Coney Island Casino Proposal Unveiled by Thor and Partners

By Jane Shaw Senior Editor Updated: 06/08/2024

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Coney Island Casino Proposal Unveiled

According to recent reports, Thor Equities has unveiled plans for a groundbreaking casino project set to transform Coney Island, Brooklyn. The project is in collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends.

The project is known as The Coney, and it was initially proposed as a casino venture. However, according to reports, the scope of the project has now expanded and includes a wide range of amenities. These include a 500-room hotel, a 2,500-seat concert hall, 70,000 square feet of retail space, and 90,000 square feet designated for meetings and events.

Adapting to Changing Legislation

Officials said that Thor Equities has managed to navigate through various regulatory hurdles and has adapted in line with changing legislation. This includes recent legislation in April, which resulted in streamlined zoning amendments. This provides a faster route for developers looking for downstate casino licenses, and it means bypassing traditional zoning protocols.

However, according to reports, The Coney faces stiff competition from rival proposals across various locations such as Hudson Yards, Queens, Times Square, and South Queens. Officials said that contenders are all looking to redefine the area, and this means tougher competition for The Coney’s establishment.

The unveiling of The Coney’s plans has highlighted the finer details of the project, which now appears to be an exciting complex that integrates a casino with various hospitality, entertainment, and communal spaces. The project plans show its potential to positively impact the local economy, with around 4,000 new jobs, as well as the opportunity to bring more visitors to the area.

Sam Gerrity, Saratoga’s CEO, said:

Coney Island needs a project that provides year-round economic support.

In addition to boosting tourism and creating thousands of new jobs, The Coney could also help to boost the success of other local businesses due to the increase in visitor numbers.

The Coney Gets Mixed Response from the Community

Despite the potential economic benefits of the project, The Coney’s reception within the community has been mixed, according to officials. While some have rallied behind its potential benefits, others have expressed concerns about the negative impact of introducing a casino to Coney Island.

This has sparked debates, with concerns raised about the potential for increased gambling addiction and adverse effects on the community.

In response to these concerns, officials involved with The Coney have promised to take proactive measures. This includes dedicated resources to combat gambling addiction and comprehensive staff training to ensure a welcoming and responsible gaming environment.

A petition in support of the project recently gained 10,000 signatures, but despite this, there is still a lot of opposition from many people in the area. Local leaders have organized anti-casino panels to voice their concerns over potential negative impacts.

According to officials, the development group behind The Coney remains committed to addressing community concerns. This includes plans for a dedicated on-site resource center to prevent gambling addiction, which has become a major issue in many gambling states. It also includes plans for proper staff training to aid responsible gaming.