Yitzhak Tshuva
The strip, Las Vegas
Photo: AP
Yitzhak Tshuva to build Las Vegas Plaza
New York Plaza owner Yitzhak Tshuva purchases land to build Las Vegas hotel; 'No room for mediocrity in Las Vegas,' says CEO of Tshuva owned El-Ad Group
The Tshuva Group is "taking over the world" with plans to build a chain of luxury hotels, residential apartments and commercial centers in 20 locations worldwide including Beijing, London and Los Angeles.
This week, Yitzchak Tshuva purchased the lot in Vegas where the hotel, under the New York Plaza brand name, for $1.2 billion, his biggest deal to date. The hotel will be built at a cost of $5 billion.
The lot is located opposite the newest and "hottest" hotel on the famous Las Vegas strip, owned by legendary billionaire Steve Wynn.
Tshuva will be required to come up with a creative, exciting theme, to compete with such attractions as Le Rêve, the abstract performance at Wynn's hotel, the Venetian canals and gondolas at the Venetian Hotel and the ceilings of sky blue at the Bellagio.
Miki Naftali, CEO of the El-Ad Group, owned by Tshuva, said: "There is no place for mediocrity in Las Vegas.
"In order to be successful in Vegas, you absolutely need to bring the best quality to market," Naftali told the Wall Street Journal.
The hotel is planned to open in 2011, with 3,500 rooms, a casino, 300 luxury apartments, a convention center and a shopping center.
El-Ad Group has stated that they are not looking for partners in the project and they do not know how much equity will be needed to finance it.
