Jerusalem (Reuters) - The heads of a group seeking to build a multi-billion-dollar casino on the Las Vegas strip are turning to billionaire Sheldon Adelson for financial help, Israel's TheMarker financial news website said on Tuesday. Israeli businessmen Yitzhak Tshuva and Nochi Dankner plan to ask Adelson to become a partner in their project, it said. A spokeswoman for Dankner's IDB Development said Dankner and Tshuva are in New York...
Elad Group, the owner of New York’s iconic Plaza Hotel, confirmed that it has postponed plans for a multibillion dollar Las Vegas Strip project as well as repayment of a loan used to purchase the site. The decision comes as a slumping U.S. economy and much tighter credit markets have caused other developers to reassess the need for more hotel capacity in the gambling corridor.
Los Angeles (Reuters) - Elad Group, the owner of New York's iconic Plaza Hotel, confirmed Thursday it has postponed plans for a multibillion dollar Las Vegas Strip project as well as repayment of a loan used to purchase the site. The decision comes as a slumping U.S. economy and much tighter credit markets have caused other developers to reassess the need for more hotel capacity in the gambling corridor.
Israeli billionaires Nochi Dankner and Yitzhak Tshuva agreed to develop a Las Vegas hotel and casino complex for between USD 6 billion and USD 8 billion. Dankner's IDB Development Corp. and Tshuva's Elad Group will have equal shares in the venture, which will build the complex on a 34.5-acre site now occupied by the New Frontier Hotel in Las Vegas, IDB said today in a statement. The Plaza project will include a casino, a 3,500-room hotel, apartments and shops.
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.
