Plaza brand worth cash in Las Vegas
Battling tycoons Poju Zabuldowicz and Yitzhak Tshuva met, but failed to bridge their dispute over the use of the Plaza brand name in Las Vegas.
Battling tycoons Poju Zabuldowicz and Yitzhak Tshuva met yesterday at the Acadia hotel in Herzliya, but failed to bridge their dispute over the use of the Plaza brand name in Las Vegas.
The two had hoped to reach to an out-of-court agreement over Tshuva's use of the Plaza brand for his project on the Strip. But Zabludowicz rejected a compensation offer. A spokesman for Zabludowicz's Tamares Group declined to comment.
Zabludowicz, who operates a hotel by the same name in Las Vegas, has sued Tshuva over his intention to use the name for a new, $7 billion hotel-casino complex that his company Elad Properties is building with Nochi Dankner's IDB group. Tshuva argues that he acquired the right to use the brand throughout the United States when he bought the Plaza Hotel in New York city. Zabludowicz disagreed and sued for $30 million, for damages already incurred.
A Tshuva spokesman said yesterday that a Nevada court rejected the Tamares Group's allegation that the Elad and IDB had purposefully inflicted damage by their very introduction of the name Plaza into Las Vegas. The court also rejected the allegation of purposeful commercial deception by Elad and IDB, the Tshuva group says. A spokesman for Tamares said the judge had not rejected Zabludowicz's right to compensation.