Elad Group Wants To Open In Macau
Israeli real estate investment company Elad Property Group, recent purchasers and imploders of Las Vegas Strip dump, the New Frontier have indicated that they are interested in expanding to the Macau gaming market and beyond.
Elad is planning an $8 billion dollar version of New York's historic Plaza Hotel on the New Frontier site, due to open sometime in 2012. The property, whose early stage renderings were met with mixed reactions throughout the Vegas-centric blogosphere, is still in process of being designed, with across-the-street neighbor Steve Wynn even offering up opinions to Elad's top brass. Local Las Vegas journalist Steve Friess conducted an interview with Wynn in November 2007, in which they discussed the New Plaza.
Friess: Have you seen the renderings of what the Elad Group wants to put there?
Steve Wynn: Yes, but they're in the earliest stages of it. They were all over here today with their drawings reviewing traffic lights and driveways. ... Drawings will change, concepts will change, we're not near done with the Frontier yet. [ Emphasis is ours - cm ]
Very interesting indeed, and even more interesting in light of Elad's plans to build in Macau, Singapore, Tokyo and other Asian markets - gaming and non-gaming. With casino concessions currently sold out in Macau, Elad will have to hire a subcontractor to manage their gaming operations - and based on their already chummy relationship, we would expect Wynn Resorts (or friend/competitor MelcoPBL) to get the operating contract.
We've got a whole page dedicated to the 'who owns what' and other details of Macau concession and subconcessions.