Even as Nochi Dankner's joint grandiose Plaza Casino and Hotel project with Yitzhak Tshuva is on hold, Dankner is raising the stakes on two equally grandiose residential projects in Las Vegas. He will ask shareholders to continue financing the development of the GW and QT residential projects owned by IDB Group USA Inc., a joint venture of IDB Development Corporation and its subsidiary Property and Building Ltd. (TASE: PTBL).
I own PTBL shares and am losing 2%.
As of the end of August, IDB Group USA had invested $219 million in the project and it estimates that an additional $100 million will be needed through the end of 2010. Even more financing will likely be needed to repay existing loans for the projects, which have not been extended. Both the QT and GW projects have been hit by the US real estate crisis, and not a single unit in either project was sold during the second quarter of 2009.
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