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
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