Africa-Israel and partners buy Las Vegas lot for $625m

The companies plan to build several hotels, a convention center, casino, and a shopping center on the site.

An Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) sub-subsidiary and partners have bought a 60-acre lot adjacent to the Hard Rock Hotel & Casino in Las Vegas for $625 million plus associated costs.

Africa-Israel’s subsidiary’s share of the project is 49%. The companies plan to build several hotels, a convention center, casino, and a shopping center on the site. Construction is expected to take five years.

In a separate development, Africa-Israel has completed the purchase of “The New York Times” building in Manhattan for $525 million.

Published by Globes [online], Israel business news - www.globes.co.il - on July 1, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018