of New York’s gaming licenses, The Coney is one of ten contenders vying for three licenses designated for the downstate region. The competition includes industry giants like Caesars Entertainment, Wynn Resorts, and MGM Resorts, each presenting formidable proposals.

Notably, MGM Resorts and Genting are considered frontrunners due to their existing operations in New York, managing Empire City Casino in Yonkers and Resorts World New York City in Queens, respectively.

Despite its ambitious scope, details about The Coney’s casino facilities were conspicuously absent from the public unveiling, reflecting a strategic emphasis on broader economic impact and community benefits.

This approach aligns with evaluation criteria set by the New York Gaming Facility Location Board, which prioritizes projected economic activity and business development impact.

Public support for The Coney is robust, with endorsements from over 10,000 local residents through signature campaigns and community outreach efforts. The project is framed as a catalyst for long-term economic growth, aiming to stabilize Coney Island’s economy by providing sustainable job opportunities and reducing seasonal economic cycles.

Strategically positioned amidst Coney Island’s existing entertainment hub, The Coney aims to capitalize on its proximity to iconic attractions such as the Cyclone roller coaster and Wonder Wheel Ferris wheel.

By situating itself within this established tourist destination, the project seeks to enrich Coney Island’s cultural and entertainment landscape, positioning itself as a premier year-round destination offering diverse attractions and economic benefits to the community.