Can you teach the other children to stand up better or at least sooner as in rather than waiting for the child to take the item work on the personal space concept. When the child comes within a couple feet of them they are allowed to scream (well yell loudly/firmly) xxxx name of child STOP. If the child is stopped in his tracks before he commits the offense then chances are it won't happen. He is impulsive and has obviously never learned any measure of self-control. Getting others to "help" him with gaining control would make everyone feel empowered and take some of the pressure off you too. Besides it is most effective coming from peers.
Yes there is always the chance the other children will abuse the privilege and yes there is the chance it will be used to isolate the child and not let him play but until he learns to play nicely no one is happy anyways. But until the child learns to "stop, wait, and listen before taking his turn" no one is going to play with him anyways.