MGM Yonkers and The Coney are major players that are vying for a New York City casino licenses.
Both parties officially submitted applications for a license last week to the New York Gaming Commission and the Gaming Facility Location Board. The costs of the combined projects are nearly $6 billion.
The Coney’s project is the larger of two, which includes a $3.4 billion entertainment complex and casino. MGM Yonkers is proposing a $2.3 billion destination that also includes an entertainment district.
The state is expected to award up to three licenses for downstate casinos by the end of 2025.
Economic impact of The Coney
The Coney has proposed a 1.4 million square-foot entertainment complex that comes with a 500-room hotel, 20 restaurants, a 2,000-plus-seat entertainment venue, meeting space and an acre of open space.
That would certainly enhance the area, along with the economic impact of the project, which is The Coney’s calling card. Some of the most important aspects of the bid include:
- A total economic impact of $1.27 billion annually, with $1.13 billion of that accruing to Brooklyn.
- More than $300 million in annual tax revenue generated with downstream impacts of $53 million in local tax revenues and $27 million in state tax revenue.
- The creation of more than 4,500 permanent good-paying careers with a local hiring preference and MWBE standards that exceed local and state requirements.
The Coney is backed by Global Gaming Solutions, which is made up of numerous business entities, including the Chickasaw Nation. Chicksaw Nation Secretary of Commerce Dan Boren touted the project.
“Far and away the most important piece of this RFA that the Facility Location Board will consider is the positive impact a project will have on economic and business development. No other project comes close to what The Coney can do for Coney Island.
“We’ve spent years engaging with the community so that we could put together a bid that combines the needs of the neighborhood with the stated goals of New York State. We are excited and proud to submit this proposal and look forward to the next steps of this process.”
Should The Coney receive a license, they promise a $200 million community trust, which could benefit community grants, safety and security, and upgrades to the boardwalk and Brooklyn neighborhoods.
MGM Yonkers proposal
Yonkers has been in the market for a casino and entertainment space since 2019. It partnered with MGM to submit a $2.3 billion idea to the NY Gaming Commission.
MGM Yonkers laid out the following plans for its proposal:
- Expansive high-limit lounge
- State-of-the-art BetMGM Sportsbook
- 5,000-person entertainment venue
- 3 full-service restaurants
- Parking garage with solar energy arrays and electric vehicle parking spaces
Of course, Empire State Casino would be the main draw of the project.
Bill Hornbuckle, president and CEO of MGM Resorts International, said the project will significantly benefit the surrounding communities.
“Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come.”
If awarded a license, the project is expected to be completed by mid-2029.
The process to receive a license is incredibly competitive, especially since New York Mets owner and billionaire Steve Cohen‘s Metropolitan Park casino plan reached Gov. Gov. Kathy Hochel‘s desk last month.
