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Boyd suspends casino project

August 02, 2008|From the Associated Press

Casino operator Boyd Gaming Corp. announced Friday that it would stop work for nine months to a year on a $4.8-billion mega-development in Las Vegas.

The Echelon -- slated to include a 140,000-square-foot casino, nearly 5,000 guest rooms in five hotels, two theaters and about 750,000 square feet of meeting and exhibit space on 87 acres -- joins several suspended projects serving as reminders of the troubles facing Sin City's gambling market.

While slowing consumer spending pressured Boyd's core gambling business, the capital market crunch prevented the company from obtaining financing for key portions of the development.

Boyd, which had a $3.3-billion budget for its portion of the project, said it planned to resume construction in three to four quarters if credit market conditions and economic conditions improved.

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