The Plaza Project Receives Final Approval From the Las Vegas County Commission

LAS VEGAS, March 19 /PRNewswire/ -- The Las Vegas County Commission approved ELAD IDB Las Vegas LLC's Site Development Plan and Special Use Permit today giving the company all necessary entitlements to begin moving forward with their plans on expanding The Plaza brand to the Las Vegas Strip.

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

"We are extremely pleased with today's County Commission meeting," said Miki Naftali, President and CEO of ELAD Group and ELAD IDB Las Vegas, LLC. "Bringing The Plaza brand to Las Vegas is becoming a reality and we look forward to bringing the internationally recognized brand to new heights with this project."

"We are very proud of our accomplishments today," said Daniel Wade, COO of ELAD IDB Las Vegas, LLC. "On behalf of ELAD and IDB, we would like to thank the county commission, county planning and staff who approved the plans as well as all the people who have helped this project continue moving forward. There are so many people to thank that helped us with this project that we cannot name them all but we sincerely thank them. We are honored to begin the process of building The Plaza in Las Vegas and look to change the face of the Las Vegas Strip by redefining opulence and luxury in the gaming capital of the world."

The multi-billion dollar Plaza project will set a new standard in the Las Vegas market. Once complete, the mixed-use property is set to have seven towers which 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. The completion of the design and the start of the excavation is set to begin no earlier than the end of 2008.

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.

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.

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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20071031/LAW069
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PRN Photo Desk, photodesk@prnewswire.com
Source: The Plaza

CONTACT: Michelle Tsang of Preferred Public Relations & Marketing,
+1-702-254-5704, mtsang@preferredpublicrelations.com, for The Plaza

NOTE TO EDITORS: 3D flyover video of the new project: http://www.paulsteelman.com/ftp/2007-12-04_Plaza_Night.zip

2008-03-19 20:50:10 0316806 PRNEWSWIRE