New York Coney Island Project Faces Big Challenges

The race to secure one of New York’s three downstate casino licenses intensified this week as proponents of “The Coney,” a $3.4 billion casino and entertainment development in Brooklyn, pitched their vision to a local advisory committee. Despite its scale, financial backing, and community outreach efforts, the project faced more pointed pushback than other bids during its initial review.

The proposal, backed by Thor Equities, Saratoga Casino Holdings, the Chickasaw Nation’s Global Gaming Solutions, and Legends Hospitality, aims to transform historic Coney Island into a year-round entertainment hub. However, its path forward depends on earning a two-thirds majority vote from a six-member Community Advisory Committee (CAC) by September 30 — a process designed to reflect local sentiment, not personal opinions.

 

Aspect	Details
Project Name	The Coney
Location	Coney Island, Brooklyn, NY
Investment	$3.4 billion
Jobs Created	4,000 construction; 4,500 permanent
Community Trust Fund	$200 million
Security Funding	$75 million (first 5 years)
Proposed Construction Timeline	June 2026 – June 2029
Key Partners	Thor Equities, Saratoga Casino Holdings, Chickasaw Nation, Legends Hospitality

A Bold Attempt to Reinvigorate a Historic Icon

Coney Island, once a thriving amusement capital, has become a seasonal destination with limited year-round appeal. Developers of The Coney hope to change that narrative by combining casino gaming with live entertainment, hospitality, and public investment. The proposed complex includes neon-lit, carnival-inspired architecture, a 2,400-seat performance venue, and significant investments in security and job creation.

According to Peter McEneaney, executive vice president at Thor Equities, the project promises 4,000 construction jobs and 4,500 permanent positions, while targeting the neighborhood’s 17% unemployment rate. “This is not just a casino in a box,” McEneaney emphasized. “It’s a mixed-use entertainment project that fits in the framework of Coney Island.”

In addition, the consortium has pledged $75 million for emergency services over five years, and a $200 million community trust fund. If approved, construction would begin in June 2026, with completion targeted for 2029.

Familiar Faces, Powerful Partners

Among the key stakeholders is the Chickasaw Nation, whose Global Gaming Solutions division operates Oklahoma’s WinStar World Casino — one of the largest in the world. COO Paul Pippin framed the project as a long-term economic investment, stating, “At GGS we don’t just build casinos. We build economies.”

The proposal also enlists Legends Hospitality, the sports and entertainment firm co-founded by the New York Yankees and Dallas Cowboys, to manage event operations at the venue. Former city council member Robert Cornegy Jr. led the community engagement strategy, claiming more than 600 letters of support and over 10,000 local signatures. “For all intents and purposes, this is a community-backed proposal,” Cornegy said.

 

Pushback from Within

Despite the backers’ confidence, Wednesday’s meeting featured unusually vocal skepticism. CAC member Marissa Solomon, a Coney Island resident and cultural advocate, emerged as a prominent critic during the Q&A portion. She challenged the developers on job allocation and diversity pledges, noting that only 9% of the proposed jobs were earmarked for Coney Island residents — roughly 200 positions.

Solomon also questioned the racial and gender representation among the development teams’ executive ranks. Project representatives offered few concrete answers, citing the collaborative nature of the ongoing review process. Her pointed interrogation stood in stark contrast to earlier CAC hearings, which were largely procedural. The Coney’s presentation marked the fifth such review out of eight active bids.

The Coney is vying against several other proposals, including projects in Queens, Manhattan, and the Bronx. One of its presumed competitors — Bally’s Bronx bid — appeared to be eliminated earlier this month after a failed rezoning vote. However, New York City Mayor Eric Adams revived the effort Wednesday by vetoing the council's decision, sending it back for reconsideration.

All bidders face the same deadline: secure at least two-thirds CAC approval by September 30 to stay in the running. In The Coney’s case, four out of six members must vote yes. Each committee must also host at least two public hearings before making a final decision.

 

This is not just a casino in a box. It’s a mixed-use entertainment project that fits in the framework of Coney Island.

 

Outlook

The scale and ambition of The Coney are hard to ignore. Its backers argue that the proposal is not just a casino, but a revitalization effort for one of New York’s most storied neighborhoods. However, community concerns — particularly around job access and equity — could prove decisive in the weeks ahead.

With one hearing behind them and at least one more to go, The Coney’s developers face a delicate balancing act: convincing residents that economic revitalization can coexist with community representation. Whether that message lands will determine the future not just of the project, but perhaps of Coney Island itself.