While Tamares lawsuit made it to a jury trial, another wassettled out of court. Resort Properties of America owner DavidAtwell, the broker who initiated the land acquisition, sued El-Adin June 2007 for $12.5 million, the 1% brokerage fee he felt he wasowed for initiating the transaction between Tshuva and Wichitabillionaire Phil Ruffin. The lawsuit was settled earlier this monthfor an undisclosed amount, though Atwell told GlobeSt.com "it is aconsiderable number, record-breaking money."


El-Ad's land acquisition for the project was first announced inMay 2007. El-Ad subsequently brought on a partner, Property andBuilding Corp. Ltd., which is a subsidiary of Tel Aviv-based IDBDevelopment Corp., Israel's largest business group. In March 2008,the joint venture formed for the $8-billion project, El-Ad IDB LasVegas LLC, received approvals for its site development plan andspecial use permit from the Clark County Commission. At the time,the JV said design completion and the start of the excavation isscheduled to occur before the end of 2008.


Naftali told GlobeSt.com earlier this month through arepresentative that the project would be delayed for severalmonths. He also confirmed that its payments on $625 million ofacquisition debt from Goldman Sachs Group and Credit Suisse Grouphave been deferred to May 2009. "The delay is to allow us time planand ensure the plans are fully complete and that all bids are inbefore construction can begin," Naftali said.


While the timeline has changed, the project design andcomponents have not. Thirty months after excavation begins, Naftalisays the site will be home to seven high-rise towers atop amid-rise podium. The structures will house 4,100 hotel rooms; 2,600condominium units; 175,900 sf of gaming; 480,000 sf of retail andrestaurant space; 539,607 sf of convention space; a 50,000 sfhealth club; a 1,500-seat theater; and 227,038-sf of recreationspace for pools and other amenities.

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