Coney Island Could Be Home To A New York Casino

Written By Nicholaus Garcia on October 13, 2022 - Last Updated on October 14, 2022
Thor Equities shows interest in NY casino at Coney Island

More companies are showing interest in obtaining one of the three New York casino licenses that are up for grabs. Thor Equities, a real estate development firm, is the newest entrant. 

Experts believe Thor Equities will be interested in submitting a bid for a casino in Brooklyn’s Coney Island neighborhood. 

A New York casino in Coney Island?

Governor Kathy Hochul’s state budget included three casino licenses for the downstate area. The three new casinos can be located anywhere in the five boroughs, including Lower Hudson Valley and Long Island. 

However, obtaining a license is a fairly lengthy process. Additionally, licenses will not be awarded until next year. 

Thor Equities has amusement district properties that it plans to list as possible casino locations. Unfortunately, no other details are available. 

The selection process

The newly formed New York Gaming Facility Location Board must first issue a formal request for applications (RFA). Interested operators will have to pay a minimum of 25% tax for slot machines, 10% for table games and a $1 million application fee.

The NY Gaming Commission plans to issue its RFA by Jan. 6, 2023.  

Regardless of who the board selects, the Gaming Commission will decide who receives a license. 

Members include:

  • Quenia AbreuCEO of the NY Women’s Chamber of Commerce
  • Vicki Been, NYU Boxer School of Law Family Professor of Law
  • Stuart Rabinowitz, former Hofstra University President, senior counsel at Meltzer, Lippe, Goldstein & Breitstone, LLP

Who could win a license?

Probable contenders for a license are Bally’s Corp., Las Vegas Sands, and Wynn Resorts, all of whom have gone on record confirming their interest in a license. 

On Sept. 27, Staten Island borough President Vito Fossella said he wants the Gaming Commission to consider Staten Island a viable location for a new casino. 

“Staten Island is one of the few places that doesn’t have any type of gambling in the downstate area,” Fossella said during a press conference. 

“We just think that this is one of those areas that should be considered a destination point. Just envision a casino here, perhaps a hotel in the likes of the Mohegan Sun where people can come on a day like today and enjoy the views, enjoy the vistas. Just enjoy what’s behind us,” he said.

Correction: An earlier version of this story inaccurately identified the chairperson of the Location Board. No chairperson has been chosen yet.

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Nicholaus Garcia

Nick Garcia is a senior reporter for PlayUSA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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