Thor Equities Group, in collaboration with Saratoga Casino Holdings, the Chickasaw Nation, and Legends, is spearheading a groundbreaking initiative to revitalize Coney Island by establishing a state-of-the-art casino and entertainment complex. This ambitious venture, backed by a $3 billion private investment, aims to not only boost the local economy but also create thousands of jobs and offer year-round entertainment for both residents and tourists.
Unveiling a Game-Changing Partnership:
Thor Equities, the visionary real estate developer led by CEO and chairman Joe Sitt, is teaming up with industry giants Saratoga Casino Holdings, the Chickasaw Nation, and Legends to bring a comprehensive casino, hotel, and entertainment experience to the iconic Coney Island. Each partner will contribute their expertise: Thor Equities will spearhead property development, Saratoga and the Chickasaw Nation will oversee casino operations, while Legends will handle development and entertainment aspects.
Economic Boost and Job Creation:
Recognizing the peninsula’s reliance on summer tourism, the consortium envisions the casino complex as a catalyst for the local economy. The project’s estimated $3 billion investment is set to generate 2,500 construction jobs and a substantial number of permanent positions. Moreover, the commitment to hiring from the Minority and Women-Owned Business Enterprises (MWBE) sector underscores the project’s dedication to supporting the community and fostering inclusivity.
Empowering the Community:
The collaborative effort extends beyond mere economic gains. The partnership is determined to empower the community by working with local institutions to establish a job training program. This initiative aims to provide Brooklyn and Queens residents with direct employment opportunities, ensuring that the benefits of the project are distributed widely within the community.
Partners with Proven Track Records:
Saratoga Casino Holdings, backed by CEO Sam Gerrity, boasts a history of success in Upstate New York. Operating what it claims to be the most successful racino in the region, Saratoga Casino Holdings manages a vast expanse of casino gaming space, including slot machines, table games, poker rooms, and sportsbooks, accompanied by various entertainment venues and dining options.
The Chickasaw Nation and Global Gaming Solutions:
Global Gaming Solutions, an enterprise of the Chickasaw Nation, contributes extensive expertise to the venture. The Chickasaw Nation, in conjunction with Legends, manages a massive gaming portfolio, featuring electronic games, hotel accommodations, restaurants, and retail outlets. The partnership’s history at the world-renowned WinStar World Casino and Resort further solidifies their ability to enhance the Coney Island experience.
A Respected Partner in Legends:
Legends, originally established as a collaboration between the New York Yankees and the Dallas Cowboys, adds a touch of prestige to the consortium. With its operational and experiential prowess, Legends is poised to elevate the casino and entertainment complex’s offerings, cementing it as a premier resort destination in New York.
Transforming Coney Island’s Legacy:
Thor Equities Group’s CEO Joe Sitt expressed his passion for reclaiming Coney Island’s legacy and ushering in new economic possibilities. The collaboration aligns with their combined track records in development, operations, gaming, entertainment, and job creation, making them ideally suited to secure Coney Island’s prosperity for generations to come.
A Vision for a Year-Round Destination:
Randy Peers, president, and CEO of the Brooklyn Chamber of Commerce, emphasized the project’s potential to revitalize the local economy and establish Coney Island as a year-round destination. The creation of permanent, full-time employment opportunities within the community reflects the project’s commitment to sustainable growth.
The ambitious collaboration between Thor Equities Group, Saratoga Casino Holdings, the Chickasaw Nation, and Legends promises to transform Coney Island into a dynamic hub of entertainment and economic vitality. With a multi-billion-dollar investment, commitment to job creation, and a focus on community engagement, this endeavor is poised to leave an indelible mark on the cultural landscape of Coney Island and the city at large.