The Plaza Project Receives Final Approval From the Las Vegas County Commission

LAS VEGAS, March 19 /PRNewswire/ -- The Las Vegas County Commission
approved ELAD IDB Las Vegas LLC's Site Development Plan and Special Use Permit
today giving the company all necessary entitlements to begin moving forward
with their plans on expanding The Plaza brand to the Las Vegas Strip.
(Logo: here)
"We are extremely pleased with today's County Commission meeting," said
Miki Naftali, President and CEO of ELAD Group and ELAD IDB Las Vegas, LLC.
"Bringing The Plaza brand to Las Vegas is becoming a reality and we look
forward to bringing the internationally recognized brand to new heights with
this project."
"We are very proud of our accomplishments today," said Daniel Wade, COO of
ELAD IDB Las Vegas, LLC. "On behalf of ELAD and IDB, we would like to thank
the county commission, county planning and staff who approved the plans as
well as all the people who have helped this project continue moving forward.
There are so many people to thank that helped us with this project that we
cannot name them all but we sincerely thank them. We are honored to begin the
process of building The Plaza in Las Vegas and look to change the face of the
Las Vegas Strip by redefining opulence and luxury in the gaming capital of the
world."
The multi-billion dollar Plaza project will set a new standard in the Las
Vegas market. Once complete, the mixed-use property is set to have seven
towers which 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. The completion of the design and the start of
the excavation is set to begin no earlier than the end of 2008.
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.
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.
SOURCE The Plaza

Michelle Tsang of Preferred Public Relations & Marketing, +1-702-254-5704,
mtsang@preferredpublicrelations.com, for The Plaza