Tuesday, June 12, 2007
Israeli holding company IDB Development Corp. has signed an agreement in opinion to unite the Elad Group in building a $6 billion to $8 billion project on the Las Vegas Strip.
The mixed-use development, dubbed Las Vegas Plaza, is predicted to bring by 2011.
IDB Development subsidiary IDB Group USA Investments Inc. will hold 50% of the
project with Elad holding the other 50%. Elad has previously agreed to give $1.2
billion for the 34.5-acre site, which at present houses the New Frontier Hotel
& Casino. The Las Vegas Plaza development will contain a 3,500-room comfort
hotel, casino, commercial centre and residential component. Elad has made a down
imbursement of $120 million and IDBG will pay Elad $60 million for it’s
allocate. Acquisition of the ground is expected to be done within 60 days.





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