IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Ltd. (TASE: PTBL) reported that Elad IDB Las Vegas, the joint venture though which Nochi Dankner and Yitzhak Tshuva are developing a Las Vegas casino and hotel, has reached an agreement in principle with lenders to extend the term on a $625 million loan taken to finance the property.
The loan will be extended for 42 months, until August 2012, at the same interest rate terms as the original loan.
The loan was given to buy the land for the planned Plaza Casino and Hotel. Dankner and Tshuva bought the land for $1.24 billion in 2007.
Tshuva and Dankner own the project in equal shares: Dankner through IDB Holding Corp. Ltd. unit IDB Group USA Investments Inc. held equally by Discount Investment Corporation (TASE: DISI) and its subsidiary Property and Building Ltd., and Tshuva through Elad Properties. The 1.5-million square meter Plaza Hotel and Casino will have 3,500 rooms, and a 500,000-square meter residential project.
Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2009
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