$3 Billion Plan for Coney Island Casino Development Revealed

Could Coney Island be the site that wins a New York casino license. Developers think so. (Image: Maciej Bledowski/Alamy)

The developer behind a proposed Coney Island casino in Brooklyn has unveiled its plans for the resort, revealing an extensive complex that would see Thor Equities and its partners spend $3 billion on the project.

The rendering and other details, released on Thursday, outline the score of the casino complex that Manhattan-based developer Thor is calling “The Coney.”

Casino Consortium Plans Five-Acre Development on Coney Island

The proposal includes not only a casino, but also 70,000 square feet of retail space, room for at least a dozen restaurants, a large convention center, a 2,500-seat concert venue, more than an acre of public open space, and a 500-room hotel.

Thor is working with Saratoga Casino Holdings, the Chicksaw Nation, and Legends to compete for one of the three downstate casino licenses which the New York State Gambling Commission is hoping to award in late 2025.

“For two years we have been speaking with the residents of Coney Island and Southern Brookyln 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,” Saratoga CEO Sam Gerrity told news reporters. “[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 would be located on five acres sitting between Stillwell Avenue, West 12^th Street, and Wonder Wheel Way. Thor and its partners also plan to build skybridges and pedestrian walkways to connect various elements of the resort to each other and with existing developments on Coney Island.

Tough Competition for Downstate Casino Licenses  

The Coney and other casino proposals in New York City will be able to take advantage of legislation passed by the New York City Council in April, which will allow any developer who wins a downstate casino license in the five boroughs to have a zoning amendment for their facility as a right, bypassing the city’s Uniform Land Use Review Procedure. 

But Gerrity says that even with all projects benefiting from that change, The Coney can still move faster than many of the competing proposals in the city. 

“The Coney is a project that would be built on privately owned land,” Gerrity said. “That means we are ready to put shovels in the ground on day one.”

First, however, The Coney would need to snag one of the three downstate casino licenses. It faces fierce competition from other major proposals, including:

• Steve Cohen’s proposed Metropolitan Park complex near Citi Field;
• A Mohegan/Soloviev Group project near the United Nations;
• A Times Square casino proposed by Caesars Entertainment, Jay-Z’s Roc Nation, and SL Green Realty;
• A plan to develop Resorts World New York City into a full-fledged casino resort;
• A similar proposal for MGM’s Empire City racino in Yonkers;
• Wynn’s partnership with The Related Companies for a casino near Hudson Yards;
• Sands’ proposal to build a casino at Nassau Coliseum on Long Island.

No matter who wins the licensing battle, development will be costly. In addition to the costs associated with building and opening each resort, there is a $500 million up-front fee that must be paid to New York State upon being awarded a downstate license. New Yorkers are also waiting for NY online casinos to be approved as well.

(Images: renderings courtesy of Thor Equities)