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Boyd Gaming has stopped work on its $4 billion Echelon megaresort on the Las Vegas Strip. The five-hotel project, a joint venture between Boyd and Morgans Hotel Group, was scheduled to open in late 2010. Boyd cites poor capital markets for delaying the construction and indicates that work will begin again once economic conditions improve.
In a press release, Morgans Hotel Group stated that the joint venture will be unable to secure financing at favorable rates and conditions by the September 15 deadline. MHG says that it will not extend the joint venture agreement but will consider proposals down the road with Boyd for Echelon.
The 87-acre development is slated to have 5,000 guestrooms, 750,000 square feet of convention space, two live entertainment venues, 30 dining and nightlife concepts, and a casino.
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Boyd Gaming Delays Work on Echelon
Aug 4, 2008 - Source: GlobeSt.comBoyd Gaming has stopped work on its $4 billion Echelon megaresort on the Las Vegas Strip. The five-hotel project, a joint venture between Boyd and Morgans Hotel Group, was scheduled to open in late 2010. Boyd cites poor capital markets for delaying the construction and indicates that work will begin again once economic conditions improve.
In a press release, Morgans Hotel Group stated that the joint venture will be unable to secure financing at favorable rates and conditions by the September 15 deadline. MHG says that it will not extend the joint venture agreement but will consider proposals down the road with Boyd for Echelon.
The 87-acre development is slated to have 5,000 guestrooms, 750,000 square feet of convention space, two live entertainment venues, 30 dining and nightlife concepts, and a casino.
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