Developer pitches $3B plan for casino at Coney Isand
The Cyclone may soon have some company. Developers behind a bid to bring a casino to Brooklyn’s Coney Island gave a sneak peek of the proposed site and a new name — The Coney.
The first renderings of the proposal show a project designed to build on the area’s rich history, blending the old and new, placing their biggest bets on a Coney Island comeback.
Casino backers say The Coney, a state-of-the-art, year-round entertainment venue, will provide jobs and help jump-start the economic revival of the neighborhood.
“The Coney will help revitalize Coney Island, bringing year-round jobs and world-class entertainment to Brooklyn and New York City,” project spokesman Eric Koch said in a statement.
“The project’s revitalizing power will help drive a Coney Island comeback for a community that has lagged behind Brooklyn and the rest of New York City in several areas, including a higher poverty rate, unemployment rate, and higher rates of New Yorkers without health insurance.”
In the renderings, The Coney is set to sit on the boardwalk and the beach in the shadow of the famous Cyclone roller coaster and the statuesque Wonder Wheel.
Developer Thor Equities is proposing a $3 billion casino, indoor water park, hotels, and a museum for the south Brooklyn tourist attraction that would be paid for with private financing.
Partnering with the development firm are Saratoga Casino Holdings, the Chickasaw Nation, and Legends, a sports and entertainment company.
Organizers said turning a seasonal entertainment venue into a year-round facility will also have a positive effect on the community, with jobs that actually last past the summer.
For years, many retailers have had slow winter months counting the days until summer when the beach crowds would arrive.
“I’m really excited about the incorporation into the project of small businesses from the development stages to the operational stages,” said former City Council member Robert Cornegy, who is working with developers on the Coney Island casino bid.
“I’m also excited about the nondisplacement of long-term operators. Turning those seasonal jobs into year-round jobs is really exciting.”
Other casino proposals in the five boroughs include Bally’s plan to convince the Trump Organization to grant it the use of 17 of the 300 acres on the Trump Golf Links at Ferry Point in the Bronx.
Another plan involves a Manhattan site near the United Nations. The Soloviev Group and Mohegan hope to redevelop a location on the East Side that would include an entertainment district and a giant Ferris wheel.
Meanwhile, Jay-Z’s Roc Nation and Caesars Entertainment hope to get approved for a casino in Times Square.