Almost at the finish line
Although the approval marked an important step forward for the project, Coney Island is still far away from a license as it faces stiff competition from a variety of other developers and locations.
News 12 claimed that most officials who voted on the matter supported the project, though agreement was not unanimous.
Juan Camilo Osorio, an Associate Professor at Pratt Institute’s Graduate Center for Planning and the Environment and Brooklyn representative to the planning commission, said that the plans did not include enough concrete details to receive approval.
“This includes the design of the sky bridge and the lack of sufficient public amenities,” said Osorio. “In addition, the street improvements need to be stronger in order to consider future flood risk.”
The Coney Island application will head to the New York City Council for another public hearing and final vote. Approval would signal that the project has completed its regulatory prerequisites and could be properly considered for one of the three licenses that will be made available later this year by Gov. Kathy Hochul.
Coming to life
Further details on the Coney Island proposal indicate the casino-resort would include 353,000 square feet of gaming space, 100,000 square feet of open rooftop area, and 1,500 parking spots.
Estimates suggest the project would create 4,500 temporary union jobs and 4,000 permanent hospitality jobs.
Real estate development firm Thor Equities partnered with New York-based casino and hotel operator Saratoga Casino Holdings, the Chickasaw Nation, and hospitality company Legends to bring the plans together.
Two important deadlines are approaching for prospective casino licensees.
All applications must be submitted to the state by June 27. Additionally, Community Advisory Committee standards must be completed by September 30.
While this has been a drawn-out process, the financial ramifications of receiving licensing would be enormous. New York has the most lucrative online sports betting market and the infrastructure to generate tons of revenue and tax funding from local casinos.
Other licensed bidders include New York Mets owner Steve Cohen, gaming giants such as MGM Resorts International and Caesars, business mogul Jay-Z, and many more.
