Wednesday, May 16, 2007

New Frontier Casino Sold For 1.2 Billion!!

Another good example of building and progress in Las Vegas. The re-LasVegasnization on the strip continues ....enjoy the article, Steve

Plaza Hotel Owners Develop Vegas Complex
Wednesday May 16, 9:46 am ET
Plaza Hotel Owners Elad Group to Develop $5 Billion Complex on Vegas Strip Using Plaza Brand

NEW YORK (AP) -- Commercial real estate development firm Elad Group, which owns New York's Plaza Hotel, said Wednesday it is developing a $5 billion multi-use complex on the Las Vegas Strip under The Plaza brand.

The Plaza Hotel was closed in 2005 to create a mixed-use property consisting of condominiums, retail space and some hotel rooms.

The Las Vegas Plaza will contain a luxury hotel, private residences and restaurants, as well as retail, convention and gaming space. It will sit on a 34.5-acre site currently occupied by the New Frontier & Casino, which will be demolished early next year. The complex will be directly across from the Wynn Las Vegas and the Anchor, Wynn Resorts Ltd.'s newest property.

Elad Group President Miki Naftali said in a statement the company plans to bring the Plaza brand to other cities, including Los Angeles, San Francisco, Washington D.C., Boston, London, Paris, Rome, Tokyo and Shanghai.

Construction of the Las Vegas Plaza is expected to take three years, with an official opening targeted for 2011.

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