World-Renowned Brand, The Plaza, Celebrates Its Entry Into the Las Vegas Gaming and Hospitality Market

World-Renowned Brand, The Plaza, Celebrates Its Entry Into the Las Vegas Gaming and Hospitality Market

November 14, 2007

    LAS VEGAS, Nov. 14 /Xinhua-PRNewswire/ -- The Plaza, a
brand known throughout the world for luxurious elegance and
beauty, begins the entry into the Las Vegas gaming and
hospitality market with the implosion of the Frontier Hotel
& Casino.  New York-based ELAD Group and Israel-based
IDB Group have partnered on this venture and jointly will
be known as ELAD IDB Las Vegas, LLC.  The
multi-billion-dollar project will be the first of its kind
in Las Vegas.  For the company, it will be the first of
many gaming ventures.  Once completed, The Plaza is set to
be the second largest private real estate development in
the world.

    (Photo: 
http://www.newscom.com/cgi-bin/prnh/20071113/LATU130-a
            
http://www.newscom.com/cgi-bin/prnh/20071113/LATU130-b)

    (Logo: 
http://www.newscom.com/cgi-bin/prnh/20071031/LAW069)

    "We are excited to bring The Plaza to Las
Vegas," said Isaac Tshuva, Owner of ELAD Group and The
Plaza in New York.  "The new project will exude the
same elegance and grandeur that The Plaza in New York is
known for.  We look forward to becoming part of the Las
Vegas skyline and will bring high quality service and
excellence that is expected with The Plaza brand."

    "The investment in the new flagship project, The
Plaza Hotel in Las Vegas, will be estimated at $8 billion
and will set the bar for new standards in the field of
hospitality and entertainment," said Nochi Dankner,
Owner and Chairman of IDB Group.  "The project's
expected completion is set for 2011 and will create at
least 15,000 new jobs in Las Vegas."  

    "The Plaza Hotel in Las Vegas will be a multi-use
property and will feature an ultra-luxury hotel, private
residences, retail outlets, a state-of-the-art casino,
destination restaurants, an entertainment venue and a
convention complex," said Miki Naftali, CEO and
President of ELAD Group.  "Excavation of the site is
set to begin in the 3rd quarter 2008." 

    Former Vice Chairman of the Board of MGM Mirage Daniel
Wade has been appointed COO of ELAD IDB Las Vegas, LLC. 
"I am honored to be given the task of cultivating The
Plaza brand in Las Vegas.  The Plaza is an internationally
renowned brand and will redefine luxury and elegance in the
gaming capital of the world," said Wade.  "As we
grow this brand internationally, IDB Group and ELAD Group
selected Las Vegas for the second of many Plaza locations
around the world.

    IDB Group

    IDB, Israel's largest business group, has a strong
presence in all key markets and sectors of the Israeli
economy.  It holds controlling shares in the leading firms
in real estate, communications, industry, finance, hi-tech,
biotechnology, retail, trade and services.  The IDB Group
shapes the local market through its dominant position in
the Israeli economy.  This year, the IDB Group recorded
total revenues of $12 billion, total assets of $26 billion,
and holds $34 billion in assets under its management.  The
group employs more than 40,000 people.  Twenty-four of
IDB's companies represent 15% of the TA 25 index, and 14%
of the TA 100 index - the Tel-Aviv Stock Exchange [TASE]
key indexes. Sixteen of IDB's companies are traded on the
NASDAQ, NYSE, AMEX, AIM and BOVESPA.  

    ELAD Group

    The ELAD Group, founded in 1992 is a private, US-owned
and operated commercial real estate and development firm. 
The company is named after Isaac Tshuva's son.  The company
develops, owns and operates real estate primarily in the
United States, Canada and in Asia.  ELAD Group has become
one of the largest active developers of luxury properties
in North America with offices in New York, Florida, Los
Angeles, Toronto and Montreal.  The ELAD Group has
developed and oversees billions of dollars of real estate
across the majority of the United States.  The ELAD Group
gained worldwide attention for its $675 million acquisition
and historic renovation of the world famous landmark, The
Plaza, in New York City in 2004. 


    For more information, please contact:

     Michelle Tsang
     Preferred Public Relations & Marketing
     Tel:   [phone]
     Email: [e-mail]

     James Woodrow
     Preferred Public Relations & Marketing
     Tel:   [phone]
     Email: [e-mail]