Breaking news: Echelon construction suspended | The Movable Buffet | Los Angeles Times: "Boyd Gaming announced today they were suspending construction on the nearly $5-billion Echelon project that is going up where the Stardust once was located. According to the statement:
'Due to the difficult environment in today's capital markets, as well as weak economic conditions, we have decided to delay our Echelon project on the Las Vegas Strip. Our present expectation is to resume construction in three to four quarters, assuming credit market conditions and the economic outlook improves.'
Though rumors of problems with Echelon construction financing had been widespread, the resort was actually already being built. I don't think anyone was fully prepared for Boyd Gaming (one of the local companies that really has mastered the Vegas market for decades) to simply bring the project to a total, if ostensibly temporary, halt."
Read More Here Breaking news: Echelon construction suspended
Saturday, 2 August 2008
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