Yitzhak Tshuva is turning his sights to Las Vegas, planning another massive development for the city's "Strip."
By WILLIAM SPAIN, MARKETWATCHfrontier hotel 88 298(photo credit: Courtesy Photo)MarketWatch: In-depth global business coverage
Yitzhak Tshuva is turning his sights to Las Vegas, planning another massive development for the city's "Strip." The owner of New York's famed Plaza Hotel said Wednesday it has bought a site it intends to turn into a $5 billion hotel-casino, residential and retail center.
Elad Group, which is controlled by real estate billionaire Tshuva, plans to tear down the New Frontier Hotel & Casino and rebuild on the 34.5-acre site, to be named the Las Vegas Plaza.
"Though planning is in the early stages, The Plaza in Las Vegas will introduce the classical elegance and grandeur of the storied New York landmark to The Strip," said Miki Naftali, president of Elad, in the announcement.
The site is across from Wynn Las Vegas near the north end of the Strip.
Elad said the development will feature a "six-diamond" hotel along with private residences, a retail mall, casino, restaurants and convention space.
Demolition of the New Frontier will begin early next year with an official opening set for 2011.
The project joins several other big-ticket planned or under construction in Sin City, including MGM Mirage's $7 billion-plus CityCenter, Boyd Gaming's Echelon and expansion from both Wynn and Las Vegas Sands' Venetian.
There is already a Plaza hotel and casino in Las Vegas, a decidedly downscale operation downtown that is owned by Barrick Gaming.
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