Will Coney Island Have a Casino Soon?

For a long time, New York City’s peninsular neighborhood Coney Island has provided a wide range of entertainment services to New Yorkers and visitors from other states and countries. Despite its dynamic entertainment features, the island lacks a casino, leaving a big entertainment gap for residents. That is about to change because developers in New York City are targeting to launch a casino in the heart of the island, but some lawmakers and residents are opposed to the idea. 

Three casino licenses in New York City are up for grabs

Coney Island is regarded as the People’s Playground due to the many entertainment varieties it offers to New Yorkers. The playground is on the roulette table with investor John Catsimatidis showing his support for a casino on the island. A report by New York Post says Joe Sitt, the owner of Thor Equities, is also eying to build a casino on the island by partnering with an investor. Joe Sitt owns investments in the island’s amusement district. Three licenses are already up for grabs. 

Mayor Eric Adams announced at the beginning of this year that he desires two of the licenses to be allocated to New York City. Governor Kathy Hochul has publicly supported the expansion of the casino sector in the state. This year, New Yorkers could witness the passing of online gambling regulations, which will set the pace for launching online casinos. The number of online gamblers in New York is growing. Many of them currently play at New Jersey online casinos since both states are neighbors. 

Building a casino hotel on Coney Island

New York City is soon set to add a new attraction to people traveling to Coney Island. Saratoga Casino Holdings, one of the key investors in hotels and casino games in New York, is in the advanced phases of partnering with Thor Equities to set up a casino on Coney Island. Saratoga said the plan is to build a casino, hotel, and other entertainment products on the island. They believe the investment will transform the island and bring prosperity to its community. 

The partnership will bring to the table $3 billion, which will be invested in the People’s Playground. The project will employ 2,500 construction workers, and once complete, the hotel and casino facility will employ a large workforce. Through a press release, Thor Equity said its vision is to transform the island into a year-round destination. It fulfills the long-awaited promise of turning the island into a permanently thriving economic engine for the local community and beyond.

New Yorkers will wait a little longer

Although all is set on the part of investors, New Yorkers require more patience and wait a little longer. There are still issues of regulations and legality to be settled, and they cannot be rushed. They must wait until the licenses are issued and the final decision is made. SL Green Realty Corp, in partnership with Caesars Entertainment, is also eyeing a license to set up a casino in Times Square.