Strip to get a new hotel and condos

The New Frontier casino is going to change hands this summer. The new owners, the Elad Group, have grand plans for the 34-acre property across the street from the luxury resort Wynn Las Vegas. They paid $1.2 billion for the casino and will spend between $6 and $8 billion to redevelop the site.

They're putting up a replica of the well-known Plaza Hotel in New York on the location, next to the Trump International Hotel & Tower. They're going to do more than that, though. It'll be a mixed-use project that will also house 300 high-end condominiums, in addition to the 3,500 hotel rooms. And the development will feature a retail shopping center. The mixed-use component is there to help make back some of their investment via sales of the condominiums and the retail offering.