Friday, August 1, 2008

Boyd "delays" Echelon Plus New Property Maps!

Boyd Gaming announced today that it was suspending work for "3 or 4 quarters" on its Echelon project where the Stardust once stood. They cited problems in the credit markets as the reason as they couldn't line up financing for their $3.3 billion portion of the the bill. Their partners, Morgans Hotel Group and General Growth Properties, are facing similar problems in raising their parts as well.

There have been a truckload of failed projects in Vegas recently especially in the condo market but this marks the first time one of the major gaming companies have closed up shop. While Wall Street cheered the news to a 20% gain, this doesn't bode well for Vegas long term. Echelon, along with City Center,, which is facing its own difficulties, were being counted on to save Las Vegas' housing market as they were to bring thousands of jobs to town. This delay doesn't help matters. I have regularly harped about the need for the Strip to be more competitive in this environment but I think at this point its not a matter of cheap buffets and free rooms. Nothing gets better in Vegas until the economy as a whole turns around. The myth of a "recession-proof Vegas has been shattered.

All is not gloomy however, Wynn's Encore plus 2 locals places open between now and the end of the year and Fountainbleu looks like it is well progressing toward an 2009 opening followed by City Center in 2010. If nothing else, enjoy Vegas now while the crowds are down and the deals are flowing!

A website update note... I have posted a bunch of new Property Maps from my recent trip. I have maps of Hooters and Suncoast which a brand new additions plus updates for 6 or 7 others. Enjoy!


Visit LVCasinoInfo.com for the complete guide to Las Vegas Hotels and Casinos. Property maps of every major casino, 100s of pictures and a ton of other info all without annoying ads!

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