Coney Island Casino Backers Promise $200 Million Community Trust to Sweeten Bid
The backers of the proposed Coney Island casino are ramping up their efforts to secure support by offering a direct cash infusion to the community. “The Coney” is the brainchild of a coalition led by Thor Equities, which is now promising $200 million for a community trust if it receives a license to build the casino at the popular tourist destination.
On Thursday at a meeting of Brooklyn Community Board 13, a community organization that addresses issues facing the four main neighborhoods in that New York city borough, backers of the Coney casino pledged a significant investment that could result in improvements to the Boardwalk, as well as beautification efforts and more. Multiple community leaders have voiced support for the proposal, which would need to be approved by local, city, and state boards or agencies.
Brighton Neighborhood Association Founder Pat Singer, discussed the importance of moving along with the project in a press release.
“By approving this project you will open the door to new funding which will raise the quality of life for the people in Coney Island. The Boardwalk for example, has been in disrepair for decades.”
A casino in Coney Island called “The Coney” is far from a certainty. The development cost is estimated at $3 billion, and would include several partners, including Global Gaming Solutions of the Chickasaw Nation, Legends, Saratoga Holdings, and Thor Equities. Last October, a group that opposes the development met in a town hall meeting to voice their disapproval.
How $200 million might help Brooklyn and Coney Island
In a prepared statement announcing the proposed community trust to help Brooklyn neighborhoods and Coney Island, the developers hoping for a casino in downstate New York outlined the goodies that could be sprinkled into the area.
According to the statement, the trust would be administered by a “board made up of local voices and stakeholders.” The board would “be established to help guide where funding will go.” That spending could feature monies for:
Community grants
Improvements to the iconic Coney Island Boardwalk
Safety and Security
Improved open spaces and beautification in the Brooklyn neighborhoods
Workforce Development and Economic Mobility
Resilience and environmental protection
Public art
Back in late 2023, over 10,000 residents signed a petition in support of the project. Illustrations of what the casino would look like were provided last May.
Project spokesman Robert Cornegy commented on the improvements the community would see in the release.
“Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come. The Coney is going to bring much-needed year-round jobs and economic development to Coney Island and if we are granted this gaming license this $200 million trust will supplement that by ensuring all of Coney Island benefits.”
Carey Gardens Resident Association President Julia Daniely added:
“I’m sold. The Coney will improve so much of what has been lost from Coney Island and I can’t wait to see it succeed.”
The development group also promises to hire from within the community where possible. There will be public spaces as well. That includes a proposed one acre space on the roof of The Coney. The roof would be accessible to the community without having to enter the casino itself. The developers call it “a unique and scenic space overlooking the boardwalk and beach where guests can enjoy a variety of activities.”