Tuesday, June 12, 2007
Source:cpnonline.com
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.
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.
posted by nisha
@ 5:58 AM
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