Echelon Las Vegas Mega Resort By Boyd Gaming Unveils Resort Details
Echelon Las Vegas Resort by Boyd Gaming this week unveiled its $4.8 billion 87 acres multiuse mega resort destination. Echelon will have five Las Vegas NV hotels that will be built on the imploded Stardust Las Vegas land.
The media hoopla ground breaking had several hundred guests, Boyd executives and joint venture partners, inside a tent on site, watched as a shattered sheet of dark glass concealed a 1,000 pound cornerstone on Echelon real estate.
The resort buildout is expected to take three years with a 2010 opening.
In 2003 Boyd Gaming opened the Borgata, Atlantic City’s very upscale resort. Borgata showed Wall Street that Boyd Gaming was capable of building a multi billion dollar destination.
Echelon Las Vegas was announced about 18 months ago. Joint venture partners have been formed, including an additional 24 acres 1031 exchange with Harrahs. Future development of the land at Echelon will be used for development in the future.
Costs for construction during this time had increased by about $1 billion.
The five Las Vegas Strip hotels at Echelon resort are designed with separate entrances and lobbies. The 140,000 square foot casino, retail promenade and meeting space will all be interconnected. This makes visiting everything possible without going outside.
The Echelon site will house the Suites at Echelon, a 650 all suite hotel, and Hotel Echelon with 2,300 rooms will be operated by Boyd Gaming.
Both the Mondrian Hotel and the luxury Delano Hotel will be run on a joint venture between Morgans Hotel Group and Boyd Gaming. Morgans also purchased the Hard Rock Las Vegas in February for $770 million and will operate both hotels and restaurants in the hotel.
The Shangri-La Las Vegas hotel will be 353 rooms and run by Shangri-La. They have recently started properties in Miami, Chicago, Vancouver and New York. Their loyal customers will follow to Las Vegas, Nevada for the casino, retail and championship golf courses.
Echelon retail promenade, 300,000 square feet of shops, will be managed by General Growth Properties. Echelon’s entertainment venues, a 1,500 seat performing center and a 4,000 seat theater will be run by AEG Live, operator of the Los Angeles Staples Center.
The Las Vegas mega resort will cost $3.3 billion for the two Boyd hotels, the convention space, Shangri-La, casino and other amenities. The General Growth Properties retail site will cost $500 million and the two Morgans hotels will cost $950 million.
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Echelon Las Vegas mega resort by Boyd Gaming unveils resort details.