The Coney to Invest $200M in the Community If It Secures a License

The developers behind The Coney, an ambitious casino proposal in Brooklyn, have promised to pledge $200 million to a Coney Island community trust, should they secure one of the limited downstate New York casino licenses. This money would bolster a variety of potential community initiatives, the project’s proponents argued.

The Property Will Bolster the Economy in More Than One Way

As the battle for the three downstate New York licenses heats up, The Coney’s developers have raised the stakes. At a Community Board 13 hearing on Thursday, they promised to inject $200 million into a local community trust if they win one of the licenses.

This fund would be put into the responsibility of a committee comprised of local authorities and stakeholders who would decide how the money will be distributed.

According to the announcement, the money could potentially support community grants, small businesses technical assistance and economic mobility. Other potential causes include boardwalk improvements, improvements to open spaces and overall safety and security upgrades. The money can furthermore nurture public art or be used to support environmental projects in the area.

Local Community Leader Backed the Proposal

Robert Cornegy, a spokesperson for The Coney, was thrilled to announce the $200 million promise. He praised the island for its amazing community and promised that the aforementioned investment would make it better not only for the people living there now but for the future generations too.

In addition to the financial support, Cornegy insisted that the casino itself would create many jobs and serve as a key economic stimulus for Coney Island and Brooklyn as a whole.

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.

Robert Cornegy, The Coney spokesperson

The Coney project is supported by the Brighton Neighborhood Association, whose founder, Pat Singer, praised The Coney for its planned investment. As someone who has served the community for almost five decades, he has supported a variety of community-oriented projects throughout his life.

Now, Singer promoted The Coney, the project, saying that it will benefit the entire community:

By approving this project, you will open the door to new funding which will raise the quality of life for the people in Coney Island. The boardwalk for example, has been in disrepair for decades. As they say, ‘money makes the world go around.’ By building The Coney, those needed funds will come!

Pat Singer, founder, Brighton Neighborhood Association

The Only Casino Proposal in Brooklyn

While operators have been competing harshly for the three casino licenses in downstate New York, only one group proposed a casino in Brooklyn.

In May 2024, Thor Equities, alongside its partners Saratoga Casino Holdings, the Chickasaw Nation, and Legends, submitted a refined version of The Coney project. The latest plan envisions a casino resort that would include a cutting-edge gaming facility, as well as a 500-room hotel.

In addition to that, the project would include a 2,500-seat theater, 70,000-square-foot retail area, and 90,000 square feet of meeting and event facilities.

In the meantime, Wynn’s NY project continues to face pressures from organizations that argue the development prioritizes corporate interests over community welfare