Coney Island Casino Will Sell Shares to Locals if Approved

• Companies behind The Coney casino project say they will sell shares to locals
• Offering will target Coney Island residents and require a minimum investment of just $100
• Backers also proposing $275 million in community, public safety spending

The entities behind The Coney, a $3 billion effort to bring a casino hotel to Coney Island, NY, announced a plan to sell shares in the project to local residents.

Global Gaming Solutions — the commercial entity of the Chickasaw Nation — Thor Equities, Saratoga Casino Holdings, and Legends said Thursday that if their bid for a downstate casino license is approved, they’ll commence a share sale aimed at Coney Island residents, enabling investors to participate in profit-sharing from the gaming venue.

Shares in the program will only be sold to families in Coney Island to ensure that the project’s benefits stay local. In order to make the program accessible to Coney Island families, the minimum investment amount will be $100,” according to a statement.

That minimum investment size is far smaller than what’s been pitched by some other local casino projects across the country. The Coney’s backers said the proposal is compliant with Securities and Exchange Commission (SEC) regulations.

Coney Joins Other Casino Bidders Proposing Share Sales

There are eight proposals for three downstate casino permits in New York, confirming competition is fierce and that bidders need to find avenues for standing out in a positive fashion.

“The community is our most important stakeholder, so it just makes sense that Coney Island’s working-class families, who have been neglected for decades, and whose unemployment rate is amongst the highest in the City, get an opportunity to buy into this project in a way that is affordable so that even more of the positive economic impact stays local,” said Thor Equities Executive Vice President Peter McEneaney in the press release.

More Coney Casino Perks

The Coney reiterated a pledge for a $200 million community trust – funds that will be directed to economic mobility, workforce training, community grants, and enhancements to the Coney Island Boardwalk.

The statement also included mention of $75 million in public safety funds that would benefit emergency medical services and the fire and police departments of New York.