Global Gaming Solutions, in partnership with Thor Equities, Saratoga Casino Holdings, and Legends, has officially submitted an RFA to the New York Gaming Facility Location Board for The Coney, a proposed $3.4 billion entertainment and gaming complex in Coney Island. This ambitious project promises to have a significant economic impact on the area, including the creation of 4,000 union construction jobs and over 4,500 permanent jobs with higher wage standards.
The projected total economic impact is estimated at $1.27 billion annually, with $1.13 billion specifically benefiting Brooklyn. Additionally, The Coney is expected to generate more than $300 million in annual tax revenue, contributing $53 million to local taxes and $27 million to state taxes. The project includes plans for a $200 million Community Trust to support public improvements and enhance local services, along with a dedicated $15 million annual fund for community mitigation efforts.
The complex is designed to include a 1.4 million sq. ft. facility that features a new 500-room hotel, over 50,000 sq. ft. of dining options with 20 restaurants, a 2,400-seat entertainment venue, and convention space. This initiative aims to boost a community that has faced economic challenges, with many families living below the poverty line.
The Coney project has been shaped by extensive community engagement, including over 500 meetings with residents and stakeholders, signifying a strong local support with more than 10,000 signatures and endorsements from over 50 local business owners. The project emphasizes collaboration with existing businesses, ensuring that progress benefits the entire community.
Melissa Gliatta, COO of Thor Equities, expressed optimism that The Coney will revitalizethe Coney Island area, fostering economic growth and transforming the historic neighborhood. With significant financial backing from Gaming & Leisure Properties, Inc. (GLPI), which has pledged $2.3 billion in development financing contingent upon licensing approval, the project is set to begin construction swiftly.
This development not only illustrates a commitment to enhancing economic opportunities in a historically marginalized area but also reflects a larger trend of revitalization efforts in urban settings, making it a hopeful prospect for the future of Coney Island and its residents.