A real estate development firm is rumored to be eyeing building a casino in Coney Island, New York. Elite Sports New York reported that Thor Equities is preparing to make a solid bid for a casino in Coney Island next year.
According to Elite Sports New York, a close source has revealed that the real estate firm has several lands in the Coney Island amusement region. The district is zoned for amusement, entertainment, hotels, and retail reasons.
This makes the district a potential for a casino. The rumored bid is sweeping through news websites and has persisted for years. However, the real estate developer is yet to confirm the rumor or disclose details of the piece of land it will use to bid for a casino in Coney Island.
Previous Reports of Thor Equities Planning to Build Casino Properties
The New York Post wrote last July that Thor was one of the state`s developers looking to bid for a casino in NY. While the report did not disclose specific details about the real estate developer`s plan, it discussed that the potential casino would be built in Coney Island. It also indicated that a casino in Coney Island would bring many advantages to Brooklyn.
In 2018, The Real Deal, the New York real estate publication, reported that Thor Equities tried to sell over 20 properties in Coney Island. These properties sit in the outer parts of the Coney Island subway station, between the Coney Island boardwalk and Surf Avenue. The report indicated that Joseph Sitt, Thor Equities` chairperson, eyed using these lands to set up a Las Vegas-style entertainment facility.
Three Casino Licenses in Downtown New York
New York Governor Kathy Hochul unveiled her state budget plan earlier this year. It included a measure to speed the licensing process for gaming facilities in downtown New York.
At the time, the NY State Gaming Commission did not have the mandate to give land-based casino operating licenses for a year. A provision in Kathy`s budget would repeal the prohibition, allowing the Commission to receive applications immediately.
In line with that, the New York Gaming Commission appointed the Gaming Facility Board members earlier this month. The five-member board will perform various duties, including issuing the Request for Application. This will commence the casino bidding process for a license.
There are four casinos in New York that operate commercially. The remaining 11 properties belong to tribal communities in the state.
The remaining three licenses will go to casino operators in downtown New York. Some experts believe one of the licenses will go to MGM Empire City Casino in Yonkers. The operator is already established and runs a Type II casino.
Resorts World in Aqueduct, Queens, is likely to get the second license. It also offers Type II gaming.
These two gaming facilities are already established. They would require few resources to graduate to using Type III licenses. They just need enough room to add table and slot machine games.
Wynn Resorts are also proposing a casino in downtown Manhattan in Hudson Yards. President Vito Fossella of Staten Island Boroughs is projecting a casino plan at New York Wheel Site. Other potential locations include Saks Fifth Avenue, Citi Fields, Times Square, and Water Club in Kips Bay.