World-Renowned Brand, The Plaza, Celebrates Its Entry Into the Las Vegas Gaming and Hospitality Market

    LAS VEGAS, Nov. 13 /CNW/ -- The Plaza, a brand known throughout the world
for luxurious elegance and beauty, begins the entry into the Las Vegas gaming
and hospitality market with the implosion of the Frontier Hotel & Casino. New
York-based ELAD Group and Israel-based IDB Group have partnered on this
venture and jointly will be known as ELAD IDB Las Vegas, LLC. The
multi-billion-dollar project will be the first of its kind in Las Vegas. For
the company, it will be the first of many gaming ventures. Once completed, The
Plaza is set to be the second largest private real estate development in the
    "We are excited to bring The Plaza to Las Vegas," said Isaac Tshuva,
Owner of ELAD Group and The Plaza in New York. "The new project will exude the
same elegance and grandeur that The Plaza in New York is known for. We look
forward to becoming part of the Las Vegas skyline and will bring high quality
service and excellence that is expected with The Plaza brand."
    "The investment in the new flagship project, The Plaza Hotel in Las
Vegas, will be estimated at $8 billion and will set the bar for new standards
in the field of hospitality and entertainment," said Nochi Dankner, Owner and
Chairman of IDB Group. "The project's expected completion is set for 2011 and
will create at least 15,000 new jobs in Las Vegas."
    "The Plaza Hotel in Las Vegas will be a multi-use property and 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," said Miki Naftali, CEO and President of ELAD Group.
"Excavation of the site is set to begin in the 3rd quarter 2008."
    Former Vice Chairman of the Board of MGM Mirage Daniel Wade has been
appointed COO of ELAD IDB Las Vegas, LLC. "I am honored to be given the task
of cultivating The Plaza brand in Las Vegas. The Plaza is an internationally
renowned brand and will redefine luxury and elegance in the gaming capital of
the world," said Wade. "As we grow this brand internationally, IDB Group and
ELAD Group selected Las Vegas for the second of many Plaza locations around
the world.

    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

    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.

For further information:

For further information: Michelle Tsang,, or James Woodrow,, both of Preferred Public Relations &
Marketing, +1-702-254-5704, for The Plaza; Web Site:

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