Boyd suspended construction on Echelon Place on the grounds of the old Stardust. The stock soared up over 20% today. They said they will start reconstruction when the economy improves. Many people are speculating the project will be abandonded. The north end of the strip is a toilet. Boyd should have realized this. The strip ends with Wynn.
They said completion will be delayed by 3 or 4 quarters. That could end up being forever. And I agree that they screwed up by blowing the Dust.
City Center Morgue on deck
"However, earlier this week, Action News also reported on financial concerns at the largest project, CityCenter.
In that case, we were assured by MGM Mirage's CFO, Daniel D'Arrigo, that although his company and their partner, Dubai World, still had not nailed down $3.5 billion in financing for their $11.2 billion venture, that CityCenter construction would continue."
City Center Morgue on deck
"However, earlier this week, Action News also reported on financial concerns at the largest project, CityCenter.
In that case, we were assured by MGM Mirage's CFO, Daniel D'Arrigo, that although his company and their partner, Dubai World, still had not nailed down $3.5 billion in financing for their $11.2 billion venture, that CityCenter construction would continue."
UPDATE:
http://www.latimes.com/business/la-fi-vegas-resort-takeover-20130305,0,3040031.story
[h=1]Malaysian firm to buy site of halted Las Vegas resort project[/h][h=2]Genting Group, which plans to build a casino, convention center and theater, will pay $350 million for the site where the Echelon development came to a halt.[/h]
Associated PressMarch 5, 2013
A stalled Las Vegas resort development on the site of the fabled Stardust hotel is being bought by a Malaysian conglomerate that intends to build upon what was started.
Genting Group said it would pay $350 million for the 87-acre site where the partially built Echelon development by Boyd Gaming Corp. came to a halt nearly five years ago.
Genting intends to build a multibillion-dollar casino that will feature 3,500 hotel rooms, a convention center and a 4,000-seat theater.
Echelon was one of several multibillion-dollar projects that stalled in Las Vegas as the economy crashed.
The northern end of the Strip, where the project is located, once boasted casinos considered the cutting edge of luxury and style. But in recent years it has become the home of huge empty lots and darkened projects, including Las Vegas Plaza and Fontainebleau Las Vegas, a hulking bluish-green tower that was 70% finished when construction ended.
Resorts World Las Vegas by Genting is its first project in Las Vegas and the latest sign that the area where it's sited might be turning around. Developers also broke ground last month on renovations to the Sahara hotel-casino that went dark in 2011 and is expected to reopen next year as SLS Las Vegas.
Genting plans to start construction in 2014 and open in 2016, creating tens of thousands of jobs while revamping a project many thought would sit silent for years. Genting said it would build on the steel and concrete skeleton of the Echelon.
"The entrance of one of the world's leading resort gaming developers into Nevada is another fantastic sign that Las Vegas and the Strip are poised for great things moving forward in 2013 and beyond," Republican Gov. Brian Sandoval said in a statement.
The Echelon was intended to be a mixed-use development with 5,000 rooms in six hotels, lush landscaping and luxury amenities. The 48-year-old Stardust resort was demolished in 2007 to make way for the $4.8-billion project that had been slated to open next to Circus Circus by 2010.
Construction workers toiled for a year and built 12 stories on the corner of Las Vegas Boulevard and Desert Inn Road before the credit markets choked.
The Genting conglomerate opened its first casino in 1971 in Malaysia and now operates sites in New York state, the Philippines, Britain, Singapore and the Bahamas.
"This is an unparalleled opportunity to showcase what has made the Resorts World brand a globally recognized success for the past several decades," Chief Executive KT Lim said in a statement about the Las Vegas project.
http://www.latimes.com/business/la-fi-vegas-resort-takeover-20130305,0,3040031.story
[h=1]Malaysian firm to buy site of halted Las Vegas resort project[/h][h=2]Genting Group, which plans to build a casino, convention center and theater, will pay $350 million for the site where the Echelon development came to a halt.[/h]
Associated PressMarch 5, 2013
A stalled Las Vegas resort development on the site of the fabled Stardust hotel is being bought by a Malaysian conglomerate that intends to build upon what was started.
Genting Group said it would pay $350 million for the 87-acre site where the partially built Echelon development by Boyd Gaming Corp. came to a halt nearly five years ago.
Genting intends to build a multibillion-dollar casino that will feature 3,500 hotel rooms, a convention center and a 4,000-seat theater.
Echelon was one of several multibillion-dollar projects that stalled in Las Vegas as the economy crashed.
The northern end of the Strip, where the project is located, once boasted casinos considered the cutting edge of luxury and style. But in recent years it has become the home of huge empty lots and darkened projects, including Las Vegas Plaza and Fontainebleau Las Vegas, a hulking bluish-green tower that was 70% finished when construction ended.
Resorts World Las Vegas by Genting is its first project in Las Vegas and the latest sign that the area where it's sited might be turning around. Developers also broke ground last month on renovations to the Sahara hotel-casino that went dark in 2011 and is expected to reopen next year as SLS Las Vegas.
Genting plans to start construction in 2014 and open in 2016, creating tens of thousands of jobs while revamping a project many thought would sit silent for years. Genting said it would build on the steel and concrete skeleton of the Echelon.
"The entrance of one of the world's leading resort gaming developers into Nevada is another fantastic sign that Las Vegas and the Strip are poised for great things moving forward in 2013 and beyond," Republican Gov. Brian Sandoval said in a statement.
The Echelon was intended to be a mixed-use development with 5,000 rooms in six hotels, lush landscaping and luxury amenities. The 48-year-old Stardust resort was demolished in 2007 to make way for the $4.8-billion project that had been slated to open next to Circus Circus by 2010.
Construction workers toiled for a year and built 12 stories on the corner of Las Vegas Boulevard and Desert Inn Road before the credit markets choked.
The Genting conglomerate opened its first casino in 1971 in Malaysia and now operates sites in New York state, the Philippines, Britain, Singapore and the Bahamas.
"This is an unparalleled opportunity to showcase what has made the Resorts World brand a globally recognized success for the past several decades," Chief Executive KT Lim said in a statement about the Las Vegas project.
