Wow: Boyd Sells Echelon To Genting for $350M
» filed under Mergers & Acquisitions tagged: boyd genting echelon place resorts world las vegas mergers and acquisitions 2014 comments: 42
I'll bet Sam Nazarian wakes up with a boner this morning.
Boyd Gaming has elected to pull the rip cord on the long stalled Echelon Place project and sold the 85 acre property to Malaysian-based gaming company Genting for a paltry $350 million bucks.
Genting plans to use the existing Echelon podiums and tower structures to build a brand new resort called Resorts World Las Vegas. The "first phase" of the resort will feature 3,500 rooms, 175,000 sq ft of multi-leveled casino space, a convention center, dining, retail promenade and a theatre all done up in thoroughly detailed asian decor. Opening is scheduled for late 2014. Future phases will feature additional hotel towers along the west and south sides of the property (where Echelon's Mondrian and Delano properties were planned.)
I'll bet Steve Wynn wakes up with steam coming out of his ears when he sees that the brand new Asian themed building across the way will be clad in mahogany curtain wall, just... like... his.
We can safely say that this signifies the end of the freeway for Boyd Gaming as a major gaming operator and put them in the acquisition target folder.
Genting has released a half dozen renderings in aerial and street level elevations with daytime and evening lighting.
And here's what Echelon looked like:
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