International hospitality giant Genting Group has announced a deal with Boyd Gaming Corp. to purchase the land and assets, including partially built structures, of the stalled Echelon casino-resort in Las Vegas. The company will pay Boyd $350 million for the 87-acre property, according to the Las Vegas Review-Journal [1].
Genting, which owns and operates properties in Malaysia, Singapore, and New York City, is planning to build a $2 billion hotel-casino development, called Resorts World Las Vegas, that will feature 3,500 rooms, a 175,000-sf casino, convention space, and some 200,000 sf of retail and restaurants.
The plan includes completing many of the partially built structures on the site, including hotel structures and a parking garage. It's expected to open in 2016.
The development is the second major Las Vegas construction announcement in the past month. In last February, SLS Hotels broke ground on a $415 million makeover of the Sahara Hotel [2], which closed in 2011 after nearly 60 years on the Strip.
Will build $2 billion hotel-casino development
International hospitality giant Genting Group has announced a deal with Boyd Gaming Corp. to purchase the land and assets, including partially built structures, of the stalled Echelon casino-resort in Las Vegas.
Links:
[1] http://www.reviewjournal.com/business/genting-buys-echelon-for-2-billion-resorts-world-las-vegas-194753811.html
[2] http://www.bdcnetwork.com/blog/iconic-sahara-hotel-las-vegas%E2%80%99-strip-undergoing-415-million-makeover
[3] http://www.bdcnetwork.com/sites/default/files/gentinggroupvegas.png
[4] http://www.bdcnetwork.com/sites/default/files/slideshow-images/gentinggroupvegas1.png
