Coney Island On line casino Pitch Rumored, as New York Preps Downstate Bids
Coney Island is probably greatest recognized for being residence to the Cyclone picket curler coaster, Marvel Wheel Ferris wheel, Luna Park amusements, and naturally, Nathan’s Well-known Scorching Canines. However rumblings across the seaside city recommend a distinguished actual property developer might be focusing on the Brooklyn neighborhood for a on line casino.
The 150-foot-tall Marvel Wheel amusement on Coney Island is pictured in August 2022. An actual property developer based mostly in Manhattan is alleged to be contemplating Coney Island for a on line casino challenge. (Picture: Expedia)
New York actual property improvement, leasing, and administration agency Thor Equities is alleged to be getting ready a on line casino resort pitch for Coney Island. Thor is a significant landowner on the town, its portfolio together with the retail procuring district at 1218 Surf Avenue adjoining to the Cyclone.
Elite Sports activities NY, a web based sports activities media publication overlaying New York, reported this week that Thor Equities will probably make a “sturdy” effort to accumulate one of many three downstate gaming concessions.
Thor’s rumored curiosity in constructing a on line casino on Coney Island isn’t essentially new. In July, The New York Publish reported that Thor would probably be concerned in New York’s request for functions (RFA) course of when it begins someday subsequent 12 months.
Coney Island On line casino Odds Lengthy
New York legalized business on line casino playing in 2013. The laws approved as many as seven land-based casinos with slot machines and desk video games. The statute offered the 4 casinos earmarked for upstate to open freed from downstate competitors for a 10-year time period.
The moratorium on the three downstate business on line casino permits being issued expires subsequent 12 months. In her 2023 fiscal 12 months finances, New York Gov. Kathy Hochul (D) assumes the state will obtain the three downstate on line casino licensing charges of $500 million every — or $1.5 billion.
Although three licenses can be found, most observers consider there may be, in actuality, just one up for grabs.
It’s largely assumed that MGM Resorts’ Empire Metropolis On line casino at Yonkers Raceway and Genting’s Resorts World New York Metropolis in Queens are heavy favorites for 2 of the three licenses. Empire Metropolis and Resorts World are at the moment racinos that supply gamers slot-like video lottery terminals (VLTs) and digital desk video games.
Thor Equities has a reported $20 billion in property below administration. Nonetheless, the agency might be financially outmatched by New York Mets proprietor Steve Cohen, who has additionally expressed curiosity within the probably single on line casino license up for grabs. Cohen and Onerous Rock Worldwide are mentioned to be working collectively to arrange a on line casino resort pitch for Queens close to the Citi Subject MLB ballpark.
Regulatory Unknowns Stay
The Thor information that it’s mulling a Coney Island on line casino presentation comes only a week after New York appointed the primary members to the Gaming Facility Location Board (GFLB). The GFLB will discipline on line casino bids from corporations as soon as it finalizes its software situations.
The GFLB has lower than 90 days to resolve what kind of minimal capital funding might be required for entities to submit qualifying schemes. The efficient tax on gross gaming income additionally stays to be decided by the New York Gaming Fee. The GFLB says candidates can recommend an efficient tax, as long as it’s not less than 25% on slot machine win and 10% on desk recreation income.
Candidates should present that they’ve area people assist from metropolis leaders, show compliance and approval with all required state and native zoning necessities, and pay the state a $1 million nonrefundable software price.
