Will Brooklyn Based Coney Island Casino Come To Fruition?

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Will Brooklyn Based Coney Island Casino Come To Fruition

As the decision on the three casino licenses for the downstate New Your closes in, new potential landing spots emerge almost every day. The latest New York rumored to be a potential candidate for a new casino is Coney Island.Will there be a Coney Island Casino?

Coney Island is already well-known as a place of fun with landmarks such as Wonder Wheel Ferris wheel, Luna Park amusements, and Cyclone wooden roller coaster. Now, a prominent local developer is looking to bring a more adult form of entertainment into the town.

A Bid for the New Casino on Cony Island

According to the latest reports, Thor Equities, a real estate development, leasing, and management firm based in New York, is working on a bid that would see one of three NYC casinos land in this Brooklyn neighborhood.

The company already owns some major real estate in the city, including the retail shopping district at 1218 Surf Avenue, right next to the Cyclone roller coaster. Thor’s interest in one of the three casino concessions is nothing new.

The New York Post wrote back in July that the firm is likely to participate in New York’s request for applications (RFA) process.

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Three Downstate Casino Licenses Available

Commercial casino gambling was legalized in New York back in 2013, with authorization for up to 7 land-based casinos in the state. Nevertheless, the legislature also included the provision that four casinos that were to open upstate will work without the competition from the downstate New York casinos for 10 years.

That moratorium period is now set to expire and the set is about to award three licenses, estimated to cost around $500 million each.

However, according to those in the know, only one of three licenses is really up for grabs. Genting’s Resorts World New York City in Queens and MGM Resorts’ Empire City Casino at Yonkers Raceway.

They are almost certain to receive two licenses The two properties already operate as racinos, offering players electronic table games and slot video terminals.

Stiff Competition For Coney Island Casino

When it comes to the third license, Thor Equities is likely to face some very serious competition.

The observers believe that the favorite to receive the coveted casino approval is NY Mets’ owner, Steve Cohen. Cohen has already prepared a bid, together with Hard Rock International, that would see a new casino resort open in Queens, in the vicinity of the Mets’ stadium, Citi Field.

The news that Thor is considering a Coney Island Brooklyn casino bid comes soon after the first members were appointed to the Gaming Facility Location Board (GFLB) by the City of New York.

Once the application process is finished, GFLB will be in charge of reviewing bids from interested candidates.

At the moment,  GFLB is working on defining the application conditions, including determining the minimum capital investment required from potential license candidates for a Coney Island casino.

Also, the New York Gaming Commission is yet to decide what will be the effective tax on gross gaming revenue. Applicants are free to suggest effective tasks, but it has to be over the minimum of 10% on table games and 25% on slot machines revenue.

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