Vegas casinos (Archives)
צילום: איי פי
Israeli billionaire buys Vegas hotel
Real estate mogul Yitzhak Tshuva purchases hotel with casino for $1.5 billion
Three years after he bought the ritzy Plaza Hotel in New York City, Israeli billionaire Yitzhak Tshuva, who recently made Forbes Magazine's 'World's Richest People' list, has cast his eye towards Las Vegas.
Via his real estate company Elad Holdings, Tshuva is negotiating the purchase of the gambling town's New Frontier Hotel, including its extensive casino.
The hotel was built in 1942, on Las Vegas' main street. The 986-room structure sits on a property of 30 acres. Ten of those acres are taken up by the casino.
Tshuva intends to revamp the structure, once he buys it from its current owner, American real estate mogul Phil Ruffin, at a cost of $1.5 billion. This is a massive purchase, in comparison to the Plaza, which cost Tshuva 'only' $675 million.
Tshuva plans to invest an additional $400 million in renovations, in order to transform the building into a collection of luxury apartments. The structure should be open for business in October.
Last week, Tshuva had refused to respond to questions after Ruffin leaked news of the deal.
Yaniv Halily contributed to this report
