LAS VEGAS, Nov. 14 /Xinhua-PRNewswire/ -- The Plaza, a brand known throughout the world for luxurious elegance and beauty, begins the entry into the Las Vegas gaming and hospitality market with the implosion of the Frontier Hotel & Casino. New York-based ELAD Group and Israel-based IDB Group have partnered on this venture and jointly will be known as ELAD IDB Las Vegas, LLC. The multi-billion-dollar project will be the first of its kind in Las Vegas. For the company, it will be the first of many gaming ventures. Once completed, The Plaza is set to be the second largest private real estate development in the world.
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"We are excited to bring The Plaza to Las Vegas," said Isaac Tshuva, Owner of ELAD Group and The Plaza in New York. "The new project will exude the same elegance and grandeur that The Plaza in New York is known for. We look forward to becoming part of the Las Vegas skyline and will bring high quality service and excellence that is expected with The Plaza brand."
"The investment in the new flagship project, The Plaza Hotel in Las Vegas, will be estimated at $8 billion and will set the bar for new standards in the field of hospitality and entertainment," said Nochi Dankner, Owner and Chairman of IDB Group. "The project's expected completion is set for 2011 and will create at least 15,000 new jobs in Las Vegas."
"The Plaza Hotel in Las Vegas will be a multi-use property and will feature an ultra-luxury hotel, private residences, retail outlets, a state-of-the-art casino, destination restaurants, an entertainment venue and a convention complex," said Miki Naftali, CEO and President of ELAD Group. "Excavation of the site is set to begin in the 3rd quarter 2008."
Former Vice Chairman of the Board of MGM Mirage Daniel Wade has been appointed COO of ELAD IDB Las Vegas, LLC. "I am honored to be given the task of cultivating The Plaza brand in Las Vegas. The Plaza is an internationally renowned brand and will redefine luxury and elegance in the gaming capital of the world," said Wade. "As we grow this brand internationally, IDB Group and ELAD Group selected Las Vegas for the second of many Plaza locations around the world.
IDB Group
IDB, Israel's largest business group, has a strong presence in all key markets and sectors of the Israeli economy. It holds controlling shares in the leading firms in real estate, communications, industry, finance, hi-tech, biotechnology, retail, trade and services. The IDB Group shapes the local market through its dominant position in the Israeli economy. This year, the IDB Group recorded total revenues of $12 billion, total assets of $26 billion, and holds $34 billion in assets under its management. The group employs more than 40,000 people. Twenty-four of IDB's companies represent 15% of the TA 25 index, and 14% of the TA 100 index - the Tel-Aviv Stock Exchange [TASE] key indexes. Sixteen of IDB's companies are traded on the NASDAQ, NYSE, AMEX, AIM and BOVESPA.
ELAD Group
The ELAD Group, founded in 1992 is a private, US-owned and operated commercial real estate and development firm. The company is named after Isaac Tshuva's son. The company develops, owns and operates real estate primarily in the United States, Canada and in Asia. ELAD Group has become one of the largest active developers of luxury properties in North America with offices in New York, Florida, Los Angeles, Toronto and Montreal. The ELAD Group has developed and oversees billions of dollars of real estate across the majority of the United States. The ELAD Group gained worldwide attention for its $675 million acquisition and historic renovation of the world famous landmark, The Plaza, in New York City in 2004.
