Kony pledges $200M if casino license is granted

Posted: January 9, 2025, 09:03 pm.

Last updated: January 9, 2025, 09:52 pm.

The proposed Coney Casino and Resort in Brooklyn is sweetening its pitch in hopes of landing one of three commercial gaming licenses allocated for New York's downstate region.

Robert Cornegy, a former Democratic New York City Council member representing Brooklyn's Bedford-Stuyvesant and North Crown Heights neighborhoods, is helping lead a campaign to bring a casino resort to Coney Island. On Thursday, Cornegy revealed that if The Coney secures a gaming license, the developers behind the project will commit to funding a $200 million trust that will benefit the seaside community.

Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come. Working directly with the community and stakeholders, the trust will include community grants for local organizations, boardwalk improvements, improved safety and improved open spaces, Cornegy said.

He said, “Coney is going to bring much-needed year-round jobs and economic development to Coney Island and if we are granted this gaming license this $200 million trust will be complemented by ensuring all of the benefits to Coney Island.”

Project Details

Connie is a $3 billion integrated resort casino proposal from a consortium including the Chickasaw Nation's Global Gaming Solutions, Saratoga Casino Holdings, Legends Hospitality Group and Thor Equities. The development is targeting five acres of prime land owned by Thor at Surf and Stillwell Avenues in the heart of the city's entertainment district.

Cooney is one of a crowded bid pool for New York's three remaining casino concessions. Other expected bidders include MGM Resorts, Las Vegas Sands, Wynn Resorts, Caesars Entertainment, Hard Rock International, Baileys, Mohegan and Genting.

The New York Gaming Facility Locations Board is likely to announce its winners in 2025.

Trust Fund Specifications

If The Coney is successful, the developers will set up a $200 million trust for the Coney Island community. A board that will oversee its delivery will include “local voices and stakeholders”.

In addition to the potential uses above, funds will be available to improve public safety and security, workforce development, environmental protection, and public art.

Cooney's $200 million public pledge has convinced some in the area that the casino can reverse the seaside town's economic decline in recent decades.

“When I first heard about The Coney, I was intrigued. I like the idea of ​​a comprehensive entertainment and gaming destination that will bring in tourists and their wallets year-round, while also providing needed improvements and livable job opportunities to my community. With the news of a new trust – consisting of me and my neighbors who decide how and where the money is spent – ​​I'm sold. Julia Daniels, former president of the Kerry Gardens Residents Association, said, “Coney will greatly improve on much of what has been lost from Coney Island and I can't wait to see it succeed.”