International edition
June 18, 2021

Elad teamed up with IDB to form Elad IDB Las Vegas LCC

IDB and Adelson deny partnership on Las Vegas project

(Israel).- One of the main partners in a group seeking to build a multibillion-dollar casino on the Las Vegas Strip denied on this week that it was turning to billionaire Sheldon Adelson to become a partner in the project.

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spokesman for Adelson also said neither the casino magnate nor his majority-owned Las Vegas Sands Corp had any intention of being involved.

Israel’s TheMarker financial news website said that Israeli businessmen Yitzhak Tshuva and Nochi Dankner, head of Israeli conglomerate IDB Development, planned to ask Adelson to become a partner in their project. Tshuva’s company, Elad, owns the New York Plaza Hotel and plans to use the Plaza name on the proposed us$ 5 billion resort casino in Las Vegas.

Adelson is chairman and chief executive of Las Vegas Sands, which has lost more than 90 %of its market value in recent months. The billionaire injected us$ 1 billion of his cash into the company late last year so that it would avoid defaulting on debt.

"Nochi Dankner has friendly ties with Sheldon Adelson and even meets him from time to time, but the possibility of a partnership between IDB and Elad on the Las Vegas Strip with Las Vegas Sands Corp was not being considered by us and is not on the agenda," IDB said in a statement.

Dankner and Tshuva are in New York to meet with bankers about financing for the project. Tshuva’s company, Elad, owns the New York Plaza Hotel and plans to use the Plaza name on the proposed us$ 5 billion resort casino in Las Vegas.

Elad teamed up with IDB to form Elad IDB Las Vegas LCC, the group that purchased the site to build the hotel. In 2007, Elad IDB bought the now-demolished New Frontier Resort & Casino for us$ 1.25 billion, taking out a loan of us$ 625 million from Goldman Sachs and Credit Suisse.

The company, which received a postponement for repayment of the loan, is seeking to change the terms and get a further postponement. Elad IDB has said it intends to continue with the planning work for the project and to begin building after it receives financing for construction.

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