Inside Thor Equities $3B Proposal To Build NY Casino & Hotel In Coney Island

Thor Equities is one of several developers trying to obtain one of the three gaming licenses that New York is expected to issue. Their casino project is called “The Coney” and is designed to feature a 250,000+ square-foot hotel. Additionally, it would have 92,000 square feet of convention center and meeting space. On top of that, their design has 70,000 square feet dedicated to retail food and beverage space. 

Their partners are Saratoga Casino Holdings, the Chickasaw Nation, and hospitality operator Legends. Since 2022, this group along with Thor Equities, has had an interest in landing one of the three gaming licenses in New York. The Coney has received more than 10,000 signed petitions in support of their project. Saratoga casino chief executive Sam Gerrity had this to say.

“We have heard time and time again that Coney Island needs a project that provides year-round economic support while also lifting up the infrastructure in one of the most densely traveled areas of the community,” said Sam Gerrity. “The Coney does just that.”

What hurdles are developers facing to obtain a gaming license?

At the New York State Gaming Commission in March, executive director Robert Williams detailed why it’s not the right time to apply for a license. Williams said in their meeting that gaming licenses are not expected to be decided until late 2025. That’s still at least a year away, if not longer. Due to the complexity of these licenses, developers will have to wait even longer. Casinos also need to secure local zoning approval and buy-in from their local community advisory committee before their application can be considered. The need for local support has had mixed reviews from developers.  

One example is SL Green Reality. They are the largest office landlord in Manhattan. Caesars Entertainment is in their Times Square casino bid. Yesterday, a poll was released that detailed 71% of some 400 registered voters who live in the area oppose the casino. This poll was commissioned by the No Times Square Casino Coalition. They’re directly against SL Green’s casino bid. However, there are several property owners in Times Square who have spoken in favor of the casino.