Las Vegas, (AP) — The developers of The Plaza, a proposed multibillion-dollar casino resort on the Las Vegas Strip, are denying rumors that the project is on hold because of the shaky credit market.
Elad Group president Miki Naftali disputes the rumor and says, „We are forging ahead as planned.“
Wachovia credit analyst Dennis Farrell says in a note to investors that Israeli sponsors Nochi Danker and Yitzhak Tshuva had postponed the project because of the subprime mortgage crisis in the United States. Farrell cites Israeli newspaper Yediot Ahronot.
Plans for the 3,500-room project, slated for a 2011 opening, are to go before the Clark County Commission on Wednesday.