Africa-Israel Investments is negotiating to buy a lot on the Las Vegas Strip for $170 million.
Hebrew daily “Yediot Ahronot” reports that Africa-Israel Investments (TASE:AFIL), controlled by Lev Leviev, wants a foothold in Las Vegas. Africa-Israel is negotiating to buy a 7.5-acre lot on the Las Vegas Strip, where most of the cities major casinos and hotels are located, for $170 million.
The lot is zoned for a commercial center, hotel and 700-800 housing units. The cost of the project is likely to reach at least $800 million.
Africa-Israel CEO Pinhas Cohen is currently in the US in an effort to close the deal in partnership with a US company.
Africa-Israel has no plans to enter the casino business.
Published by Globes [online] - www.globes.co.il - on September 22, 2004