Chavdar Vasilev is a gambling news writer with several years of experience in the iGaming industry. He started creating promotional content but soon found he loved reporting on the industry itself. Since then, he’s delivered...
Read Full BioThe proposed Coney Island casino project, known as The Coney, has cleared a significant hurdle, as the New York City Council has approved the zoning changes necessary for construction.
With a 36–11 vote (and four abstentions), the Council approved the rezoning and “de-mapping” of several public streets in the amusement district to allow The Coney’s construction.
The approval does not guarantee the casino’s development; it’s only one step in a long and highly competitive licensing process.
A Big Vision for Coney Island
If it secures a license, The Coney will be built in the heart of the Coney Island amusement district. It promises to transform the iconic beachfront area into a year-round entertainment hub. The $3.4 billion project will include:
- 430,000 sq ft of gaming space
- 500-room hotel
- 2,400-seat performance venue
- A convention center
- Retail and dining areas
- Rooftop open spaces and elevated pedestrian sky bridges
One of the selling points of the developers, a consortium led by Thor Equities, is that The Coney will transform the area into a year-round destination, boosting employment. They estimate the project will generate 4,500 union construction jobs and 4,000 permanent union jobs.
Additionally, The Coney is expected to generate $200 million in community trust for local area improvements.
Still, it’s worth noting that, with an estimated investment of $3.4 billion, the project sits on the lower end of the spectrum among the eight applicants.
Only MGM Resorts’ plan to convert its racino in Yonkers through a $2.3 billion investment is smaller. Still, many consider MGM’s project a frontrunner as it requires less investment and is already operational.
In contrast, Soloviev Group and Mohegan Gaming’s ambitious $11.1 billion Freedom Plaza project tops the list.
The Long Road Ahead
While The Coney has cleared the zoning hurdle, there’s still a long road ahead. It must now secure approval from a Community Advisory Committee by September 30. To proceed, the project must receive a two-thirds approval.
Notably, the project has already undergone an environmental assessment under the State Environmental Quality Review Act, placing it ahead of some of its competitors.
Once it completes all the requirements, The Coney’s application will advance to the final evaluation by the Gaming Facility Location Board.
The board is expected to announce the winning bids by the end of the year.
Deeply Divided Community Response
Coney Island’s local community remains sharply divided over the proposal.
Supporters argue it will transform a neighborhood that is heavily dependent on the summer season and has a high unemployment rate.
The developers claim to have gathered strong support. That includes 10,000 letters of support from residents, with 1,000 of these coming from tenants in public housing in the area.
Other proponents include the Brooklyn Chamber of Commerce and various union leaders. Former Brooklyn Councilman Robert Cornegy Jr. also backs it, but he’s likely a paid advocate now.
To address some community concerns, developers promise to locate the gaming floor above a family-friendly ground level, a feature also promised by Caesars Palace Times Square.
Still, some residents are concerned about the rise in crime and the traffic the complex would bring. Many claim that a casino won’t benefit the neighborhood, which is full of small mom-and-pop shops.
Others believe it does not fit the amusement district and would destroy it. Organizations such as the Central Amusement (Luna Park), the Coney Island History Project, Coney Island USA( which runs the sideshow and museum in the area), and Community Board 13 strongly oppose the project.
