CONEY ISLAND, NY – The Coney, a project backed by Global Gaming Solutions (GGS) – a business entity of the Chickasaw Nation, Thor Equities, Saratoga Casino Holdings, and Legends – announced that it has officially submitted its RFA to the New York Gaming Facility Location Board to build a $3.4 billion entertainment and gaming complex that will usher in a new era of economic development for Coney Island and South Brooklyn.
In its filing, The Coney outlined the economic impact it will have on Coney Island as it will drive:
- The creation of 4,000 union construction jobs
- The creation of more than 4,500 permanent good paying careers with a local hiring preference and MWBE standards that exceed local and state requirements
- A total economic impact of $1.27 billion annually, with $1.13 billion of that accruing to Brooklyn
- More than $300 million in annual tax revenue generated with downstream impacts of $53 million in local tax revenues and $27 million in state tax revenue
- Creation of more than $620 million in total annual labor income
- Creation of a $200 million Community Trust, led by locals and dedicated to support public improvements, economic mobilization and community engagement efforts
- Creation of a $15 million annual fund dedicated directly to community mitigation efforts, enhancing local police, fire, and EMS services
“Far and away the most important piece of this RFA that the Facility Location Board will consider is the positive impact a project will have on economic and business development,” said Dan Boren – Board Chairman, Global Gaming Solutions, and Secretary of Commerce, Chickasaw Nation. “No other project comes close to what The Coney can do for Coney Island. We’ve spent years engaging with the community so that we could put together a bid that combines the needs of the neighborhood with the stated goals of New York State. We are excited and proud to submit this proposal and look forward to the next steps of this process.”
In its RFA submission, The Coney outlined plans for a 1.4 million sq. ft. entertainment complex that will feature:
- A brand-new 500-room hotel
- 20 distinctive restaurants totaling more than 50,000 sq. ft.
- 2,400 seat, 25,000 sq. ft. entertainment venue
- 92,000 sq. ft. of convention center/meetings space
- More than an acre of new publicly accessible open space
The Coney would be built in a community that has long suffered from neglect, with more than 28 percent of families living below the poverty line, driving one of the lowest employment rates in New York City.
“For years, we have heard that Coney Island needs jobs and local businesses need foot traffic outside of the summer months,” said Sam Gerrity, CEO of Saratoga Casino Holdings. “The Coney delivers both. This project represents an opportunity unlike any other to positively impact historically marginalized communities swiftly and tangibly. No project embodies the essence of realizing dormant economic opportunity and potential as completely as The Coney.”
Over the past three years, The Coney has held over 500 individual meetings with stakeholders, business owners, and residents to talk about the project and solicit critically important feedback. The Coney has sponsored and attended over 100 community events, organized summer basketball camps, collected over 10,000 signatures supporting the project, and received over 600 letters of support from local New York City Housing Authority residents.
The Coney has facilitated direct conversations with neighboring business owners and secured letters of support from more than 50.
“From cornerstone institutions like Nathan’s and Gargiulo’s to the smaller retail shops and bodegas, no one is being left behind in our plan,” said Bill Rhoda, EVP of Business Development, Legends. “That’s because we envision a project that incorporates the local business community instead of excluding it. We understand and appreciate the phenomenal neighborhood that surrounds us, and it’s not just smart, it’s essential, to partner with them in the progress this project will bring.”
“This is the moment Coney Island has been waiting for,” said Melissa Gliatta, COO of Thor Equities. “The Coney brings transformative investment to a neighborhood that shaped New York’s identity but hasn’t shared in its growth. Our mission is to revitalize this iconic destination that’s always belonged at the forefront of entertainment and innovation.”
In addition to the equity contributions from Thor, Saratoga and GGS, Gaming & Leisure Properties, Inc. (GLPI) has committed $2.3 billion of development financing for the project if The Coney is awarded the license. GLPI is one of the largest publicly traded REITs with an extensive and successful record of acquiring and developing assets in the leisure industry. This financial partnership uniquely positions The Coney to expeditiously begin construction and ensure a timely opening.
“The Coney represents an exciting opportunity to develop a truly world class entertainment facility in New York,” said Peter Carlino, Chairman and Chief Executive Officer of GLPI. “We are pleased to be partnering with Thor, Saratoga and GGS to bring this transformative project to life.”