Thor Equities, alongside its partners Saratoga Casino Holdings, the Chickasaw Nation, and Legends, has unveiled a refined vision for its ambitious casino project in Coney Island, Brooklyn, now branded simply as The Coney. The $3 billion development plan transcends traditional gaming, promising a comprehensive entertainment and hospitality hub. However, the project has faced substantial backlash from locals worried about its long-term effects.

New Updates Aim to Win Over Locals

The proposal, first introduced in March 2023, has been updated to include a 500-room hotel, a 2,500-seat concert venue, 70,000 square feet of retail space, and 90,000 square feet of meeting and event facilities. This multifaceted development aims to revitalize the area, offering locals and visitors a vibrant, year-round destination.

Sam Gerrity, CEO of Saratoga Casino Holdings, one of the companies in the consortium behind the project, was adamant that the planned casino resort would provide substantial benefits, creating careers, supporting local businesses, and attracting more visitors with its expanded entertainment options. He was confident that The Coney would positively affect the area, enhancing locals’ day-to-day lives.

[Coney Island] needs a project that provides year-round economic support while also lifting up the infrastructure in one of the most densely traveled areas of the community.

Sam Gerrity, Saratoga Casino Holdings CEO

The casino resort’s newly updated renderings showcase Thor Equities’ vision for the five-acre site between Stillwell Avenue, West 12th Street, and Wonder Wheel Way. The design aims to seamlessly integrate with Coney Island’s historical and cultural fabric, enhancing its appeal as a premier entertainment destination. However, the project must overcome fierce competition in the fight for the limited licenses.

The Project Faces Stiff Competition

While Thor Equities and its partners await further guidance from the New York State Gaming Commission on the specific requirements for obtaining a downstate casino permit, they continue to refine their plans and engage with the community. The collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends reflects a strategic alliance leveraging their combined expertise to create a transformative project.

Despite the consortium’s efforts, locals have been less than ecstatic regarding the casino resort. 2023 saw local community leaders overwhelmingly vote against the ambitious project, expressing concern regarding its long-term impact on struggling communities. Opponents claim the casino threatens to turn Coney Island into another Atlantic City, bringing all the gambling industry’s negatives to a struggling neighborhood.

While The Coney struggles to win the approval of locals, rival projects threaten to outcompete it in the fight for the limited casino slots. Industry giants like Wynn Resorts, Caesars Entertainment, and Resorts World have pitched alternative projects, hoping to be included in The New York Gaming Facility Location Board’s final decision expected next year.

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As the bidding and pitching process for new casinos to win licenses in and around New York City heats up, we’ll be taking a closer look at some of the local potential impacts. Known collectively as the “downstate New York” casino license tender, at least one new casino will open with two other full-fledged casino licenses possibly going to existing lottery casinos in the area.

The first and second licenses are “widely believed” to be destined for the walls of Resorts World New York in Jamaica, Queens, and MGM’s Empire City Casino at Yonkers Raceway in that city. Both locations already host large and popular video lottery terminal-fed (VLT) slot machines and table games and could conceivably garner one or both of the first licenses while a third license is entirely up for grabs under costly terms and potentially huge financial benefits.

The Minimum Bid is $500 Million

The minimum bid for each of the three licenses is half a billion dollars, however, as observers have noted in the past, the NYC area could be the biggest untapped casino market on earth with a populace of some 19 million people.

The Brooklyn Paper will be the main source for our article today along with our own reporting and a bag of facts generated by gambling authorities in the state, the World Casino Directory, and other sources as noted throughout the story.

Thor Equities is looking to develop property it owns on Coney Island, a historical icon as well as a southern Brooklyn neighborhood where opinions run hot and cold as well as tepidly indifferent to the prospects of a large new Las Vegas-style casino and entertainment complex there.

Developers believe some 4,000 new jobs would be directly and indirectly created in Brooklyn if the consortium’s eventual bid is ultimately accepted. Not only jobs but good-paying union jobs according to former New York City council member and a pro-casino task force member, Robert Cornegy.

According to the local paper, Cornegy believes that jobs with a decent wage and year-round employment would be created in the neighborhood between gaming, hospitality, and hotel operators opening doors to the middle class for many people who have not had such opportunities in front of them in some time.

Cornegy reportedly told Brooklyn Paper: “Being able to bring decent paying, year-round jobs is something that I feel like I am compelled to push and demand.

“For people of color, black people in particular, labor has created a pathway to the middle class in a lot of different industries. The hotel trade is one of the more lucrative opportunities.”

While some people don’t hold these sorts of jobs in high esteem, Cornegy says they can pay as much as $30 per hour and offer a chance at upward mobility as well as enticing benefits.

He particularly focused on the fact that the neighborhood already has its own “brand” and that built-in advantage could be wasted if it’s not used.

Community Board 13 is a New York City government entity that serves the areas of Brighton Beach, Coney Island, Gravesend, and Sea Gate. Public meetings are still held via Zoom rather than in person but the Board is still active.

Community Board 13 chair, Lucy Mujica Diaz seems to be wary of that number and told the Papoer that she wonders what percentage of those jobs would actually go to community members and stated that the jobs might not be the best match for many community members.

Mujica Diaz is quoted as saying, “I don’t see someone in hospitality lasting that long,” according to Brooklyn Paper. “I don’t think it would be a good fit for some of the people because there are still unanswered questions.”

Statistics for the neighborhood show a slightly higher unemployment rate than the rest of the city overall with 5.6% in Kings County compared to 5.3% for NYC overall.

A member of the “casino bidding team” purportedly stated that recruitment and job training would be preferentially provided to locals. Local job fairs and other “pipelines” of opportunity would also be afforded to local citizens. It may be of interest to note that when Bally’s was pitching its Chicago Casino, the first real casino ever in the nation’s third-largest city, a promised number of jobs and matches was part of the package.

According to Carnegie’s thinking: “I think it’s important to note how far, even when we talk about the disparities in the city, those disparity numbers are always increased in a place like Coney Island,” he said.

Diaz noted that the neighborhood’s current seasonal nature can feed into the lack of job opportunities as well. The Coney Island poverty rate is reportedly 24% while that of the city overall stands at 20%. She worries that locals wouldn’t apply for the obs as even making a single dollar more in salary can increase the rent people in public housing must pay. Over 100,000 New Yorkers live in one of the 79 developments operated by the New York City Housing Authority with about 11,000 Community Board 13 area residents being part of that number. C13 also serves Brighton Beach.

Better Pay is Not Always Attractive

Diaz explained in more detail how the current structure of eligibility for that housing complicates matters and asserted she was confident that not even 50% of the jobs would go to locals. Some senior residents simply don’t want or need full-time “lucrative” employment as the income would simply lower the income insurance benefits they already receive from Social Security.

There are regular community members who are opposed to the casino being located there as well. However, when it comes to “grassroots” organizations it’s not always easy or even possible to know true motives as casino license competitors and other “stakeholders” can easily influence the voice of opposition movements when checks and balances are not established prior the bidding process getting underway. Preliminary bidding for the licenses has officially been underway for several months.

The Paper noted that casino proponents are still in the process of “workshopping” a proposal and haven’t completed their RFP or Request for Proposal which city casino planners began offering in early January.

The state has still not published a submission date for the proposals being sought by the New York State Gaming Facility Location Board.

Cornegy maintains the project would be good for job creation. “This project looks to be one of the largest job creators in southern Brooklyn,” he said.

Source: Developers say proposed Coney Island casino would bring 4,000 new jobs to the People’s Playground, The Brooklyn Paper, June 15, 2023

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The company estimates its casino resort would bring approximately 4,000 jobs to the area along with other economic benefits. However, many locals have rallied against the project, concerned about the social costs inherent in a high-profile gambling venue. Such ongoing controversy may affect the planned casino’s chances of obtaining one of the limited New York licenses.

Casino Supporters Highlighted the Attractive Job Opportunities

Thor Equities, known for its real estate ventures and urban development projects, is part of the consortium behind the planned Coney Island casino resort. The company has invested significant efforts in marketing, attempting to convince locals of the benefits such an establishment would bring to the area.

According to the developer, the casino would bring 4,000 well-paid, year-round jobs, providing residents with stable income and potential career growth. Former City Council member Robert Cornegy noted the venue would focus most of its recruitment and job training efforts on local communities, promising wages of up to $30 an hour and enticing benefits.

Being able to bring decent paying, year-round jobs is something that I feel like I am compelled to push and demand… The hotel trade is one of the more lucrative opportunities.

Robert Cornegy, former New York City Council member

Cornegy highlighted the casino industry’s rising popularity, highlighting its attractiveness for people of color looking to earn a middle-class standard of living. The planned venue would also positively impact surrounding businesses, attracting visitors and reinvesting in the community through infrastructure improvements, public services, and social programs.

Community Representatives Remain Unconvinced

Despite the developer’s efforts to bolster the casino project’s public image, many locals remain unconvinced. Critics argue that a casino could contribute to issues such as problem gambling, increased crime rates, and a change in the neighborhood’s character. Brooklyn’s Community Board 13 even urged local officials to reject the project, highlighting its hidden dangers.

According to Board members, a high-profile casino threatened to turn Coney Island into another Atlantic City, bringing all the gambling industry’s negatives to a struggling neighborhood. The area consistently falls behind in income and unemployment rates, but many residents cannot work full-time, diminishing the potential positive impact of a casino.

How do you guarantee a percentage of jobs are going into the community? You just can’t… I don’t see someone in hospitality lasting that long.

Lucy Mujica Diaz, Community Board 13 chairperson

Thor Equities’ recent promises only widen the rift between casino proponents and the stiff local opposition. Despite ongoing efforts to appease the locals, the backlash continues to intensify. Such actions can potentially undermine the consortium’s chances of securing one of New York’s three coveted casino licenses, as few other competitors face the same level of opposition.

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According to Brooklyn’s Community Board 13, a gambling establishment would conflict with the area’s reputation for family-friendly entertainment and exacerbate its existing challenges. The consortium behind the project attempted to alleviate concerns, calling the Board’s actions premature. However, limited New York licenses mean the project may never get off the ground regardless of locals’ opinions.

The Boardwalk May Receive a Shiny New Casino

The $3 billion casino project is the brainchild of a consortium of several gambling holdings, including Global Gaming Solutions (GGS), Legends Global Planning, and Saratoga Casino Holdings. Real estate investment company Thor Equities is the driving force behind the venture. All members have in-depth industry knowledge and are willing to compete with other market leaders for the limited New York licenses.

“The Coney Island Casino Resort & Resort Entertainment District Brooklyn” project envisions a new Las Vegas-style entertainment and hotel establishment with all the amenities expected of a project on such a scale. The consortium has already released renderings of the planned buildings, hoping to win over the local community with promises of job opportunities, economic growth, and lasting prosperity.

Local Leaders Urged Officials to Reject the Project

Despite the developers’ best efforts, the Coney Islanders’ response has been far from positive. Community Board 13, the main body representing the area’s residents, overwhelmingly voted against the project, with 23 to eight opposing the construction. Although the Board’s decision does not carry any legislative weight, their opinions usually hold sway with the local officials who will have the final word.

Brooklyn Councilman Ari Kagan supported the decision to oppose the casino project. He agreed that a high-profile gambling establishment would cause a spike in crime and mental health problems while exacerbating the area’s growing traffic congestion. According to the Board, the casino threatened to turn Coney Island into another Atlantic City, bringing all the gambling industry’s negatives to a struggling neighborhood.

Our community cannot endure the substantial burden and problems that this venue will generate.

Community Board 13 resolution

Consortium representatives quickly replied, criticizing the Board for their hasty decision. Officials claim to have gathered over 3,300 signatures supporting the project, noting that any criticisms were meaningless before its full reveal. Officials also added that a high-profile casino would bolster employment, revitalize the local economy and help the surrounding small businesses.

Any judgments about this project … before the full details are realized… leaves the community struggling with the very same issues… it currently bemoans.

Consortium statement regarding the Community Board 13 vote

Despite the Coney Island community’s growing concerns, the consortium’s project may never get off the ground. New York will grant only three full casino licenses, with high-profile operators like Bally’s, MGM Resorts, the Seminole tribe, Wynn Resorts, and Caesars Entertainment struggling to offer the best project. Since two spots will likely go to developed properties, the Coney Islanders’ gambling woes may resolve themselves.

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The consortium behind the proposal to build a casino resort on Coney Island released renderings of the future building and amenities if they win one of the three available downstate casino licenses.

Casino, Hotel, Convention Hall

The consortium comprising Global Gaming Solutions (GGS), Legends Global Planning, Saratoga Casino Holdings, the Chickasaw Nation, and Thor Equities revealed Friday their plans for the casino resort it would build on the island that is home to the team from Minor League Baseball (MiLB), the Brooklyn Cyclones.

Named “The Coney Island Casino Resort & Resort Entertainment District Brooklyn,” the project will build just steps away from the Brooklyn boardwalk and beach a new casino with a Las Vegas-style entertainment hall showing visitors performances by top entertainers, a sleek hotel behind the casino and a nearby convention hall to fill the void for a large venue for business events in southern Brooklyn.

The consortium including the co-founded by the New York Yankees and the Dallas Cowboys sports and entertainment firm, Legend Global Planning, initially announced its plans to apply for one of the state’s three available land-based casino licenses in upstate New York in November last year.

Commenting on the project, Robert Cornegy, a former Brooklyn councilman and a consultant with the consortium, outlined the seamless way the new buildings will “blend in with the boardwalk and streetscape,” adamant that the casino resort that, if approved, will appear in-between the aquarium and the Cyclones ballpark will supercharge the boardwalk.

The casino project will also create new jobs for the Coney Island area, serving as a display of the consortium’s “responsibility to bring economic development to underserved communities,” Cornegy pointed out.

Competition Will Be Strong

Gaining the approval for the Coney Island casino resort will be anything but a walk in the park as there is intense competition for the three available upstate casino licenses from other gaming operators, including Bally’s, MGM Resorts, the Seminole tribe, Wynn Resorts, and Caesars Entertainment.

Bally’s is proposing a casino on the Trump Organization’s public golf course at Ferry Point, MGM Resort is part of a consortium with Genting/Resorts World that is expected to submit a bid to expand their offerings to include table games, Mets’ owner Steve Cohen, is eyeing a casino near the team’s stadium in Queens, Wynn Resorts and the Steve Ross-Related Companies is vying for a casino at Hudson Yards, and Caesars, in partnership with the landlord SL Green is targeting a casino in Times Square.

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