Brooklyn Borough President Believes Coney Island Casino Could Help Return Tourism

Brooklyn Borough President Antonio Reynoso (D) is loaning his early financial backing for a gambling casino resort hotel on Coney Island because such a development would likely help revitalize the seaboard town.

Coney Island is situated inward Brooklyn’s southwestern section. It’s been many decades since the neighborhood prospered as an amusement destination. Coney Island’s best years were during the first of all half of the 20th century when its amusement parks and hotels regularly attracted tourists during the warmer months.

Coney Island’s popularity began to go down after World War II. The townsfolk today is rest home to higher unemployment and impoverishment rates than often of the catch one's breath of New York City. And Coney Island’s median value household income of only when $30,425 is less than half of the national mean(a) of $65,000.

Casino Backstory

New York’s commercial gaming account passed inwards 2013 provided a 10-year exclusivity for the quaternion commercial casinos upstate that the legislating authorized. The moratorium on downstate casinos expires in 2023.

By holding turned on licensing the trio downstate cassino licensing opportunities, lawmakers believed stake in the upstate resorts would live more robust. The mentation was that forcing downstate residents to trip upstate to take chances on a Las Vegas-style one-armed bandit machine or tabular array spunky would assist the foursome upstate casinos solidify their customer bases and found the casinos as marque holiday resort destinations.

The foursome upstate casinos have got failed to take on their premarket revenue expectations. And business organization could aggravate in the coming years at one time the downstate casinos open.

The 2023 New York gambling casino summons state of war is already wellspring underway. With Resorts World New House of York City inward Queens and Empire City Casino at Yonkers Raceway heavily favorite(a) for II concessions, only ace countenance is expected to live useable for bidding.

New House of York Mets billionaire owner Steve Cohen has partnered with Hard Rock International for an integrated holiday resort intrigue targeting vacant belongings conterminous to the team’s Citi Field MLB ballpark. Another elude monetary fund billionaire, Stephen Ross, is rumored to follow mulling a cassino strategy close his William Henry Hudson Yards on Manhattan’s Rebecca West Side.

And and then there’s the longshot, Stefan Soloviev, the billionaire heir of the later(a) Sheldon Solow, who has verbalised involvement in edifice a cassino on sise acres of ground midtown Manhattan existent land he owns close the United Nations.

New York’s fresh formed Gaming Facility Location Board next yr will lead off reviewing applications from interested cassino developers.

Betting on a Casino

A casino pool was recently announced targeting Coney Island for a downstate New House of York gaming resort. Thor Equities, a existent landed estate development, leasing, and management firm, has partnered with Saratoga Casino Holdings, the Chickasaw Nation, and the hospitality unwavering Legends for the undertaking.

The grouping is reportedly ready to clothe upwards of $3 one million million should the country authorize the project. Reynoso says that’s exactly what Coney Island needs.

Citing Coney Island as having i of the highest unemployment rates in all of Brooklyn, the borough president says a holiday resort of such magnitude could payoff the urban center to its resplendence years when betwixt quint to 10 1000000 people visited the seaside townspeople for each one year.

The economical evolution opportunities that existed when Coney Island had 5 million, 10 1000000 visitors per summer is not occurrent anymore,” Reynoso told PIX11 News.

“So, if there’s an chance to revitalize Coney Island, I need to think of the idea,” Reynoso concluded.