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Israeli investors lose in Las Vegas Project

1 min reading time

Published on 01/12/11 - Updated on 17/03/22

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A project to bring The Plaza Hotel to Las Vagas goes under.

Subsidiaries of Delek Group, Netanya, Israel, and IDB Group, Tel-Aviv, Israel, have written off $500 million in losses as they made a failed attempt to introduce The Plaza Hotel to Las Vegas.The transaction was one of the most expensive in Las Vegas history. THe economic downturn in Las Vegas turned out to be fatal and the company sited difficulties in obtaining financing for the end of the project. The companies bought The New Frontier and Casino (on the "strip") , for $1.2 billion in 2007 and demolished it to make room for a newly constructed Las Vegas Plaza.The transaction was one of the most expensive in Las Vegas history. THe economic downturn in Las Vegas turned out to be fatal and the company sited difficulties in obtaining financing for the end of the project.

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