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Thor Equities gains support for $3bn Coney Island casino bid in NY


Real estate developer Thor Equities has proposed plans to open a new land-based casino in Coney Island, New York, with backing from Saratoga Casino Holdings, Chickasaw Nation and premium experiences business Legends.

Authorities in New York are expected to issue three downstate casino licenses in the coming months, with Thor Equities aiming to secure one of these permits to open the new facility within the popular entertainment area of Brooklyn.

Though details of the casino are yet to be released, Thor Equities said the investment in the project would be worth in excess of $3bn and lead to the creation of 2,500 construction jobs, as well as thousands of permanent jobs when the casino opens.

Thor Equities will face competition from Caesars Entertainment, which last month set out plans to open a new casino in Times Square. Wynn Resorts also publicly declared an interest in building a casino in the Hudson Yards area.

“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.

“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.”

Thor Equities will be supported in its bid by Saratoga Casino Holdings, which has operations in New York, Colorado and Mississippi. The business operates 175,000sq ft of casino gaming space with more than 2,100 slot machines, table games, a poker room and two sportsbooks, as well as several entertainment venues, restaurants, nightclubs and bars.

Chickasaw Nation will also support the effort through its Global Gaming Solutions business entity. Collectively, Global Gaming Solutions, and Chickasaw Nation operate over 25,000 electronic games, 2,000 hotel rooms, 30 restaurants and a network of retail outlets.

In addition, Legends will serve as the venture’s entertainment partner. Originally founded as a joint venture with MLB outfit New York Yankees and NFL team Dallas Cowboys, Legends has three decades of experience delivering events at venues such as stadiums and concert halls in the New York, national, and global markets.

“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,” Sitt said.