Posted Aug 5, 2022, 1:30 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,914
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https://archinect.com/news/article/1...en-t-buying-in
Some of NYC’s biggest high-rollers want a casino in Coney Island, but local residents aren’t buying in
Josh Niland By Josh Niland
Aug 4, '22
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If real estate developers get their way, Coney Island may soon be losing its seasonal vibe. The New York Post is reporting that several of the city's leading corporate entities, including Miami Dolphins owner Stephen Ross' Related Companies, Vornado, and S.L. Green, have expressed interest in two of the state's three new available casino licenses as part of an expansion endorsed by Governor Kathy Hochul.
Looking to Atlantic City as a model, Thor Equities owner Joe Sitt is pitching a gaming destination in his native Coney Island as a potential commercial booster. Hudson Yards, Times Square, and Queens’ Willets Point neighborhood have also been floated. In total, the projects could bring in at least $1.5 billion in license revenue for the state. The year-round operation of the casinos could engender even greater profits dependent on an agreed-upon tax rate between the state and potential developers.
Other than money, the subway system seems to be the main determining factor in the matter. Both the Manhattan and Queens sites are serviced by the 7 train, but Coney Island lacks the access to regional mass transit options offered by the others. Some residents say the local D, F, N, and Q train station isn't equipped to handle all the elderly traffic, and even more are still weary from a failed 2009 rezoning plan they feel carried many of the same short-sighted economic promises.
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This reluctance to building an entertainment venue could come into play as the bid process draws closer. According to the Post, state laws require developers to seek approval from a six-member community advisory board, which will be put together by the borough president, NYC Mayor Eric Adams, Hochul, and local politicians. RFQs could be issued within 90 days of the state gaming commission forming its special review board, which is expected by October 4th. New York State senator Brad Hoylman said interested parties shouldn't get their hopes up before then.
“I don’t know one constituent who wants a casino,” Hoylman noted. “Outside forces want a casino. Insiders who live here don’t."
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