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Plaza owners Elad plan $8 bln Las Vegas casino

Tue Nov 13, 2007 11:25am EST

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NEW YORK, Nov 13 (Reuters) - Real estate developer Elad Group, which owns the famous Plaza hotel in New York, said it will use the Plaza brand on a new $8 billion casino on the Las Vegas Strip.

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"The new project will exude the same elegance and grandeur that the Plaza in New York is known for," Elad owner Isaac Tshuva said in a statement.

The privately held company made way for the project by imploding the Frontier Hotel & Casino on Tuesday. It had bought the 34.5 acre property earlier this year for $1.2 billion.

The project, which will include a hotel, residences, shops, restaurants and a casino, is expected to to be completed in 2011.

Elad is teaming up with Israel's IDB Group (IDBH.TA) on the project.

The new casino will compete with a host of other new projects under development, including MGM Mirage's (MGM.N) CityCenter, Boyd Gaming Corp's (BYD.N) Echelon, and Wynn Resorts Ltd's (WYNN.O) Encore. (Reporting by Chris Reiter; Editing by Mark Porter)

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