An Israeli newspaper reported that the investors behind the proposed $5 billion Plaza project for the former Frontier site were going to wait until the global credit crisis eased before seeking financing for the new hotel and casino, therefore delaying its debut, which had been set for 2012.
Seemingly moments after the report surfaced, representatives for the owners of the project, Israel-based Elad Group, came out saying there was absolutely no credence to the report and that it was moving forward as originally scheduled.
As part of the PR offensive to show that everything was hunky-dory, a press release came out within a day or two of the original report saying that The Plaza had won approval from the Las Vegas County Commission. Considering the fact that the commission approves, well, pretty much everything that anyone with enough cash wants to build, this is not what you might necessarily consider press-release worthy but it did serve to put the doubters on notice: The Plaza is coming no matter what anyone says.
The Plaza project is set to have seven towers which will feature an ultra-luxury hotel, private residences, retail outlets, a casino, restaurants, an entertainment venue, and a convention complex. The Frontier has been mostly scrubbed from the site while the completion of the design and the start of the excavation are set to begin no earlier than the end of 2008 with the opening in 2012.
From the Vegas4Visitors Weekly Update of October 29, 2007:
If you want to be in town for the next big hotel implosion you should book your tickets now.
The Frontier will be brought down by controlled demolition at 2:30am on Tuesday, November 13, 2007. There is no word as to whether the implosion will be a spectacle sized event with fireworks and the attendant hoopla or a relatively low-key affair (if blowing up a building can be low-key), but the time of morning seems to suggest that they are wanting to keep the gawking crowds as light as possible.
The Frontier opened in October 1942, the second major resort on The Strip. It was purchased earlier this year by Elad Properties for a record-breaking $1.2 billion, primarily for the land value. The company intends to build a Las Vegas version of the Plaza Hotel, the famed New York landmark that Elad also owns. It will feature more than 3,500 rooms, a casino, super luxury residential units, restaurants, entertainment, and more. The whole thing will cost $5 billion and has a planned opening sometime in 2011.
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