The Coney Island casino, retail and leisure proposal has been unveiled by Manhattan-based investor and developer Thor Equities.
It is estimated the entire project will cost approximately $3Billion and will be called The Coney. The proposal includes 70,000-sq.ft. of retail and at least a dozen restaurants.
Furthermore, there will be a 500-room hotel, a 92,000-sq.ft. convention center and a 2,500-seat concert venue. There will also be an acre of new publicly accessible open space.
Under the proposal, the iconic summer destination will seek to become an all-year round tourist destination that attracts millions of visitors.
Also, it will help support retailers and F&B operators who typically struggle in the winter months. If the project gets the go-ahead, pedestrian walkways and skybridges would connect the new and existing buildings.
Coney Island Casino
At the time of publication, the scheme already has the backing of Saratoga Casino Holdings, the Chickasaw Nation’s business entity, Global Gaming Solutions, and Legends.
“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. Also, one that supports local businesses and centers entertainment around the idea of a playground that is truly accessible to the people,” said Saratoga Casino Holdings CEO Sam Gerrity.
“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 travelled areas of the community,” he added.
The focus on year round trading will provide a much-needed boost to all of Coney Island. Thor Equites is one of multiple major developers pursuing a downstate casino license.
They will aim to ensure a new legacy is created by putting more emphasis on winter trading. Licenses cost $500m to obtain and will not be handed out by regulators until 2025.
