Man of the hour: Yitzhak Tshuva to put $5 billion into prime Vegas Strip location
Israeli real estate tycoon Yitzhak Tshuva made a U.S.-sized deal yesterday, buying a 150-dunam plot on Las Vegas' famed Strip for $1.2 billion. Tshuva plans to invest $3.5 billion to build a huge complex named after his flagship New York property, The Plaza, that will include a casino, 3,500-room hotel, residential construction, convention center and retail space.
American financial sources said last night the plot Tshuva bought is considered one of the better Strip locations, as well as one of the last free spots along the high street of gambling. Tshuva bought the location of the Frontier Hotel, across from the well-known Wynn.
Tshuva bought New York's landmark Plaza two years ago and closed it down for extensive renovations, including the creation of 182 residential apartments, condo hotel space and retail space, as well as restoring and preserving historic locations like the Oak Room and Palm Court. The hotel is slated to reopen for its centennial later this year. Buyers have not seen the apartments, and Elad Properties have only shown computer models. Tshuva apparently plans to use the Plaza brand name to develop his new Las Vegas complex, which will cover 1 million square meters.
The U.S. financial press reported about a month and a half ago that Tshuva was in talks to buy the Frontier for $1.5 billion, but Tshuva spokesmen said then the deal did not close. This deal has apparently been signed.
TheMarker's monthly magazine estimated Tshuva's personal fortune at $2.5 billion last year, but it has increased since on asset value and new acquisitions.