The Coney’s $200M Community Pledge Hinges on Casino License Approval

The developers behind The Coney, a bold casino proposal for Brooklyn’s Coney Island, have committed to investing $200 million into a community trust if they secure one of the highly sought-after downstate New York casino licenses. This substantial pledge aims to support various initiatives that could significantly improve the local community.

Economic Boost Through the Proposed Casino

As competition intensifies for the three downstate New York casino licenses, The Coney’s developers are upping the ante with their commitment to the community. During a Community Board 13 hearing, they announced their intention to create a $200 million community trust if awarded a license.

The trust, overseen by a committee of local stakeholders and authorities, would finance projects aimed at revitalizing the area. Suggested initiatives include grants for community programs, technical support for small businesses, and initiatives to promote economic mobility. Other potential uses for the funds encompass upgrades to the boardwalk, improvements to public spaces, safety enhancements, and environmental projects. Public art initiatives could also receive a boost from the fund, further enriching the community’s cultural landscape.

Strong Local Support for The Coney

Robert Cornegy, a spokesperson for The Coney, expressed excitement over the proposed $200 million investment. He emphasized the transformative impact this funding would have on Coney Island, benefiting current residents and future generations alike. Cornegy highlighted the dual economic benefits of the project: the creation of year-round jobs and a significant economic uplift for both Coney Island and Brooklyn.

“The Coney will bring much-needed year-round jobs and economic development to Coney Island. If we are granted this gaming license, this $200 million trust will ensure all of Coney Island benefits” -Rober Cornegy

Pat Singer, founder of the Brighton Neighborhood Association, echoed these sentiments. A long-time community advocate, Singer praised the project for its potential to inject much-needed funding into the area. She noted that longstanding issues, like the deteriorated boardwalk, could finally be addressed with the financial support provided by The Coney.

Singer remarked that the approval of the project is likely to greatly improve the quality of life in Coney Island, especially in areas such as the boardwalk.

“Approving this project will open the door to new funding that will enhance the quality of life in Coney Island. The boardwalk, for example, has been in disrepair for decades. Building The Coney will bring in the funds needed to fix these issues.” -Pat Singer

Brooklyn’s Sole Casino Proposal

Amid fierce competition for the three available casino licenses, The Coney stands out as Brooklyn’s only proposal. In May 2024, Thor Equities, in partnership with Saratoga Casino Holdings, the Chickasaw Nation, and Legends, submitted a refined version of the project. The updated plan includes a state-of-the-art gaming facility, a 500-room hotel, a 2,500-seat theater, and a 70,000-square-foot retail space. Additionally, 90,000 square feet are dedicated to meeting and event facilities, further positioning The Coney as a major attraction.

While The Coney project has garnered significant support, other casino proposals, such as Wynn’s NY project, face challenges from groups concerned about prioritizing corporate interests over community welfare.

Gambling in the Empire State

New York State has progressively expanded its gambling landscape over recent years. The New York State Gaming Commission (NYSGC) oversees all forms of legal gambling, including commercial and tribal casinos, sports betting, horse racing, and the state lottery. In 2013, voters approved a constitutional amendment permitting up to seven commercial casinos, leading to the establishment of four upstate venues. Sports betting was legalized in 2019, initially limited to in-person wagering at these casinos. In January 2022, the state launched online sports betting, quickly becoming one of the largest markets in the country. Despite these advancements, traditional online casino games remain illegal in New York, though discussions about their legalization are ongoing.

The state is now focusing on issuing three new casino licenses for the downstate region, which includes New York City, Long Island, and Westchester. This initiative has attracted significant interest from major developers and gaming companies, each proposing elaborate plans to secure a license. For instance, Mets owner Steve Cohen has partnered with Hard Rock Entertainment to propose an $8 billion entertainment complex, “Metropolitan Park,” near Citi Field in Queens. This development would feature a casino, hotel, music venue, and extensive green spaces.

The competition for these licenses is intense, with several high-profile proposals under consideration. In Hudson Yards, Related Companies and Wynn Resorts have unveiled plans for a $12 billion casino complex, including an 80-story tower and a 5.6-acre park.

In Times Square, Caesars Entertainment, SL Green, and Jay-Z’s Roc Nation have proposed a casino at 1515 Broadway, though this has faced opposition from local organizations like the United Federation of Teachers, who are concerned about potential impacts on Broadway’s educational and cultural environment.

Other proposals include developments in Coney Island and the Bronx, each aiming to capitalize on the lucrative New York City market.

The introduction of new casinos is anticipated to have substantial economic impacts. Proponents argue that these developments will create thousands of jobs and generate significant tax revenue for the state. For example, the “Metropolitan Park” project near Citi Field is projected to create 23,000 permanent and construction jobs.

However, concerns have been raised about potential negative effects, such as increased traffic, environmental issues, and the cannibalization of revenue from existing casinos. Additionally, there are apprehensions about the social implications of expanded gambling, including the potential for increased problem gambling. The NYSGC, in conjunction with the Office of Addiction Services and Supports, is required to annually report on the impact of mobile sports wagering on problem gamblers in New York, indicating a commitment to monitoring and addressing such issues.

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