The Plaza casino and hotel can keep its name.
Yitzhak Tshuva has won his court case in Las Vegas against Pujo Zabludowicz. A Clark County Court jury yesterday ruled that Elad Properties LLC can use the Plaza name on its proposed casino and hotel on the Strip. The court rejected the argument by Zabludowicz's Tamares Group that it had exclusivity to the Plaza name in the city.
The case was heard by Judge Elizabeth Gonzalez over several weeks. The legal battle was launched over a year ago by Tamares when it petitioned to the court to disallow Elad from using the Plaza name as Tamares already owned a casino with the name in the city.
Tamares said that it was studying its options. Elad CEO Miki Naftali said, “Our rights date back more than 100 years; there is certainly no confusion about the highest standards of luxury and elegance we represent.”
Tshuva and Nochi Dankner are jointly planning the $8 billion Plaza Casino and Hotel complex on the Las Vegas Strip. They own the project in equal shares: Dankner through IDB Holding Corp. Ltd. (TASE:IDBH) unit IDB Group USA Investments Inc. held equally by Discount Investment Corporation (TASE: DISI) and its subsidiary Property and Building Ltd. (TASE: PTBL, and Tshuva through Elad Properties unit Elad Las Vegas LLC. The 1.5-million square meter Plaza Hotel and Casino will have 3,500 rooms, and a 500,000-square meter residential project. Tshuva and Dankner bought the site of the old New Frontier casino in 2007 for $1.24 billion and demolished the old structure.
Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2008
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