The company plans to lease the county-owned facility that has remained largely unused since the coronavirus pandemic. The property had previously hosted the New York Islanders hockey team. Advocates say the casino would bring year-round foot traffic and transform Coney Island from a seasonal venue into a year-round entertainment area. Thor Equities, a real estate investment firm, is partnering with Saratoga Casino Holdings and the Chickasaw Nation to build a casino in Coney Island.
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The applicants must also meet all environmental and zoning requirements before the Gaming Facility Location Board reviews their plans. It is anticipated a final decision on the three licenses will come at the end of 2025. The developers, however, must first win the support of the local community where their plan is proposed.
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Las Vegas Sands wins key vote for Irving resort project, but casino dreams face uphill battle
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Resorts World’s expansion plan includes the creation of a new 50-acre park on the Aqueduct Racetrack site, as well as a 7,000 sq. Each project is to be reviewed by a local group — known as a Community Advisory Committee — which must sign off on it. Each committee consists of six people, with the governor, mayor, the local state senator, local state assembly member, the borough president and the local city council member each appointing a representative. Like an exclusive, high-stakes game of Texas Hold’em, the process has been reserved for the uber-wealthy — with an applicant needing more than $1 billion just to be in the running. The ante to merely apply is $1 million, with successful bidders required to pay $500 million upfront for the license and at least $500 million as part of a development plan.
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- In January, local Community Board 13 recommended denial of the application, with residents skeptical that Thor Equities would come through with its promises of $200 million in community investment.
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“They’ve always had resistance, particularly in the Texas Senate, where Lieutenant Governor Dan Patrick is pretty much personally opposed to casino gambling and says there are not enough Republican votes to pass it again this year,” Jillson said. Jillson teaches a course in Texas politics and said he has kept up with discussions about casino gambling. “Lt Governor Dan Patrick is pretty much personally opposed to casino gambling and says there are not enough Republican votes to pass it again this year,” SMU Political Science Professor Cal Jillson said.