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| Elad Properties had planned to build Plaza Las Vegas |
Israeli businessmen Nochi Dankner and Yitzhak Tshuva may lose the 34.5-acre parcel where the New Frontier hotel once stood. The duo known as Elad Properties bought the venerable Strip property for $1.2 billion from Phil Ruffin in May 15, 2007, setting a new record for Strip land at over $33 million an acre. Elad planned to build a $4 billion, 7-tower resort modeled after the Plaza in New York City. But, a global economic meltdown saw the site value evaporate. On Nov. 14, Elad announced that lenders are suing in U.S. courts to seize the land once and for all.
