El-Ad Group postpones Las Vegas Plaza project
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.