May 17, 2024 3 min read


Thor Equities Refines Coney Island Casino Proposal

The development company maintains its interest in securing one of the three lucrative New York casino licenses, hoping to transform Coney Island into a premier entertainment destination

Thor Equities, alongside its partners Saratoga Casino Holdings, the Chickasaw Nation, and Legends, has unveiled a refined vision for its ambitious casino project in Coney Island, Brooklyn, now branded simply as The Coney. The $3 billion development plan transcends traditional gaming, promising a comprehensive entertainment and hospitality hub. However, the project has faced substantial backlash from locals worried about its long-term effects.

New Updates Aim to Win Over Locals

The proposal, first introduced in March 2023, has been updated to include a 500-room hotel, a 2,500-seat concert venue, 70,000 square feet of retail space, and 90,000 square feet of meeting and event facilities. This multifaceted development aims to revitalize the area, offering locals and visitors a vibrant, year-round destination.

Sam Gerrity, CEO of Saratoga Casino Holdings, one of the companies in the consortium behind the project, was adamant that the planned casino resort would provide substantial benefits, creating careers, supporting local businesses, and attracting more visitors with its expanded entertainment options. He was confident that The Coney would positively affect the area, enhancing locals’ day-to-day lives.

[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.

Sam Gerrity, Saratoga Casino Holdings CEO

The casino resort’s newly updated renderings showcase Thor Equities’ vision for the five-acre site between Stillwell Avenue, West 12th Street, and Wonder Wheel Way. The design aims to seamlessly integrate with Coney Island’s historical and cultural fabric, enhancing its appeal as a premier entertainment destination. However, the project must overcome fierce competition in the fight for the limited licenses.

The Project Faces Stiff Competition

While Thor Equities and its partners await further guidance from the New York State Gaming Commission on the specific requirements for obtaining a downstate casino permit, they continue to refine their plans and engage with the community. The collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends reflects a strategic alliance leveraging their combined expertise to create a transformative project.

Despite the consortium’s efforts, locals have been less than ecstatic regarding the casino resort. 2023 saw local community leaders overwhelmingly vote against the ambitious project, expressing concern regarding its long-term impact on struggling communities. Opponents claim the casino threatens to turn Coney Island into another Atlantic City, bringing all the gambling industry’s negatives to a struggling neighborhood.

While The Coney struggles to win the approval of locals, rival projects threaten to outcompete it in the fight for the limited casino slots. Industry giants like Wynn Resorts, Caesars Entertainment, and Resorts World have pitched alternative projects, hoping to be included in The New York Gaming Facility Location Board’s final decision expected next year.

Deyan is an experienced writer, analyst, and seeker of forbidden lore. He has approximate knowledge about many things, which he is always willing to apply when researching and preparing his articles. With a degree in Copy-editing and Proofreading, Deyan is able to ensure that his work writing for GamblingNews is always up to scratch.

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