IDB Development and Elad will each own half of the Plaza casino hotel project, to be built for an estimated $6-8 billion.
IDB Development Corp. Ltd. (TASE: IDBD), controlled by Nochi Dankner has signed a memorandum of understanding (MOU) with Yitzhak Tshuva’s private real estate arm in North America, Elad Properties, to build a real estate project in Las Vegas at an expected investment of $6-8 billion.
IDB Group USA Investments inc. and Elad Las Vegas LLC will each own half of the joint venture, which will buy the rights to a lot on the Las Vegas Strip for the purpose of building a casino-hotel, to be called “The Plaza”. Elad recently bought the lot, occupied by the Frontier Hotel, which is slated for demolition. The companies plan to build a luxury 3,500 room hotel, casino, shopping center, and residences on the site, with an aggregate space of 500,000 sq.m.
Published by Globes [online], Israel business news - www.globes.co.il - on June 10, 2007
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