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Gaming Exec: Echelon On Hold 3-5 Years
Steel Frame Stands On Old Stardust Site
POSTED: 8:31 am PDT October 27,
2009
UPDATED: 8:44 am PDT October 27,
2009
LAS VEGAS -- Boyd Gaming Corp. said it doesn't expect to restart construction of the $4.8 billion Echelon project on the Las Vegas Strip for at least three to five years.Chief executive Keith Smith said the company still believes the project will be completed.The company blamed the downturn of the economy when work was suspended more than a year ago on the site of the former Stardust hotel-casino.Echelon was to consist of at least four hotel towers, a shopping center, casino and convention center. Construction crews had barely begun constructing its steel frame when the projected was put on hold.What Should Happen At The Echelon Site?Boyd Gaming is reporting a 6.6 percent drop in net income for the quarter ending Sept. 30. The company also owns the Coast Casino and Sam’s Town franchises, as well as several downtown Las Vegas properties.Shares of Boyd were down slightly more than 12 percent following Tuesday’s 3Q report.
Copyright 2009 by KVVU.com. The Associated Press contributed to this report. All rights reserved.
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