‘NEW’ Breaking News – Thor Equities Proposes $3B Development For Casino & Hotel In Coney Island

DEBARYLIFE – Several companies, including Thor Equities, are vying for one of the three casino licenses that New York is anticipated to grant. Their planned casino, dubbed “The Coney,” is expected to have a hotel spanning more than 250,000 square feet. It would also include 92,000 square feet of meeting and conference space.

Additionally, their design includes 70,000 square feet of retail space for food and drink.

Legends, the Chickasaw Nation, and Saratoga Casino Holdings are their partners. This group has been interested in obtaining one of the three New York casino licenses since 2022, along with Thor Equities.

Over 10,000 signatures on petitions in favor of Coney’s proposal have been collected. Sam Gerrity, the chief executive of Saratoga Casino, said this.

Sam Gerrity stated, “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 heavily traveled areas of the community.” “That’s exactly what the Coney does.”

What Obstacles Must Developers Overcome to Receive A Gaming License?

Executive director Robert Williams gave a lengthy explanation of why now is not the appropriate time to seek a license at the New York State Gaming Commission in March.

Williams informed the group during their discussion that decisions about gambling licenses are not anticipated until late 2025. That is still at least a year out, if not more. Developers will have to wait even longer because these licenses are complicated.

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Before their proposal is reviewed, casinos must also obtain municipal zoning approval and support from the community advisory group. Developer opinions on the necessity of local assistance have been divided.

SL Green Reality is one such instance. In Manhattan, they are the biggest landlords of offices. In their bid for the Times Square casino, Caesars Entertainment is involved. According to a survey conducted yesterday, 71% of the 400 or so local electors who are registered to vote are against the casino.

The No Times Square Casino Coalition paid for this survey. They are vehemently opposed to SL Green’s casino offer. Nevertheless, several Times Square property owners have supported the casino.