Saratoga Casino, partners seek NYC gambling license
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SARATOGA SPRINGS — Saratoga Casino Holdings, along with its partners, are prepping to meet the first deadline in a series with the New York Gaming Commission to win a license for a $3 billion casino on Coney Island.
The Saratoga Casino Holdings along with its partners Thor Equities, the Chickasaw Nation and Legends Global Planning, want to build a Las Vegas-style casino and hotel along the historic amusement park. If they win a bid for one of only three available New York City licenses, the casino will sit on Stillwell Avenue and West 12th Street between Surf Avenue to Wonder Wheel Way, directly across the street from the original Nathan’s Famous hot dog stand.
James Featherstonhaugh, a minority owner in the Saratoga Casino and Hotel that runs the racino or video lottery terminal parlor and the harness race track in Saratoga Springs, said a lot of big players are jockeying for the licenses in New York City, but he's confident that the proposal will be well-received.
"We view ourselves as making a proposal that goes well beyond a casino and a hotel and will reinvigorate an entire community," Featherstonhaugh said. "There are a lot of great big burly varsity players running around in this arena who say they are going to make bids. If, in fact, all those bids happen, I think people might look at us as an underdog. It might be better to look at us as the little engine that could."
Joseph J. Sitt, the chief executive of Thor Equities, a real estate investment firm, told the New York Times that their bid, which will include a roller coaster and museum, “might be a long shot” as the location is more than an hour from midtown Manhattan, is considered a seasonal destination and has limited hotel accommodation.
However, Saratoga Casino Holding's CEO Sam Gerrity, who was unavailable for comment, was optimistic in his released statement.
“First and foremost, we are a family-run, New York business and are immensely proud that we not only run the most successful racino in upstate New York, but have expanded our portfolio to manage more slot machines and table games than we dreamed,” Gerrity said. “We are looking forward to working with The Chickasaw Nation, Thor and Legends in bringing a new economy to Coney Island coupled with a deep commitment to supporting local residents and businesses. It is that commitment that … will enable us to help meet Coney Island’s promise.”
On Jan. 3, the state’s Gaming Facility Location Board met to begin the process to review applications for three available casino licenses in New York City. As part of the process, the board voted unanimously to require applicants to invest at least $500,000 million, comply with all zoning laws and meet with members of the community in which the casino will be located. The board said it would consider “the surrounding community, the provisions of employment and training and overall revenue generated” in granting the new licenses.
The casino bids are part of a decade-old plan from former Gov. Andrew M. Cuomo to allow three casinos to open downstate starting in 2023.
In a joint statement, the partners say their plan can help revitalize Coney Island.
"For more than a generation, Coney Island has been waiting for a year-round economy that creates not just jobs — but careers," the statement read. "Our partnership is unique, combining unrivaled gaming expertise, an unsurpassed track record in entertainment, and a commitment to serving the local community like no other. We look forward to submitting our bid and setting a new standard in economic revitalization and resiliency for New York.”
