The Elad Group, which owns New York’s Plaza Hotel, is expected to announce today a USD 5 billion project on the Las Vegas Strip, the Wall Street Journal reported.

Elad plans to develop a site into a mixed-use development bearing the Plaza name by 2011, the Journal reported. The group bought the 13.9-hectare site, which currently houses the New Frontier Hotel & Casino, for USD 1.2 billion, the paper said.

The new development would come on top of a boom in construction in the largest US gambling market, with casino companies such as MGM Mirage and Boyd Gaming Corp. developing their own multi-billion projects in Las Vegas.