Las Vegas to get new 5-billion-dollar hotel

dpa German Press Agency Published: Wednesday May 16, 2007

Las Vegas- Gambling mecca Las Vegas plans to cement its
place as the top tourist attraction in the US with a new Plaza hotel
and residential complex along its famed Las Vegas Strip, it was
announced Wednesday.
The new luxury development will be built by commercial real estate
development firm Elad Group. The Israeli-controlled company owns
New York's prestigious Plaza Hotel and hopes to expand the brand to
other top cities around the world, starting with Vegas and including
London, Beijing Paris, Rome, Tokyo and Shanghai.

In a statement Miki Naftali, Elad's chief executive, said the Las
Vegas Plaza complex will include a casino, a hotel with 3,500 rooms,
at least 300 private residences, a convention centre and retail
space.

"In order to be successful in Vegas, you absolutely need to bring
the best quality to market," Naftali said.

The complex will sit on a site bought last year for 1.2 billion
dollars directly across from the Wynn Las Vegas. Construction is
expected to take three years, with an official opening targeted for
2011.

The project is the latest part of a building boom sweeping Las
Vegas. MGM has a 7.4-billion-dollar project with 4,800 hotel rooms
and Boyd Gaming is building a 4.4-billion-dollar centre with 5,000
hotel rooms.

Las Vegas is already the biggest hotel market in the US with 344
hotels and 154,000 rooms. Another 60 hotels with 46,000 rooms are in
development.

© 2006 - dpa German Press Agency

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