The team behind the proposed Coney Island casino said they would create a $200 million community trust fund if the project is approved.
Rendering courtesy of The Coney
“The Coney,” the casino seeking approval in the People’s Playground, will create a $200 million community trust fund to support the area if it’s approved, the development team announced on Thursday.
A board of local stakeholders, who would determine how the money would be used, would oversee the trust, and developers said the money could be used on projects like boardwalk improvements, safety and beautification around the neighborhood, and local workforce development.
“Coney Island is an incredible community and this $200 million trust will help make it even better for generations to come,” said The Coney representative and former city council member Robert Cornegy, in a statement. “ … The 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 supplement that by ensuring all of Coney Island benefits.”
The announcement came hours before what is expected to be a contentious community board hearing about the proposed casino.
The Coney seeks community support and a gaming license
The Coney is one of almost a dozen projects vying for three soon-to-be-awarded state gaming facility licenses, and has been working to gain community support since 2022
License applications are due this summer, and the state’s Gaming Facility Location Board will make its final decisions in December.
Before the Board issues the licenses, though, a six-member Community Advisory Committee will review each application and work to determine if it has enough public support to go forward. If the CAC decides there isn’t enough support, the application will not be reviewed by the Board.
The Coney team say the project would revitalize the neighborhood, bringing thousands of jobs and year-round economic activity sorely needed in an area that relies heavily on summer tourist traffic.
But many residents are against the project, worried it could raise rents and property taxes, jeopardize the character of the neighborhood, and bring year-round overcrowding and congestion.
Since launching the proposal, The Coney has added a public rooftop garden to its plans for the facility, invested $50,000 to renovate basketball courts at the Surfside Gardens NYCHA development, and hosted a free kids’ basketball clinic.
Developers seek land use alterations
Thursday’s Community Board 13 hearing will address a land use application submitted by The Coney to facilitate the construction of the casino, if it receives a license.
The team wants to close a portion of Bowery Street between West 12th Street and Stillwell Avenue and purchase air rights over portions of West 12th Street and Stillwell Avenue, documents show, so it can construct taller buildings connected by large “pedestrian bridges.”
Current zoning regulations would require The Coney to build shorter buildings, without the aboveground bridges between them, according to documents filed with the City Planning Commission.
The Jan. 9 hearing will give the board and locals the opportunity to hear from the casino team and voice their opinions. Community Board 13’s Land Use Committee will vote on the proposal on Jan. 15 before a full board vote on Jan. 22.
In the days ahead of the hearing, several local organizations urged locals to attend and speak out against the proposal. Coney Island USA, home to the Coney Island Museum, the Mermaid Parade, and the Circus Sideshow, shared renderings of the casino on Instagram.
“It’s clear to us that this is simply a catastrophic destruction of the entire neighborhood,” the org wrote. “Please, don’t let these developers destroy our beloved arts organization and your neighborhood, the People’s Playground!!!”
In an email newsletter, Charles Denson, executive director of the Coney Island History Project, called the zoning proposal a “greedy landgrab” by developers.
But some locals joined The Coney in celebrating the $200 million trust, and hoped their neighbors would speak up in support of the project.
In a statement, Pat Singer, a Community Board 13 member and founder of the Brighton Beach Neighborhood Association, said she has lived in the nabe since she was a child and has served on the board for nearly 50 years.
“By approving this project, you will open the door to new funding, which will raise the quality of life for the people in Coney Island,” Singer said. “The Boardwalk for example, has been in disrepair for decades. As they say, ‘money makes the world go around.’ By building The Coney, those needed funds will come!”
The Coney team planned to share more details about the trust at the Jan. 9 hearing, they said. The hearing is set to begin at 7 p.m. at the Coney Island YMCA, 2980 West 29th St. between Surf and Mermaid avenues, and on Zoom.
