We just got back, stayed at the LV Club. They're definitely going through with the renovation and everyone is optimistic (you can generally tell when the rank-and-file is just waiting for the company to fold). Hosts figured the hotel would re-open in September. Some casino renovations (yeah, I hope they don't lose the 9/6 JoB, that would be a deal-breaker for us), seven new restaurants (Firefly will be moved, they have other plans for the dome, maybe a steakhouse, don't remember).
I really like the Plaza, it must have been quite the place back in the '70s. In recent years, you feel like an archaeologist looking for the evidence of its former glory. Personally, I hope they keep the '70s opulence (mirrors, glass, etc.), but I'm guessing that it will be "updated."