Thor Equities Finalizes Coney Island Casino Proposal

Thor Equities, in partnership with Saratoga Casino Holdings, Chickasaw Nation and Legends, has unveiled a revamped Coney Island casino project, now simply called The Coney. The $3 billion project aims to create an integrated entertainment and hospitality destination beyond traditional casinos. However, the proposal has faced significant backlash from local residents concerned about its long-term consequences.

Originally unveiled in March 2023, the updated proposal now includes a 500-room hotel, a 2,500-seat concert hall, 70,000 square feet of retail space and 90,000 square feet of meeting and event space. This multi-faceted project aims to revitalize the region by offering locals and visitors a year-round destination for recreation and entertainment.

Sam Gerrity, CEO of Saratoga Casino Holdings, one of the consortium companies, was confident that the planned casino resort would generate significant benefits, create jobs, support local businesses and attract more visitors through expanded entertainment options. He said the project would have a positive impact on the area and improve the daily lives of local residents.

“Coney Island needs a project that will provide year-round economic support while also improving infrastructure in one of the most densely populated areas of the community,” said Sam Gerrity.

Updated renderings of the casino-resort show Thor Equities' vision for the five-acre site between Stillwell Avenue, West 12th Street and Wonder Wheel Way. The design is designed to seamlessly integrate with Coney Island's historical and cultural fabric, enhancing its appeal as a leading entertainment destination. However, the project will have to overcome stiff competition in the fight for limited licenses.

Thor Equities and its partners continue to refine their plans and engage with the community while awaiting further guidance from the New York State Gaming Commission regarding the specific requirements for a casino permit in the downstate. The collaboration with Saratoga Casino Holdings, Chickasaw Nation and Legends reflects a strategic alliance leveraging their combined expertise to create a transformative project.

However, local residents have expressed serious concerns about the project. In 2023, community leaders voted overwhelmingly against the ambitious project, citing concerns about its long-term impact on struggling communities. Opponents argue that the casino could turn Coney Island into another Atlantic City, bringing all the negative aspects of the gambling industry to a struggling area.

While The Coney battles for local approval, competing projects are also vying for the casino's limited number of slot machines. Major industry players such as Wynn Resorts, Caesars Entertainment and Resorts World have submitted alternative projects, hoping they will be included in the New York City Gaming Siting Council's final decision, expected next year.