Regardless of the economic recession and the recent reports announcing project cancellations, a joint venture led by an Israeli-based development company still considering the idea of building the largest hotel in Las Vegas. A holding company that includes the AFI Group, formerly known as Africa Israel Group, is preparing a hearing in ClarkCounty to get the necessary authorization to build a 6,745-room hotel, casino and retail complex on a 60 acres lot located along

The authorization would give the group two years to start with the construction of the project or look for an extension. It would also allow the development group to approach possible investors and banks seeking financing for the project.  However, no information has been released regarding the project’s cost.

Currently, the largest hotel in the world now is the 6,118-room First World Hotel in Malaysia. Many of the largest hotels in the world are located in Las Vegas, including the 5,690-room MGM Grand, the 4,408-room Luxor Las Vegas and the 4,341-room Mandalay Bay Resort and Casino. The project is listed on the AFI Group's Web site as "Edge (Las Vegas)" with a short description of the project in where the company says that the construction is planned over three phases. AFI Group owns or is developing properties in Israel, Russia, Central Europe, Eastern Europe and New York, Florida, California and Arizona. The AFI Group is owned by billionaire Lev Leviev, who made his fortune in the Israeli diamond business.

But for many analysts, the idea of building a project of such magnitude is not viable due the actual credit crunch, besides, even if the developer gets the necessary land-use permits, they probably won’t start building anything before the global economy improves a little. Africa Israel had taken a 49 percent stake in the project, with the remaining 51% will be divided  between Credit Suisse and a New York-based partnership between developers Steve Witkoff and the Cipriani.