The Coney New York Casino Bid Unveils Scope for $3B Development in Brooklyn

Posted on: May 16, 2024, 10:48h. 

Last updated on: May 16, 2024, 11:04h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

The Coney has unveiled specifics of the $3 billion integrated resort casino it seeks to build in New York City by way of southwestern Brooklyn.

The Coney New York casino resort
An artist’s rendering of The Coney, a proposed $3 billion development targeting Brooklyn’s Coney Island. The integrated resort casino project would create thousands of jobs and transform the beach town from a seasonal terminus into a year-round destination. (Image: The Coney)

A project from a consortium consisting of Saratoga Casino Holdings, the Chickasaw Nation’s Global Gaming Solutions, Legends Hospitality Group, and Thor Equities, The Coney targets five acres of land in Coney Island at Surf and Stillwell avenues. The blueprint includes a 500-room hotel, a 2,500-seat concert venue, over a dozen restaurants and bars, 90,000 square feet of meeting space, and a “world-class gaming facility.”

In unveiling the details of the proposed casino destination, the developers pledged to include “dedicated locations” inside the resort for locally owned businesses and to hire “thousands” of people with a preference given to area residents. The Coney would also feature more than an acre of publicly accessible open space along the famed Boardwalk.

For two years we have been speaking with the residents of Coney Island and Southern Brooklyn about the need for a project that creates careers, supports local businesses, and centers entertainment around the idea of a playground that is truly accessible to the people,” Sam Gerrity, CEO of Saratoga Casino Holdings, said in a release. “We have heard time and time again that 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.”

The Coney will do just that, Gerrity said.

“Situated in the middle of a preexisting entertainment district steps away from one of NYC’s most iconic historical landmarks, The Coney just makes sense,” Gerrity added in reference to the nearby Cyclone roller coaster and Wonder Wheel Ferris wheel.

Bidding Pool

The Coney is one of several projects in the casino race for the three gaming licenses earmarked for the downstate region. The New York Gaming Facility Location Board is expected to decide next year which three bids will receive the coveted gaming licenses that come with a hefty $500 million fee.

The Coney is one of 10 bids being prepped for submission. Among the likely bidding pool are Caesars Entertainment, Wynn Resorts, Hard Rock International, Las Vegas Sands, and Bally’s.

Many gaming analysts believe two of the concessions are already spoken for by MGM Resorts and Genting. Those firms respectively own and operate Empire City Casino in Yonkers and Resorts World New York City in Queens. The properties currently can only offer slot-like video lottery terminals and electronic table games.

Casino Mystery

The Coney’s casino seems to be an afterthought in the blueprint presentation. While specific details including approximate square footage for the hotel, convention, entertainment, and food and beverage spaces are detailed, nothing about what the casino would encompass was described.

The bid instead focuses on the economic and livability benefits the project would deliver. That could play well in strengthening its odds, as the location board says each pitch’s proposed “economic activity and business development” impact will carry the most weight in the evaluation process.

The Coney says it has secured the support of more than 10K area residents via signature canvassing.

“The Coney will create a year-round economic engine that will provide thousands of jobs for local residents and will eliminate the seasonal ebbs and flows that have long plagued the local business community,” The Coney release concluded.