Thor Equities, a real estate development firm led by billionaire Joe Sitt, in partnership with China-based hotel and casino operator Fosun International, have announced plans for a $3 billion casino development in Coney Island, Brooklyn.
This ambitious project will be the first casino in New York City, pending approval from state regulators. The 1.1 million square foot complex will include a luxury hotel, multiple dining options, entertainment venues, and of course, a state-of-the-art casino.
“We are thrilled to bring a world-class casino destination to Coney Island,” said Joe Sitt, CEO of Thor Equities. “This project will not only create thousands of jobs and bring in millions of dollars in revenue for the city, but it will also revitalize and transform the iconic neighborhood of Coney Island into a premier entertainment destination.”
The development will be located on the site of the former Trump Village shopping center, which Thor Equities purchased in 2017 for $51 million. The project is expected to create over 5,000 construction jobs and more than 10,000 permanent jobs once the casino is operational.
Fosun International, one of China’s largest private conglomerates, will bring their expertise in operating luxury hotels and casinos to the project. They currently operate several successful casino resorts in Macau and other parts of Asia, and are excited to expand into the U.S. market.
“We are thrilled to partner with Thor Equities on this exciting project,” said Chen Qiyu, Chairman of Fosun International. “Coney Island is a unique and vibrant neighborhood with a rich history, and we are committed to creating a world-class destination that will attract visitors from around the globe.”
The casino development has already garnered support from local leaders and community members, who see it as a much-needed economic boost for the area. Coney Island, once a thriving amusement park district, has struggled in recent years with declining tourism and business closures.
“This project will bring much-needed investment and jobs to Coney Island,” said Councilman Mark Treyger, who represents the neighborhood. “I believe it will be a game-changer for the community and help revitalize this iconic part of Brooklyn.”
The developers plan to submit their proposal to the New York State Gaming Commission in the coming months, with hopes of breaking ground on the project in 2023. If approved, the Coney Island casino could open its doors to the public by 2026, ushering in a new era of entertainment and excitement for residents and visitors alike.
