The Coney Pledges $200M Community Trust if Granted Casino License
The suggested Coney Casino & Resort in Brooklyn is enhancing its proposal in an effort to secure one of the three commercial gaming licenses designated for New York’s downstate area.
Robert Cornegy, a former Democratic councilman from New York City who represented the Bedford-Stuyvesant and northern Crown Heights areas of Brooklyn, is spearheading the initiative to establish a casino resort in Coney Island. On Thursday, Cornegy announced that if The Coney obtains a gaming license, the project's developers will pledge to establish a $200 million trust to support the coastal community.
"Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come. Working directly with the community and stakeholders, the trust will include community grants for local organizations, Boardwalk improvements, better safety and security, and improved open spaces,” Cornegy said.
“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,” he added.
Project Information
The Coney is a $3 billion integrated resort casino proposal backed by a consortium that includes the Chickasaw Nation’s Global Gaming Solutions, Saratoga Casino Holdings, Legends Hospitality Group, and Thor Equities. The project is focused on five acres of prime property owned by Thor at the intersection of Surf and Stillwell avenues in the center of the city’s entertainment district.
The design features a 500-room hotel, a theater with 2,500 seats, over twelve restaurants and bars, 90,000 square feet of convention space, and a “top-tier gaming facility” with an undetermined quantity of slot machines, live dealer table games, and sports wagering. Moreover, The Coney would include a public rooftop area roughly the size of the lawn at Bryant Park, which can be accessed directly from the street level without requiring passage through the casino.
The Coney is part of a competitive bidding group for New York's last three casino licenses. Additional anticipated bidders include MGM Resorts, Las Vegas Sands, Wynn Resorts, Caesars Entertainment, Hard Rock International, Bally's, Mohegan, and Genting.
The New York Gaming Facility Location Board is expected to reveal its selected winners in 2025.
Details of the Trust Fund
If The Coney proceeds, the developers will create a $200 million fund for the Coney Island community. A board responsible for managing its distribution will include “local voices and stakeholders.”
In addition to the previously mentioned potential uses, the funds will be allocated for enhancements in public safety and security, workforce development, environmental conservation, and public art initiatives.
The Coney's $200 million public commitment has led some locals to believe that the casino might turn around the economic downturn experienced by the coastal town in recent years.
“When I first heard about The Coney, I was intrigued. I liked the idea of a comprehensive entertainment and gaming destination that would bring tourists and their wallets year-round while also providing needed improvements and living wage job opportunities to my community. With the news of a new trust — one that includes me and my neighbors determining how and where money gets spent — 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,” said Julia Daniely, former president of the Carey Gardens Resident Association.
