Thor Equities Formalizes Coney Island Casino Bid

Written By Katarina Vojvodic on January 4, 2023
A group of 4 separate entities come together to propose a New York casino bid

The New York Gaming Facility Board released the request for applications to parties looking to obtain any of the three available licenses for a casino in New York.

In response to New York State’s application request the following declared plans to operate a casino in New York City:

  • Thor Equities
  • Saratoga Casino Holdings
  • The Chickasaw Nation
  • Legends

They intend to submit a comprehensive casino, hotel, and entertainment proposal for Coney Island.

Coney Island consortium hopes to provide an economic boost

The group plans to create an economic boon – fueled by private, not taxpayer, investment – making permanent local careers for residents. The Coney Island consortium said in a joint statement:

“For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs – but careers. Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local community like no other.

We look forward to submitting our bid and setting a new standard in economic revitalization and resiliency for New York.”

Thor Equities COO Melissa Gliatta added: “This is Brooklyn’s moment and we can think of no better place for a world-class entertainment destination than right here in Coney Island.

We are so excited to be working with Legends, The Chickasaw Nation, and Saratoga Casino Holdings to bring together the perfect combination of expertise, hometown pride, and commitment that will make Coney Island New York’s new beacon of economic opportunity.

We look forward to submitting a comprehensive proposal that drives the local economy forward and is supportive of the entire local community.”

Thor Equities is a leader in developing, leasing and managing a wide variety of assets in premier urban locations worldwide. The company’s property portfolio totals $20 billion, with a development pipeline of more than 50 million square feet.

Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge.

State officials release license criteria for a casino in New York

New York state officials also released the criteria they will use to decide how the new licenses will be awarded. The state officials also determined each licensee’s license fee and minimum capital investment.

The license holders of any New York City-area properties must pay at least a $500M fee for the permits. The rules further instruct that the fee must be paid within 30 days of the license awarding.

The board approved the request for applications document during its latest meeting in New York City. As the rules further imply, applicants will be scored according to the:

  • Their potential economic activity impacting the surrounding communities
  • Workforce and responsible gaming plans
  • Commitments to diversity.

The initial casino licenses will be valid for 10-30 years, according to the winning bidder’s investment. As the board has confirmed, a separately appointed Community Advisory Committee will be responsible for reviewing the applications.

Photo by PlayUSA
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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