Looks like the Frontier is about to be sold: Elad Properties, the Israeli-owned real estate investment group that is deep into an extensive renovation of the landmark hotel in New York City, is about to announce that it is purchasing the New Frontier Hotel & Casino in Las Vegas.
Sources say the purchase price could be as sky-high as $40 million per acre -- or $1.5 billion for the 38.5-acre site.
$40 Million an acre? Yikes. Elad owns the Plaza Hotel in New York, and the early rumor is that they will tear down the Frontier and replace it with a Plaza-branded resort. We are all for this, as the Frontier is a dump, and it would be nice to have more upscale destinations in Wynn's neck of the woods.
A New Plan for Vegas' New Frontier (TheStreet.com)
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