JERUSALEM, July 1 (Reuters) - Israeli conglomerate Africa Israel Investments (AFIL01.TA: Quote, Profile, Research) said on Sunday it had agreed together with other partners to buy a plot of land in Las Vegas for $625 million.
Africa Israel said in a statement it would hold a 49 percent stake in the project, while a corporation owned by Steve Witkoff and the Cipriani family would hold 30.6 percent, Credit Suisse (CSGN.VX: Quote, Profile, Research) 10.2 percent, and a subsidiary of the seller 10.2 percent.
The companies will pay $196 million in shareholders' equity, and the remainder in loans.
The group intends to build several hotels, a conference room, commercial spaces and a casino on the 60-acre plot of land that borders Las Vegas's Hard Rock Hotel & Casino.
The deal is expected to be completed in August and the project is expected to be completed in five years.
