Echelon Place Las Vegas a $4 billion mixed-use resort on the 63-acre Las Vegas land currently occupied by Stardust Hotel real estate. The mega resort will include 1 million square feet of Las Vegas convention and meeting space, 5,300 hotel rooms, 140,000-square-foot casino and 350,000 square feet of retail stores. It is expected to take four years to develop this massive Las Vegas commercial real estate endeavor.
In 2005 Boyd Gaming started planning the Las Vegas commercial project for the Stardust real estate after a strategy started in 1998 of diversifying by market segments and geographically.
Echelon Place in Las Vegas, Nevada will represent the company’s shift from being geographically diverse to the premium customer segment. A recent luxury hotel project was joined with MGM Mirage included the Borgata in Atlantic City, Boyd Gaming’s first project.
The plans for Las Vegas Echelon Place are to become a market leader in hospitality and casino gaming, including Las Vegas night clubs, meetings, conventions and shopping. This will be a tall order since the Venitian Palazzo, Wynn Las Vegas, Bellagio, and Project City Center will be in contention.
Top corporate officers of Las Vegas Echelon Place will be Bob Boughner, from Borgata, as President and chief executive officer and Kevin Sullivan as senior vice president for Echelon Resorts Las Vegas.Many of the design and construction companies involved in the development of Borgata are expected to play roles in the Echelon Place development, including construction manager Tishman Construction Corp.
Echelon Place, on the west side of the Strip just north of Wynn Las Vegas, will feature the $2.9 billion wholly owned Echelon Resort with hotel and retail joint ventures between Boyd Gaming and partners.
The Echelon Resort Las Vegas will be wholly owned and operated mainly by Boyd Gaming but will include operating arrangements with hotel, restaurant, night club and entertainment industry leaders that will bring exciting brands to the development.
Plans call for Echelon Place to be developed in one phase and integrate four separate Las Vegas hotels incorporating 5,300 guest rooms and suites.
Boyd Gaming will own and operate the 3,300-room Echelon Resort in Las Vegas, which will include a 2,600-room Resort Tower and a 700-room Suite Tower, with each containing its own spa.
Both hotels will connect with Echelon’s public areas, which will contain a 140,000-square-foot casino, 25 restaurants and bars, and pool and garden areas. The resort will house business and meeting facilities.
It will include a 4,000-seat theater with stadium seating designed to accommodate concerts and production shows and a 1,500-seat theater for smaller shows and touring acts.
Shangri-La Hotels and Resorts has entered into a management agreement with Boyd Gaming for the Asian Pacific’s leading luxury hotel group, to include a Shangri-La Hotel within Echelon Place.
The Shangri-La Hotel, Las Vegas, which will be owned by Boyd Gaming and operated by Shangri-La, will include 400 guest rooms and suites, a 20,000-square-foot spa, meeting space and two restaurants.
Boyd Gaming has entered into a 50-50 joint venture agreement with the Morgans Hotel Group, a developer of lifestyle-boutique hotels, for the construction of two hotels, Mondrian and Delano, within Echelon Place real estate.
Mondrian Las Vegas hotel and Delano Las Vegas hotel will be managed by Morgans at a cost of $700 million. Morgans Group will contribute $97.5 million in cash.
The Mondrian Las Vegas hotel will include 1,000 suites and guest rooms, a restaurant and bar, conference space, and meeting space and a pool.
At part of the master-planned Echelon real estate project, Boyd Gaming will operate, own, and develop the Echelon Place Las Vegas ExpoCenter. The Las Vegas ExpoCenter will feature 650,000 square feet of exhibition and 175,000 square feet of conference and meeting space.
Echelon Resort Las Vegas expects the total exhibition and meeting space at Echelon Place to exceed 1 million square feet.
Boyd Gaming is talking with partners for a 50-50 share in a Las Vegas real estate development of a retail promenade at Echelon Place. Echelon plans call for more than 350,000 square feet of shopping, including luxury and other retailers, dining and Las Vegas night clubs.
Source: LV Business Press
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Echelon Place Las Vegas is a $4 billion mega resort by Boyd Gaming inside of Echelon Resort Las Vegas.
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