Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioPeter McEneaney, executive vice president of Thor Equities, used a Spectrum NY1 appearance on Inside City Hall to reveal a new community investment fund for the Coney Island casino bid while addressing traffic and transit concerns.
He emphasized that the $3.4 billion project, one of eight competing for three available licenses, would deliver year-round economic benefits to a neighborhood that has long been dependent on the summer season.
Community Investment Fund
McEneaney says the fund comes as a result of feedback from the Community Advisory Committee (CAC) public meeting held late last month, during which the public was heavily divided.
The program would allow locals to “invest directly into the Coney Island project at a small scale.” Contributions start at $100. He described it as “a great way to bring people and engage them in the project.”
Similar schemes have surfaced in other bids. The Bally Bronx developers pitched a similar scheme where Bronx residents can purchase equity stakes in the casino starting at $250. Bally’s says up to 10% of the property could potentially be community-owned.
Additionally, the Caesars Times Square bid promises ownership stakes for as little as $500 through a partnership with civil rights activist Rev. Al Sharpton and Ryan Williams, founder of the real estate investment platform Cedre.
The Coney’s $100 minimum is the lowest threshold, designed to increase community involvement.
Transit Concerns
One of the biggest concerns surrounding The Coney is the impact of the project on traffic and transit. Critics have pointed out the proposal’s environmental study, which revealed severe traffic and parking insufficiencies.
To address that, McEneaney said the team has created a “multi-model transit strategy.” He says their goal is to make the casino more accessible via public transit, as the area has “great infrastructure”. He pointed to the four subway lines already serving Coney Island, but underutilized, and suggested reviving express service.
Furthermore, he said there’s an opportunity to bring ferry service to Coney Island. Currently, ferries go to Rockaway, which can stop in Coney Island.
One of the Most Divisive Bids
Currently, the casino license process is in its CAC meeting stage. The six-member committee reviews community feedback to determine whether the proposals align with the area.
The Coney has emerged as one of the most debated and polarized in the downstate casino race. Supporters emphasize the potential for year-round jobs and economic revival. Meanwhile, critics argue that the project risks worsening already-strained transit, overwhelming local infrastructure, and increasing crime.
The public will have one more opportunity to voice their opinion on September 10. Then, the CAC will vote by September 30 on whether to advance the application to the New York Gaming Facility Board.
