Remember when I told you this would not get built, it was confirmed today:
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Boyd Gaming suspends construction work on Echelon project ( Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
In it's quarterly earnings press release, distributed this morning, the company said: "We have decided to delay construction of our Echelon project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."
Analysts said that the delay of Boyd Gaming's Echelon could also forestall a complete housing recovery in the local market. Housing observers had long relied on the 2009 opening of CityCenter, combined with the 2009 start of hiring for Echelon, to lift prices and sales of local homes by next summer. With financial markets questioning the number of new jobs the megaresorts will create, and with staffing delayed, prospects for improvement in housing are cloudy.
Boyd Gaming executives hope to resume construction on Echelon sometime in 2009, which would delay the project by more than a year. Echelon, being built on the site of the now imploded Stardust, was expected to open in the second half of 2010. Boyd Gaming broke ground on Echelon in June of last year.
&& Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
In it's quarterly earnings press release, distributed this morning, the company said: "We have decided to delay construction of our Echelon project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."
Analysts said that the delay of Boyd Gaming's Echelon could also forestall a complete housing recovery in the local market. Housing observers had long relied on the 2009 opening of CityCenter, combined with the 2009 start of hiring for Echelon, to lift prices and sales of local homes by next summer. With financial markets questioning the number of new jobs the megaresorts will create, and with staffing delayed, prospects for improvement in housing are cloudy.
Boyd Gaming executives hope to resume construction on Echelon sometime in 2009, which would delay the project by more than a year. Echelon, being built on the site of the now imploded Stardust, was expected to open in the second half of 2010. Boyd Gaming broke ground on Echelon in June of last year.
!= "") Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
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Boyd Gaming suspends construction work on Echelon project ( Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
In it's quarterly earnings press release, distributed this morning, the company said: "We have decided to delay construction of our Echelon project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."
Analysts said that the delay of Boyd Gaming's Echelon could also forestall a complete housing recovery in the local market. Housing observers had long relied on the 2009 opening of CityCenter, combined with the 2009 start of hiring for Echelon, to lift prices and sales of local homes by next summer. With financial markets questioning the number of new jobs the megaresorts will create, and with staffing delayed, prospects for improvement in housing are cloudy.
Boyd Gaming executives hope to resume construction on Echelon sometime in 2009, which would delay the project by more than a year. Echelon, being built on the site of the now imploded Stardust, was expected to open in the second half of 2010. Boyd Gaming broke ground on Echelon in June of last year.
&& Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
In it's quarterly earnings press release, distributed this morning, the company said: "We have decided to delay construction of our Echelon project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."
Analysts said that the delay of Boyd Gaming's Echelon could also forestall a complete housing recovery in the local market. Housing observers had long relied on the 2009 opening of CityCenter, combined with the 2009 start of hiring for Echelon, to lift prices and sales of local homes by next summer. With financial markets questioning the number of new jobs the megaresorts will create, and with staffing delayed, prospects for improvement in housing are cloudy.
Boyd Gaming executives hope to resume construction on Echelon sometime in 2009, which would delay the project by more than a year. Echelon, being built on the site of the now imploded Stardust, was expected to open in the second half of 2010. Boyd Gaming broke ground on Echelon in June of last year.
!= "") Boyd Gaming Corp. said this morning that it will delay construction of the $4.8 billion Echelon project because of the souring credit markets.
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