TalB

Globes [online] – business and technology news from Israel
Valuation halved for Dankner and Tshuva's Las Vegas Plaza

CRBE values the land at $652 million, compared with the 2007 purchase price of $1.24 billion.

Globes' correspondent and Erez Wollberg23 Nov 08 17:47

CB Richard Ellis (CRBE) has valued the Las Vegas Strip lot on which Yitzhak Tshuva and Nochi Dankner are planning to build their $8 billion Plaza Casino and Hotel complex at $652 million, or $710 million excluding leasing rights payments for part of the lot. The valuation, based on the value in use method, is correct for the end of September 2008. Tshuva and Dankner paid $1.24 billion in 2007 for the lot through their joint venture for the project: Elad IDB Las Vegas LLC.

Discount Investment Corporation (TASE: DISI) and its subsidiary, Property and Building Ltd. (TASE: PTBL), said that the valuation would have no effect on their financial reports for the third quarter. The valuation is 47% of the purchase price.

Tshuva and Dankner 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 and its subsidiary Property and Building, 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.

Last month, IBI Investment House Ltd. said that the lot for the Plaza Las Vegas lot had lost 65% of its value. In contrast, an independent valuation by HVS Consulting & Valuation Services, based on the expected cash flow model, valued the land at $1.47-1.5 billion.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on November 23, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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Under the current conditions, I wouldn;t build so much as an outhouse in Las Vegass.

TalB

Globes [online] – business and technology news from Israel
Tshuva, Dankner seek further debt payment delay

The debt amounts to 96% of the value of the land for their Las Vegas casino project.

Erez Wollberg14 Dec 08 14:15

Yitzhak Tshuva and Nochi Dankner are seeking a further delay in repayment of their $635 million loan taken to buy the land for their planned Plaza Hotel and Casino on the Las Vegas strip. Their joint subsidiary, Elad IDB Las Vegas LLC, paid $1.24 billion in 2007 for the site of the old Frontier Casino, which they demolished for their planned $8 billion complex.

Tshuva and Dankner 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.

In the request for the extension of the loan, the companies cited the fact that the start of construction of the Plaza Hotel and Casino depends on the situation in the credit market. They added that they will continue the planning work on the project.

The $625 million loan amounts to 96% of the $652 million valuation of the land for the Plaza Hotel and Casino that the companies obtained in November from CB Richard Ellis (CRBE) - half the companies' previous valuation of the land.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on December 14, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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TalB

Arison firm wins $200m Guatemala deal
Arison firm wins $200m Guatemala deal

Solel Boneh International will plan and build the Palo Viejo hydroelectric project.

Yael Gruntman7 Jan 09 15:00

Arison Holdings Ltd. unit Solel Boneh International Ltd. has signed a $200 million contract to plan and build the Palo Viejo hydroelectric project in Guatemala. Construction of the 85-megawatt plant will take about 32 months.

Solel Boneh International will plan and build the dams, dig and cast the spillways, build the reservoir, dig tunnels, lay water pipes, build access roads, install the turbines, and build the machinery building.

Solel Boneh International is a wholly-owned subsidiary of Solel Boneh Building and Infrastructure Ltd., a subsidiary of Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN), in which Arison Holdings owns 57%.

The project is important for Housing and Construction, which lost 60% of its market cap last year. The share rose 6.4% by midday today to NIS 2.94, giving a market cap of NIS 1.1 billion.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on January 7, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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TalB

Tshuva, Dankner push Las Vegas loan deferment
Tshuva, Dankner push Las Vegas loan deferment

Credit Suisse and Goldman Sachs lent the developers' companies $625 million to buy the site of their planned Plaza Casino and Hotel in Las Vegas.

Erez Wollberg6 Jan 09 13:03

Sources inform ''Globes'' that Nochi Dankner and Yitzhak Tshuva met bankers from Goldman Sachs Group Inc. (NYSE: GS) and Credit Suisse Group (NYSE: CS; SWX: CSGN; XETRA: CSGZ) in New York yesterday to discuss repayment of their loan taken to buy the land for their planned $6-8 billion Plaza Casino and Hotel in Las Vegas. Dankner and Tshuva are seeking another postponement for repaying the $625 million, due in February. The banks first postponed repayment of the loan in August.

Dankner and Tshuva bought the land for the planned Plaza Casino and Hotel for $1.24 billion in 2007. Tshuva and Dankner 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.

Credit Suisse and Goldman Sachs will probably use the reduced valuation of the land of $652-710 million made in September to demand larger securities from Dankner and Tshuva's companies. Sources inform ''Globes'' that the goal of the valuation was to obtain more guarantees.

Last year, Goldman Sachs provided Discount Investment subsidiary Koor Industries Ltd. (TASE:KOR) loans to buy 3.4% of Credit Suisse.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on January 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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