Elad plans U.S. IPO, $2 billion bond sale -paper

JERUSALEM, June 12 (Reuters) - Israeli real-estate company Elad, owner of New York's Plaza Hotel, plans to float its shares in the United States and to make a $2 billion U.S. bond offering, Israel's Yedioth Ahronoth newspaper reported on Tuesday.

Elad wants to raise the money from the bond sale to help finance the acquisition of the New Frontier hotel in Las Vegas, the paper said.

Yedioth cited a source at the company as saying Elad also plans a U.S. initial public offering of shares at a market value of $6 billion to $7 billion.

Elad officials declined to comment.

Elad, owned by billionaire Yitzhak Tshuva, recently signed an agreement in principle with Israeli holding company IDB Development Corp. IDBD.TA for a building project on the Las Vegas Strip totalling up to $8 billion.

Elad has agreed to pay $1.2 billion for the 34.5-acre (14-hectare) site, which currently houses the New Frontier Hotel & Casino. It sits right across the street from where Steve Wynn is building his Encore complex.

IDB has said an additional $5 billion to $7 billion will be needed to complete construction of the 3,500-room luxury hotel, casino, commercial centre and residential project.