Las Vegas, NV – Lev Leviev and Shaya Boymelgreen are continuing the berak-up of their partnership. Africa-Israel Investments Ltd. controlled by chairman Lev Leviev, has acquired Boymelgreen’s stake in Leviev Boymelgreen of Nevada LLC, and is selling the holding to a third party for $160 million. Africa-Israel said that it expected to post only a negligible capital gain, if any, on the deal, indicating that the joint venture in Las Vegas was a poor gamble.
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Leviev and Boymelgreen had great plans for Las Vegas. Africa-Israel planned to invest $742.5 million in Las Vegas projects through the joint venture, including a 735-unit residential complex, 1,325-unit residential hotel, and 150,000-sq.m. shopping center. Also planned were a casino and two hotels, which would be managed by third parties. [globes]
Interesting. And meanwhile, Elad buys the New Frontier. Either way, big day for DIBS.