Approved: Contentious Blueprint for Coney Island Casino Proceeds Through Significant Municipal Hurdle
Hear that, folks? A casino's move to Coney Island is closer than ever before!
Yes, you heard it right! As per News 12 Long Island, the New York City Planning Commission has given a thumbs-up to a plan for a colossal casino and entertainment complex in Coney Island. This decision marks a substantial step in one of the city's most hotly debated development projects.
Pro Tip: Want to learn more about Coney Island's past? Check out its colorful history as America's Playground! 🎡
The developers behind the project, The Coney, have plans for a monumental 1.3 million-square-foot complex. This complex would feature a casino, hotel, convention center, and retail space, stirring excitement in some parts of the community while raising concern among others. These concerns mainly revolve around potential traffic issues, increased crime rates, and the displacement of small businesses.
On the flip side, supporters of the project believe it has the potential to create jobs and bring much-needed investment to the area.
Next stop: The New York City Council. The application will undergo a public hearing and final vote. Even if they give the nod, the project still faces one daunting challenge – securing one of the elusive three downstate casino licenses from the New York State Gaming Facility Location Board.
The Dance Macabre of Downstate Casino Licensing
The race for commercial casinos in New York City has shifted into high gear, with the impending deadlines for license applications just around the corner. If you thought the rush for upstate licenses was intense, just wait until you hear about the battle for the downstate spots!
The timeline for these licenses has been set, and the countdown has begun. Here's what's coming up:
- June 27, 2025: Deadline for applications. Make sure your proposals are polished and shine bright!
- September 30, 2025: Deadline for satisfying Community Advisory Committee requirements. Don’t forget to work with the community – their support can make or break your project!
- December 1, 2025: Projected date for licensing decisions. Giraffes can't predict the future, but we're guessing it's going to be an exciting ride between now and then!
One thing's for certain – the wait could drag on until 2026 or even later, causing mixed reactions in the community. Some support the cautious approach, while others bemoan the long timeline.
The Roots and Shoots of New York’s Gaming Boom
Let's take a stroll down memory lane. New York citizens had the opportunity to vote in favor of commercial casinos way back in 2013. The master plan was to create up to seven casinos: four upstate and three downstate.
However, the downstate casinos were initially kept on hold for a decade, giving the upstate casinos time to get settled first. But that changed, and applications for the downstate spots were made available sooner.
As the ten-year moratorium on downstate casinos approaches its end, the interest in these prestigious licenses is skyrocketing.
The Lion’s Den: Multiple Operators in the Fray
Big guns from the gaming industry have their eyes fixed on the New York City casino scene. Here are some of the major operators trying to make their mark:
- MGM Resorts International: They're looking to make their mark in the Big Apple with their proposed casino in Yonkers.
- Wynn Resorts Ltd: Sudden Yonkers withdrawal hasn't stopped them from submitting a bid for a casino in Hudson Yards.
- Caesars Entertainment: They're eyeing Times Square for a $1 billion casino and entertainment complex.
- Steve Cohen: This billionaire investor has proposed an $8 billion project beside Citi Field in Queens, featuring a casino and other amenities like affordable housing units.
- Resorts World New York City: They're strong contenders because of their existing operations in the area.
There's still a crowded field of hopefuls, with about a dozen bidders chasing the available licenses. As for Saks Fifth Avenue and Las Vegas Sands, they're no longer in the running after abandoning their respective bids.
The Gold Standard for License Approval
Robert Williams, Executive Director of the New York State Gaming Commission, has emphasized the financial impact as a crucial factor for license approval. Williams struck a chord when he talked about the billions of dollars that would be invested, as well as the generous revenue it could bring to the state.
The Commission is carefully considering the investment amount, potential revenue, quality of jobs created, project design, community support, and infrastructure compatibility.
As this process unfolds, it seems certain that New York City will soon become a major player in the casino industry, driving economic growth, tourism, and job creation. Get ready for a new phase in New York's commercial development – it's going to be one wild ride!
Stakeholders in the community are divided over the potential impact of a casino complex planned by The Coney in Coney Island, with concerns about traffic, crime, and displacement of businesses on one side, and job creation and investment on the other. However, the project's next hurdle is securing one of the three downstate casino licenses from the New York State Gaming Facility Location Board. The race for these licenses is intense, with proposals due on June 27, 2025, and a projected decision date in December 2025, although the wait could extend until 2026 or later due to the ten-year moratorium on downstate casinos. Despite the mixed reactions, the influx of these casinos promises to drive economic growth, tourism, and job creation in New York City.
