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| By: israelinsider staff |
| Published: March 25, 2007 |
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Israeli billionaire Yitzhak Tshuva will be taking his chances in Las Vegas, as he is currently negotiating the purchase of the New Frontier hotel and casino, located on the famous Las Vegas Strip.
Tshuva, deemed one of the world's richest people by Forbes Magazine, is also the owner of the famous Plaza Hotel in New York City.
Tshuva is currently negotiating the $1.5 billion sale from the hotel's current owner, Phil Ruffin, by way of his real estate company, Elad Holdings.
Tshuva plans to renovate the hotel, dedicating another $400 million to the project, to turn the current structure into a set of luxury apartments, estimated to open in October.
The New Frontier hotel and casino was built in 1942, and was the second resort to be built on the Las Vegas Strip. It is famous for hosting Elvis Presley's first performance in America's Playground in 1956, and Diana Ross and the Supremes final performance in 1970. |
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