Plaza owners Elad plan $8 bln Las Vegas casino

NEW YORK, Nov 13 (Reuters) - Real estate developer Elad Group, which owns the famous Plaza hotel in New York, said it will use the Plaza brand on a new $8 billion casino on the Las Vegas Strip.

"The new project will exude the same elegance and grandeur that the Plaza in New York is known for," Elad owner Isaac Tshuva said in a statement.

The privately held company made way for the project by imploding the Frontier Hotel & Casino on Tuesday. It had bought the 34.5 acre property earlier this year for $1.2 billion.

The project, which will include a hotel, residences, shops, restaurants and a casino, is expected to to be completed in 2011.

Elad is teaming up with Israel's IDB Group IDBH.TA on the project.

The new casino will compete with a host of other new projects under development, including MGM Mirage's (MGM.N: Quote, Profile, Research) CityCenter, Boyd Gaming Corp's (BYD.N: Quote, Profile, Research) Echelon, and Wynn Resorts Ltd's (WYNN.O: Quote, Profile, Research) Encore. (Reporting by Chris Reiter; Editing by Mark Porter)