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By Accord Real Estate Group

Thor Equities Vision For Coney Island

June 2nd 2024
Tags: Real Estate News, All about Brooklyn New York, Brooklyn Real Estate

Saratoga Casino Holdings; the Chickasaw Nation's business entity, Global Gaming Solutions, and Legends, the Casino's entertainment partner that was founded as a joint venture between the New York Yankees and the Dallas Cowboys have backed Thor Equities, the lead developer of a $3B proposed Coney Island project in Brooklyn, NY.

Called the Coney, the $3B project proposal includes gaming, a 500 room hotel, a 92,000 square foot convention center, 70,000 square feet of retail with a dozen or more restaurants and a 2,500 seat concert venue.

There will also be more than acre of publicly accessible open space. Pedestrian walkways and skybridges would connect new and existing developments and would rise next to the Coney Island subway station for the D, N, F and Q trains.

According to Sean Gerrity, Saratoga Casino Holdings CEO “For 2 years we have been speaking with the residents of Coney Island and Southern Brooklyn 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”. “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 traveled areas of the community”.

Will Coney Island finally become the original seaside resort community year round destination?

The proposal has been backed by The Brooklyn Chamber of Commerce.

Other developers and entertainment companies have envisioned a casino in Times Square, however a new poll by the No Times Square Casino Coalition found 71% of registered voters who live in and around Times Square oppose the plans.

There are other proposals for a site next to the United Nations on Manhattan's East Side, a site near the Javitts Center, Hudson Yards, which would include a casino run by Wynn Resorts and a 20 acre site surrounding Citi Field in Queens in partnership with Hard Rock International.

Casino licenses cost $500M to obtain, only 3 licenses are coming available and won't be handed out by regulators until 2025.

To be continued...

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