El-Ad Group postpones Las Vegas Plaza project
October 1, 2008
Joining several other Las Vegas construction
projects recently put on hold, the $5 billion construction of a Plaza-brand
hotel on the Las Vegas Strip has been postponed. The Wall Street Journal has reported that plans to
build the Las Vegas version of New York's Plaza Hotel, which was slated to
break ground later this year on the site of the former New Frontier casino,
have been moved to 2009. The El-Ad Group, owners of New York’s Plaza Hotel, said that the
project will now begin “sometime in 2009,” the newspaper
said.
The Journal story also
reported that The Plaza partners have deferred payment of a $625 million loan
used to buy the project site. El-Ad paid $1.25 billion for 35 acres last year.
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