The Coney Pledges $200M Community Trust if Granted Casino License

Posted on: January 9, 2025, 09:03h. 

Last updated on: January 9, 2025, 09:52h.

The proposed Coney Casino & Resort in Brooklyn is sweetening its pitch in hopes of landing one of the three commercial gaming licenses allocated for New York’s downstate region.

The Coney casino trust New York
A rendering of The Coney, a $3 billion project for Coney Island, NY. The developers behind the Brooklyn pitch have pledged a $200 million community trust should it receive one of the state’s remaining casino licenses. (Image: The Coney)

Robert Cornegy, a former Democratic member of the New York City Council representing Brooklyn’s Bedford-Stuyvesant and northern Crown Heights neighborhoods, is helping lead the campaign to bring a casino resort to Coney Island. On Thursday, Cornegy unveiled that if The Coney secures a gaming license, the developers behind the project will commit to funding a $200 million trust that will benefit the seaside community.

Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come. Working directly with the community and stakeholders, the trust will include community grants for local organizations, Boardwalk improvements, better safety and security, and improved open spaces,” Cornegy said.

“The Coney is going to bring much-needed year-round jobs and economic development to Coney Island and if we are granted this gaming license this $200 million trust will supplement that by ensuring all of Coney Island benefits,” he added.

Project Details

The Coney is a $3 billion integrated resort casino proposal from a consortium including the Chickasaw Nation’s Global Gaming Solutions, Saratoga Casino Holdings, Legends Hospitality Group, and Thor Equities. The development is targeting five acres of prime land owned by Thor at Surf and Stillwell avenues in the heart of the city’s amusement district.

The blueprint includes a 500-room hotel, a 2,500-seat theater, more than a dozen restaurants and bars, 90K square feet of convention space, and a “world-class gaming facility” with an unspecified number of slot machines, live dealer table games, and sports betting. In addition, The Coney would feature a public roof space approximately the size of the lawn at Bryant Park accessible from the street level without needing to walk through the casino.

The Coney is among a crowded bidding pool for New York’s three remaining casino concessions. Other expected bidders are MGM Resorts, Las Vegas Sands, Wynn Resorts, Caesars Entertainment, Hard Rock International, Bally’s, Mohegan, and Genting.

The New York Gaming Facility Location Board is likely to announce its winners in 2025. 

Trust Fund Specifics

If The Coney is a go, the developers will establish a $200 million trust for the Coney Island community. A board that will oversee its distribution will consist of “local voices and stakeholders.”

Along with the aforementioned possible uses, the money will be available for improvements to public safety and security, workforce development, environmental protection, and public art.

The Coney’s $200 million public pledge has convinced some in the area that the casino could reverse the seaside town’s economic decline felt in recent decades.

“When I first heard about The Coney, I was intrigued. I liked the idea of a comprehensive entertainment and gaming destination that would bring tourists and their wallets year-round while also providing needed improvements and living wage job opportunities to my community. With the news of a new trust — one that includes me and my neighbors determining how and where money gets spent — I’m sold. The Coney will improve so much of what has been lost from Coney Island and I can’t wait to see it succeed,” said Julia Daniely, former president of the Carey Gardens Resident Association.