Latest news with #JoeSitt
Business Times
08-07-2025
- Business
- Business Times
New York City casinos could become world's biggest, bidders predict
[NEW YORK] Bidders for three New York City-area casino licences are projecting revenue that would place them among the most lucrative resorts in the world, according to an analysis of their proposals. In Manhattan, the Freedom Plaza project is expected to generate US$2.2 billion in annual revenue in its first year of operation, rising to US$4.2 billion by year 10, while billionaire Steve Cohen's project near Citi Field in Queens is forecast to produce US$3.9 billion annually by year three, according to executive summaries the bidders filed with the New York State Gaming Facility Location Board. Those sums rival some of the world's top casino performers. Las Vegas Sands' Marina Bay Sands resort in Singapore generated US$4.2 billion in total revenue last year. Wynn Resorts' two Las Vegas casinos, the Wynn and Encore, produced a combined US$2.57 billion in revenue in 2024. The Coney, a resort proposed for Coney Island, is the only project that shared specific revenue estimates by source and year. Its backers, including real estate investor Joe Sitt, project US$669 million in table-game revenue and US$754 million in slot-machine revenue in its first year of operation. By comparison, Wynn's two Las Vegas casinos generated US$611 million from table games and US$446 million from slots last year. Eight bidders submitted proposals on Jun 27. Their bids still need approval from groups of state and local officials, and will be summited to the state location board if they pass muster. The board plans to pick the winners by Dec 1. The projects would bring the first full-fledged casinos to America's most-populous city. The bidders are a mix of billionaires, property owners and established casino operators. Three of the proposals are for Manhattan, with the rest in a suburb or outer borough. Revenue estimates are just projections, and the numbers may change as the bidders update their offers later in the process. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Caesars Entertainment has proposed a casino in Times Square that it said would generate US$23.3 billion in gambling revenue alone over 10 years. A spokesperson for the project called it an opportunity to generate 'historic tax revenue' for the city. 'We see all of Times Square becoming the resort, with local restaurants, hotels and Broadway theaters all directly benefiting,' the spokesperson said. The Avenir, from developer Larry Silverstein, projects US$2.5 billion in gambling revenue in its first full year. 'Locating a destination casino in Manhattan will generate the most revenue for the state, according to New York's own independent study,' the Avenir executive summary said. 'It is not in the economic interest of Manhattan to force its tourists to travel to other boroughs to enjoy gaming and its amenities.' A study by consultants Spectrum Gaming Group projected nearly US$2.1 billion in gambling revenue for a hypothetical Manhattan-based casino, with ones in the outskirts generating far less. MGM Resorts International, which operates a slot-machine-only facility in Yonkers, and Genting Group's Resorts World, which has a similar property next to the Aqueduct racetrack in Queens, said their gambling revenue would more than double if they're allowed to add table games like blackjack and sports betting. MGM projected casino revenue of as much as US$1.39 billion annually, while Resorts World said its casino revenue would jump to US$2.2 billion a year by 2027. Projections from eager developers can sometimes get ahead of reality. The first four casinos to open in upstate New York fell short of initial projections, as did a temporary casino Bally's opened in Chicago in 2023, ahead of a bigger resort it's building there. Bally's, which is proposing a casino at a company-owned golf course in the Bronx, is projecting US$1 billion a year in gambling revenue when it opens. It said the resort would generate US$200 million annually in gaming-related taxes. As part of the New York bidding process, candidates will suggest their own tax rates for their casino revenue, a process designed to maximise the state's take. That last step has not happened yet. Two of the New York bidders said they were using the minimum 10 per cent tax rate on table games and 25 per cent rate on slot machines required by the state to estimate their proposed tax contributions. Others did not specify tax rates. BLOOMBERG
Bloomberg
02-07-2025
- Business
- Bloomberg
Future of NYC Housing Under Mamdani's Policy Platform
Tesla quarterly sales came in below estimates but shares are up. Foxconn is pulling Chinese staff from India, a major blow to Apple's manufacturing push there. Joe Sitt tells Open Interest NYC Mayor Democratic Primary winner Zohran Mamdami's policies will drive rent up in the city. (Source: Bloomberg)
Yahoo
25-06-2025
- Business
- Yahoo
Thor Equities and QuadReal's 800 W. Fulton Achieves 100% Occupancy with Baker Tilly Lease
Chicago, IL, June 25, 2025 (GLOBE NEWSWIRE) -- Global real estate leaders and joint venture partners Thor Equities Group and QuadReal Property Group (QuadReal) are pleased to announce a long-term lease with leading advisory, tax, and assurance firm Baker Tilly at 800 W. Fulton. Recognized as one of 'Chicago's Smartest Buildings' for its advanced sustainability and smart building systems, the flagship Fulton Market asset is now fully leased. Positioned at the corner of West Fulton and North Green Streets, 800 W. Fulton continues to attract leading global companies and top-tier retailers. In addition to Baker Tilly who will occupy 32,000 square feet at the property, the building is home to a dynamic mix of tech-oriented and design-focused companies including John Deere, Snap Inc., The Aspen Group, Teknion, and Wilson Dow. On the culinary front, Amorino Gelato has an outpost, as well as DineAmic Hospitality with La Serre and Bar La Rue, further solidifying 800 W. Fulton's place at the epicenter of Fulton Market. 'We're thrilled to welcome Baker Tilly to 800 W. Fulton, and to officially reach full occupancy at this flagship property,' said Joe Sitt, Chairman of Thor Equities Group. 'This lease is a powerful endorsement of the building's forward-thinking design, dynamic location, and ability to support the demands of today's leading companies.' 'QuadReal provides premier offices for today's professionals and 800 W. Fulton combines location, modern workspaces and cutting-edge technology under one roof,' said Daniel Gliksman, Managing Director, Americas- East. 'We are excited to welcome Baker Tilly to the building and to have reached the significant milestone of full occupancy at this unique property.' Designed by global architecture firm Skidmore, Owings & Merrill, 800 W. Fulton features a dramatic architectural presence, complete with an iconic x-brace design, panoramic floor-to-ceiling windows, and outdoor landscaped terraces. The building is both LEED Platinum and WELL Building Standard certified, providing a sustainable and healthy environment for forward-thinking tenants. Thor's broader Chicago portfolio includes premier properties at 942 W. Fulton Market, and 1229 W. Randolph Street. Thor also developed and sold nearby 905 W. Fulton Market which was leased to Mondelez International for its global headquarters, as well as Lyra, another Dinamic Hospitality Restaurant. Ownership was represented by Stream Realty Partners' Mark Bâby, Jack McKinney, and Ben Cleveland. Geoff Euston of CBRE represented Baker Tilly. ### About Thor Equities Group Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit About QuadReal Property Group QuadReal Property Group is a global real estate investment, development, and operating company headquartered in Vancouver, British Columbia. Its assets under management are $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come. QuadReal: Excellence lives here. CONTACT: Katie Smith Thor Equities Group ksmith@
Business Upturn
07-05-2025
- Business
- Business Upturn
Thor Equities Secures U.S. Flagship for Skin 1004 in SoHo
By GlobeNewswire Published on May 7, 2025, 21:24 IST New York, NY, May 07, 2025 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in urban real estate development, leasing, and management, today announced it has signed a lease with Korean skincare company, Skin 1004, at 470 Broadway in SoHo. This lease is especially significant as it marks the first standalone location for Skin1004 in North America, which provides high-quality products made of plant-based ingredients. Skin 1004, renowned for its high-quality skincare products featuring natural ingredients, has established itself as a leading brand in the global beauty industry. The company will occupy a 6,600-square-foot space at 470 Broadway. Their sought-after products are available at select locations worldwide, and have experienced overwhelmingly strong demand at top retailers including Ulta and Amazon in the United States. 'SoHo is one of NYC's top retail destinations, drawing premier global brands and shoppers,' said Chairman of Thor Equities Group, Joe Sitt. 'Skin 1004's decision to select our property for their second location worldwide, and first in the U.S, demonstrates its value; and we are excited to see what they add to the vibrant neighborhood.' Thor Equities' recent activity includes the acquisition of it's sixth industrial property in New Jersey, nearly doubling the value of its portfolio in the state with 1.4M square feet. Thor also recently sold an Amazon warehouse in Brooklyn, and completed the sale of an industrial asset in Texas achieving an 180% IRR. ### About Thor Equities Group Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its U.S. holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
07-05-2025
- Business
- Yahoo
Thor Equities Secures U.S. Flagship for Skin 1004 in SoHo
New York, NY, May 07, 2025 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in urban real estate development, leasing, and management, today announced it has signed a lease with Korean skincare company, Skin 1004, at 470 Broadway in SoHo. This lease is especially significant as it marks the first standalone location for Skin1004 in North America, which provides high-quality products made of plant-based ingredients. Skin 1004, renowned for its high-quality skincare products featuring natural ingredients, has established itself as a leading brand in the global beauty industry. The company will occupy a 6,600-square-foot space at 470 Broadway. Their sought-after products are available at select locations worldwide, and have experienced overwhelmingly strong demand at top retailers including Ulta and Amazon in the United States. "SoHo is one of NYC's top retail destinations, drawing premier global brands and shoppers," said Chairman of Thor Equities Group, Joe Sitt. "Skin 1004's decision to select our property for their second location worldwide, and first in the U.S, demonstrates its value; and we are excited to see what they add to the vibrant neighborhood." Thor Equities' recent activity includes the acquisition of it's sixth industrial property in New Jersey, nearly doubling the value of its portfolio in the state with 1.4M square feet. Thor also recently sold an Amazon warehouse in Brooklyn, and completed the sale of an industrial asset in Texas achieving an 180% IRR. ### About Thor Equities Group Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its U.S. holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit CONTACT: Katie Smith Thor Equities Group ksmith@
