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Ruffin Sells New Frontier to Tshuva for Plaza West

LAS VEGAS-The prime 34.5-acre site shifts from one billionaire to another for $1.2 billion, with another $3.5 billion to be spent on a mixed-use casino-resort development.

By Brian K. Miller | Updated on May 17, 2007

LAS VEGAS-For $1.2 billion, Wichita billionaire Phil Ruffin has sold the 34.5-acre New Frontier Hotel & Casino on the Las Vegas Strip to Israeli billionaire Yitzhak Tshuva, who plans to invest an additional $3.5 billion developing a mixed-use casino-resort. The new development will be branded after New York City’s Plaza Hotel, which he acquired in 2004. Confirmed this morning by Tshuva’s New York City-based Elad Group, the news comes about eight weeks after Ruffin revealed he was negotiating the sale of the aging casino resort to Elad.

New Frontier is located across from Wynn Las Vegas and its sequel, the Encore. Tshuva’s goal is to scrape the site next year and have the new resort up and running by 2011. If completed, Tshuva’s project would come to market at the tail end of a building boom on the Strip that over the next four years will add nearly 50,000 hotel rooms to the existing stock of about 133,000. Elad president Miki Naftali was not immediately available Wednesday morning for comment beyond his prepared statements.

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