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The Coney Pledges $200M Community Trust if Granted Casino License

The suggested Coney Casino & Resort in Brooklyn is enhancing its proposal in an effort to secure one of the three commercial gaming licenses designated for New York’s downstate area. 

Robert Cornegy, a past Democratic member of the New York City Council who represented Brooklyn's Bedford-Stuyvesant and northern Crown Heights areas, is actively spearheading the effort to establish a casino resort in Coney Island. On Thursday, Cornegy announced that should The Coney obtain a gaming license, the project's developers will pledge to finance a $200 million fund that will support the coastal community.

"Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come. Working directly with the community and stakeholders, the trust will include community grants for local organizations, Boardwalk improvements, better safety and security, and improved open spaces,” Cornegy said.

“The Coney is going to bring much-needed year-round jobs and economic development to Coney Island and if we are granted this gaming license this $200 million trust will supplement that by ensuring all of Coney Island benefits,” he added.

Project Information 

The Coney is a $3 billion proposal for an integrated resort casino by a group that includes the Chickasaw Nation's Global Gaming Solutions, Saratoga Casino Holdings, Legends Hospitality Group, and Thor Equities. The project aims to develop five acres of prime land that Thor owns at the intersection of Surf and Stillwell avenues in the city's amusement district. 

The plan features a hotel with 500 rooms, a theater accommodating 2,500 seats, over twelve dining and drinking establishments, 90,000 square feet dedicated to convention space, and a “top-notch gaming venue” equipped with an undisclosed quantity of slot machines, live dealer tables, and sports wagering options. Moreover, The Coney would include a publicly accessible rooftop area roughly the size of Bryant Park's lawn that can be reached from the street level without having to enter the casino. 

The Coney is part of a competitive bidding group for New York's three leftover casino licenses. Additional anticipated bidders include MGM Resorts, Las Vegas Sands, Wynn Resorts, Caesars Entertainment, Hard Rock International, Bally’s, Mohegan, and Genting. 

The New York Gaming Facility Location Board is expected to reveal its winners in 2025. 

Details of the Trust Fund 

If The Coney proceeds, the developers plan to create a $200 million fund for the Coney Island community. A committee that will manage its distribution will include “local representatives and stakeholders.” 

In addition to the previously mentioned potential applications, the funds will be allocated for enhancements in public safety and security, workforce development, environmental conservation, and public art. 

The Coney’s $200 million public commitment has persuaded some locals that the casino might turn around the seaside town’s economic downturn experienced in recent years. 

“When I first heard about The Coney, I was intrigued. I liked the idea of a comprehensive entertainment and gaming destination that would bring tourists and their wallets year-round while also providing needed improvements and living wage job opportunities to my community. With the news of a new trust — one that includes me and my neighbors determining how and where money gets spent — I’m sold. The Coney will improve so much of what has been lost from Coney Island and I can’t wait to see it succeed,” said Julia Daniely, former president of the Carey Gardens Resident Association.