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Thor Vying For License To Bring Casino To Coney Island


Thor Equities is the latest developer to enter the race for one of the coveted downstate casino licenses, announcing a pitch to bring a new gaming venue to Brooklyn’s Coney Island.

The company is joining with Saratoga Casino Holdings, the Chickasaw Nation and Legends in the bid for the beachside casino, according to a release.

“New York will always be our home and we are thrilled to have the opportunity to reclaim Coney Island’s legacy and bring new economic possibilities to an iconic neighborhood,” Thor Equities Chairman Joe Sitt said in a statement.

“With our incredible partners, we are committed to creating lasting prosperity for a community and its residents and turn Coney Island into a vibrant year-round destination for all to enjoy. Together we have the track record across development, operations, gaming, entertainment, and job creation that is best suited to bring Coney Island security and vitality for the next century.”

The project would feature a roller coaster that runs under the Coney Island boardwalk, an indoor water park and several hotels and museums, per The New York Times

Sitt told the publication the area needs the investment more than any others up for consideration. Locals, however, have expressed concern on whether its infrastructure, which only experiences significant strain in the summer, could handle a complex that runs year-round.  

Thor will be up against multiple big-name developers for the three new casino licenses handed out by the state. Related Cos. publicly declared its intention to make a play for a state gaming license in September, announcing it had joined with Wynn Resorts on a plan to build a casino on the undeveloped western half of Hudson Yards.

SL Green has teamed up with Caesars Entertainment to pitch the Times Square building that currently houses The Lion King musical as a future gaming destination. Meanwhile, John Catsimatidis has expressed support for a casino in Coney Island as well, and L&L Holding Co. and Vornado are interested in the licenses for Manhattan.

Steven Cohen, owner of the New York Mets, has reportedly spoken with casino and resort company Las Vegas Sands about putting a gaming center near Citi Field.

Last week, it was announced that the Major League Soccer club will pay $780M to build a 25,000-seat stadium in the Willets Point neighborhood of Queens on land owned by the city that is across the street from Citi Field, potentially putting Cohen in a favorable position for the license.