Casino News

Coney Island Casino Bidders Favour Project’s Chances

Thor Equities and its partners for a casino in Coney Island reckon that their proposal for a gaming resort in Coney Island is a great fit for New York State’s criteria. The company along with Chickasaw Nation, Saratoga Casino Holdings, Thor Equities and Legends Hospitality have submitted a proposal for a US$3 billion casino resort on the famous boardwalk.

At the time, the Empire State is looking to award three full-scale casino licenses for the downstate region. In January, the Gaming Location Facility Board kicked off a Request for Applications process, allowing interested parties in submitted their bids for review. The three winners will be required to pay US$500M for a license which should be announced by the end of 2023.

Fancying Their Chances

Paul Pippin, COO of Global Gaming Solutions, the gaming subsidiary of the Chickasaw Nation Sam Gerrity, CEO of Saratoga Casino Holdings have recently discussed their Coney Island proposal. However, their proposal has faced community disapproval, as a report by Brooklyn Borough President Antonio Reynoso’s office finds that locals are not quite fond of the project and have raised concerns.

The two operatives said that the community’s concerns have been acknowledged. Mr. Pippin noted that the opposition was part of the process, and remarked that community feedback is a massive component for the conglomerate. He also said that the companies appreciate the comments and will try to utilize the input from locals to bolster their application for a license.

But GLFB grading on an application consists 70% for economic activity and business development, and 30% split evenly between local impact sitting, workforce enhancement, and diversity framework. The two officials noted that their bid does not exactly meet those criteria, but argue that the goal was to restore Coney Island to its former glory with a project that isn’t seasonal but year-round.

Mr. Pippin said Coney Island is one of the historic NYC getaways. The proposal aims to create a year-round attraction by establishing the casino resort, boosting economic activity. The project’s proposed entertainment district is seen as a crucial addition to the region and is expected to provide thousands of well-paying jobs for locals.

Community Board 13 Chair Lucy Mujica Diaz expressed concern over locals potentially losing public housing subsidies if they take well-paying jobs at the casino. Despite this, Mr. Pippin and Mr. Gerrity aim to portray the resort as a community partner by collaborating with nearby businesses. The two believe their site offers unmatched economic development opportunities, making them “humbly confident” in winning a New York casino license.

Battle for the License Will be Difficult

However, getting a license would be a very difficult task for the consortium. Their bid will face opposition from Las Vegas Sands’ project which eyes a casino at Nassau County and is considered one of the favourites.  Also, two of the licenses are almost nailed on for Empire City Casino in Yonkers and Resort World New York City in Queens which are already operating as gaming amenities in NYC.