Citing the economic downturn, Boyd Gaming recently announced that it won't resume construction on the $5 billion Echelon resort in Las Vegas for three to five years.
"We continue to believe in the long-term viability of the Las Vegas market," Boyd Gaming CEO Keith Smith said in a statement last month. "But given the ongoing weak economic conditions, the significant new supply coming online and a difficult capital-market environment for projects of this nature, resuming construction in the near term is not an option."
Work on the Echelon project has been dormant for more than a year. When it's eventually completed, it will have close to 5,000 rooms divided between five different hotel towers, including the 2,500-room Echelon Hotel, the 650-room Enclave, the 350-room Shangri-La Las Vegas, the 860-room Mondrian Las Vegas and the 550-room Delano Las Vegas.
All five hotels will share a 140,000-square-foot casino, a 300,000-square-foot shopping venue, a 750,000-square-foot convention center, 30 restaurants and bars, a 4,000-seat stadium-style theater for resident entertainment and a 1,500-seat theater for touring acts.Source: Hospitality Design Magazine