For Coney Island, New York’s Casino License is the Missing Piece of the Puzzle
For many years, Coney Island and the surrounding community have been looking for opportunity, investment and a chance at a better future. It’s not often that all these chances arrive in a single package, but that’s what the community is getting with the possibility of a brand new, year-round, gaming and entertainment venue. The proposal, led by Thor Equities Group, Saratoga Casino Holdings, Chickasaw Nation and Legends, will lead to a revitalization of Coney Island and begin a new future for the historic neighborhood.
Coney Island is a world-famous destination that has been a favorite summer retreat for more than a century. Now, with the neighborhood facing a series of unique challenges in recent years, a development anchored by a brand new hotel and convention center, a dozen new restaurants, an acre of new open space and a modern gaming and entertainment venue is just the push it needs to grow into a year-round entertainment destination for New Yorkers as well as conventioneers and vacationers. The Real Deal had an exclusive interview with Melissa Gliatta, COO at Thor Equities, to learn more about how her firm’s proposal will revitalize this slice of NYC history as well as the partners who will help bring it to fruition.
Rooted in History
Thor Equities has long been part of the Coney Island and Brooklyn community, and has assembled a world-class team with a track record of success that’s going to lead the revitalization of this iconic neighborhood.
“It’s like putting together a basketball team, where everybody’s a position player,” says Gliatta. “We have Saratoga Casino Holdings, who runs the most successful racetrack in upstate New York and has lots of years of history and experience with helping and supporting local communities.”
A similar logic went into partnering with the Chickasaw Nation, which is not only one of the most successful gaming companies in the world but has a proven track record of economic revitalization of the kind that Thor Equity is aiming for with The Coney. The final piece of the puzzle was enlisting Legends as the entertainment partner, shoring up the project’s commitment to bringing high-quality employment opportunities to the neighborhood.
The group’s plan taps into Coney’s history both distant and recent: in its earliest days, when Coney Island was seen as the fun and carefree alternative to the staid recreation available in Frederick Law Olmsted’s Central Park. Coney Island’s was focused on other types of entertainment, particularly those that catered to New Yorkers seeking a temporary escape from the Victorian social mores of the time, creating what Gliatta calls “a playground before we had a lot of playgrounds” that became world-famous for its Wonder Wheel and Luna Park. It was the kind of recreation that was affordable to all types of families.
A devastating string of fires ravaged many Coney Island beloved attractions in the 1940s. Though the area continued to draw seasonal crowds during the warmer months, revitalization efforts eventually hit a roadblock in the late 1970s. In recent years, the lingering effects of Hurricane Sandy and the economic repercussions of the COVID-19 pandemic have compounded the region’s struggles with issues like unemployment and aging infrastructure. Against this backdrop, the Coney Teamand Gliatta view this project as a crucial opportunity to rewrite Coney Island’s narrative for the modern age.
Rebuilding Coney Island for the Future
The proposal for The Coney is designed to turn the neighborhood into a year-round entertainment destination. “We have better community safety when we have activation 365 days a year,” says Gliatta. “Right now, other than the summer months, foot traffic drops and local businesses struggle.” The proposal is anchored in a straightforward yet powerful premise: safer neighborhoods will be the result of reduced desolation and increased activity. From this foundation, every other facet of the plan falls into place. Central to this mission is the creation of meaningful career opportunities for local residents, both during the construction phase and after the completion of The Coney. A project of this size and scope requires thousands of skilled professionals and as a result it will provide valuable employment and development opportunities for members of the community. By breathing new life into the area, The Coney will not only enhance safety but also foster a more dynamic and prosperous local economy for years to come. The plan has already found strong support among residents, with over 3000 locals signing on to support the proposal. “If we can’t figure out a way to grow careers in Coney Island,” says Gliatta, “this project won’t be successful.” The level of support the proposal has already garnered makes The Coney unique among the prominent casino proposals, many of which are facing significant pushback from residents.
More Than Gaming
The Coney will also tap into another under-served market: conventions.
“One of the things that we believe New York City has really been missing is that tier two convention center,” explains Gliatta, “so we plan to have a convention space in our project.”
Transforming Coney Island into a year-round attraction involves drawing in visitors from all corners of the globe, and offering convention space is an integral part of achieving this goal. Not only will it make the area more attractive to global conventioneers, but it will also create exciting prospects for hosting local events such as graduation ceremonies and weddings. Thanks to its reputation as a “worldwide brand name,” Coney Island, along with Brooklyn at large, has a distinct advantage in enticing conventions that may currently be hosted in other American cities boasting the convention facilities that New York City currently lacks. By capitalizing on this familiarity, The Coney is poised to become a prime location for hosting major events and bringing even more vibrancy to this iconic destination.
All of these elements make this proposal for The Coney stand out in a crowded field of bidders for the coveted casino license. With a holistic plan rooted not only in the neighborhood’s past but its future, The Coney will begin a new chapter in the Island’s story, revitalizing the iconic area and creating generational careers for residents while giving New Yorkers more reasons to take the trip to the shores of south Brooklyn. To learn more about this exciting proposal, head to The Coney’s website.