Published: March 3, 2023, 02:45 AM.

Last updated: March 3, 2023 03:01 AM.

The Coney Island casino offering from New York real estate giant Thor Equities, in a consortium that includes Saratoga Casino Holdings, Chickasaw Nation and Legends Hospitality, is called “The Coney”.

Thor officials revealed the name of the project in a press release that also revealed images of the integrated resort.

The offer aims to locate the casino and resort next to the iconic Coney Island boardwalk and the iconic 150-foot wonder wheel.

Thor executives set aside a plot of about five acres on Surf Ave. and W. 12th St. is investing $3 billion to turn Coney Island into a play destination that will help revitalize a city that has seen better days.

Return of Koni

If The Coney wins in what is expected to be a highly competitive war for coveted downstate concessions, the casino will be within walking distance of Coney Island’s top attractions. Along with the Wonder Wheel, Coney Island is best known for its Cyclone wooden roller coaster, Luna Park rides, and Nathan’s Famous Hot Dogs stand.

Coney will help bring Coney Island to life with world-class year-round activities and entertainment in Brooklyn and New York,” said project spokesman Eric Koch. “The revitalizing power of the project will help bring back Coney Island to a community that has lagged behind Brooklyn and the rest of New York in several areas, including higher poverty rates, unemployment rates, and a higher rate of New Yorkers without health insurance. ”

Coney Island was a popular summer destination for New Yorkers in the early 20th century, but attendance began to decline after World War II. Subsequently, crime increased and the region experienced economic hardship from the 1960s.

Numerous revitalization efforts have been made since then, but Coney Island is not considered a prime vacation spot for most New Yorkers today.

Thor, whose founder Joe Sitt is a Coney Island native, has been committed to helping the Lower New York Bay community make a difference for years. In 2005, Sitt introduced a Las Vegas-style hotel and amusement park and spent over $100 million to purchase land around the waterfront. This project, which Sitt planned to model on the Bellagio on the Las Vegas Strip, never came to fruition.

$500 million fee, $500 million minimum

If Thor Equities and its casino partners get one of the downstate New York casino licenses, the group will have to pay $500 million for a gaming license. New York casino regulations require the license holder to invest at least $500 million to build the resort.

Applications for casinos in the lower state have been building up over the past few months.

On Long Island, Las Vegas Sands wants to spend up to $5 billion to build an all-inclusive casino resort at the Nassau Veterans Memorial Coliseum. In Queens, billionaire Steve Cohen has proposed with Hard Rock International to build a casino resort at his Citi Field MLB stadium, home of his New York Mets stadium.

In the Bronx, Bally’s Corporation and the Trump Organization are building a casino course next to Trump Golf Links at Ferry Point.

In Manhattan, hedge fund mogul Steven Ross is partnering with Wynn Resorts to develop his Hudson Yards complex. A separate casino scheme targeting the East Side south of the United Nations comes from billionaire Stefan Solovyov and Mohegan. Finally, Caesars Entertainment and SL Green, a leading New York real estate owner, are looking to locate a casino in Times Square.

The World New York City Resorts in Queens near JFK Airport and the Empire City Casino at Yonkers Raceway are top favorites for two of the three licenses in the downstate. Both racinos currently only offer video lottery terminals and electronic table games.

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