Coney Island Casino Pitch Rumored, as New York Readies Downstate Bidding

Coney Island is perhaps topper known for existence home to the Cyclone wooden tumbler coaster, Wonder Wheel Ferris wheel, Luna Park amusements, and of course Nathan’s Famous Hot Dogs. But rumblings around the seaside town intimate a prominent real acres developer could follow targeting the Brooklyn neighborhood for a casino.

New York existent estate development, leasing, and management fast(a) Thor Equities is said to live preparing a gambling casino holiday resort delivery for Coney Island. Thor is a major landowner in town, its portfolio including the retail shopping territorial dominion at 1218 Surf Avenue adjacent to the Cyclone.

Elite Sports NY, an online sports media publishing cover New York, reported this calendar week that Thor Equities testament likely pass water a “robust” sweat to win I of the deuce-ace downstate gaming concessions.

Thor’s rumored interest inwards building a cassino on Coney Island isn’t needfully new. In July, The New York C. W. Post reported that Thor would likely follow involved in New York’s call for for applications (RFA) cognitive process when it begins sometime next year.

Coney Island Casino Odds Long

New House of York legalized commercial message cassino play in 2013. The statute law authorized as many as vii land-based casinos with slot machines and tabular array games. But the statute provided the iv casinos earmarked upstate to undetermined liberal of downstate rivalry for a 10-year term.

The moratorium on the III downstate commercial-grade casino permits existence issued expires next year. In her 2023 financial twelvemonth budget, New House of York Gov. Kathy Hochul (D) assumes the res publica will get the iii downstate cassino licensing fees of $500 meg apiece — or $1.5 billion.

Though tercet licenses are available, most observers believe in that respect is inward realism only when single up for grabs.

It’s mostly fictitious that MGM Resorts’ Empire City Casino at Yonkers Raceway and Genting’s Resorts World New York City inwards Queens are ponderous favorites for two of the tercet licenses. Empire City and Resorts World are currently racinos that bid players slot-like picture drawing terminals (VLTs) and electronic tabulate games.

Though Thor Equities has a reported $20 one million million inwards assets under management, the loyal could live financially outmatched past New House of York Mets possessor Steve Cohen. He has also verbalised involvement inward the likely bingle casino certify upwardly for grabs. Cohen and Hard John Rock International are said to be working unitedly to train a casino resort tar for Queens nigh the Citi Field MLB ballpark.

Regulatory Unknowns Remain

The Thor news that it’s mulling a Coney Island casino presentation comes just now a calendar week after New York prescribed the for the first time members to the Gaming Facility Location Board (GFLB). The GFLB testament theater of operations cassino bids from interested companies formerly it finalizes its coating conditions.

The GFLB has to a lesser extent than 90 years to decide what sort of minimum great investment testament live required for entities to posit qualifying schemes. The in force(p) revenue enhancement on 144 gaming revenue also remains to live determined past the New House of York Gaming Commission. But the GFLB says applicants can buoy evoke an in force(p) tax, so long as it is at least 25% on one-armed bandit machine win and 10% on table gamy revenue.

Applicants must show that they hold local community livelihood from metropolis leaders, turn up compliance and favourable reception with all required land and local zoning requirements, and compensate a $1 gazillion nonrefundable diligence fee to the state.