Plans Released For Coney Island Casino In New YorkLegislators Hope To Speed Up NYC Bidding Process |
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As companies continue jockeying to win a license for a New York City casino, developers behind a Coney Island bid recently released artist renderings of the planned $3 billion project.
Plans call for a 500-room hotel, 70,000 square feet of retail space, a dozen restaurants, 92,000 square feet of convention space, a 2,500-seat concert venue, and more than an acre of publicly open public space.
Some of the companies involved in what is known as “The Coney” include the Chickasaw Nation, Legends (a joint venture of the Dallas Cowboys and New York Yankees), Thor Equities, and Saratoga Casino Holdings.
Two of the three licenses awarded are expected to go to casinos and gaming facilities already in place in the New York City area with one license going to an additional location.
Big Plans
Developers hope to transform the seasonal Coney Island tourist destination into a year-round hotspot. The project would make use of pedestrian walkways and skybridges to connect the new and existing developments.
“We have heard time and time again that Coney Island needs a project that provides year-round economic support while also lifting up the infrastructure in one of the most densely traveled areas of the community,” Saratoga CEO Sam Gerrity said. “The Coney does just that.”
The mixed-use plan is expected to include land near the Coney Island subway station, making a commute from other nearby areas easy. The companies behind the project have gathered more than 10,000 signatures supporting the project and note that the casino resort would create thousands of jobs.
“This project represents a massive investment into the economy of Coney Island and Southern Brooklyn,” Gerrity said in a statement. “We are committed to continue working with New York City to examine how The Coney can best support much needed improvements that will benefit the entire community. We are ready to get to work on delivering the benefits of this transformative project.”
Legislators Look To Speed Up Process
In related news, earlier this year regulators expressed that the bidding process may run into 2025. However, lawmakers have recently pushed to move that timetable up as the state faces budget shortfalls in the billions.
State Sen. Joseph Addabbo (D) and Assemblyman Gary Pretlow (D) are proposing a law for all bids to be submitted by July 31. The gaming commission would then be required to approve the three licenses by March 31. Pretlow’s district is near the Empire City Casino in Yonkers, which is working to win one of the bids.
“I’ve been trying to get the process moving,” Pretlow told the New York Post. “It’s taking too long. We’re leaving $2 billion on the table. Why are we stringing this along? We’re spinning our wheels here.”
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