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1.
Feature Story / LAS
VEGAS - Boyd Gaming Corp. plans to tear down the
old Stardust casino to make way for a $4 billion
hotel and casino complex on 63 acres on the Las
Vegas Strip - one of the largest such developments
planned in a town known for megaresorts - that
would compete against the other mega-projects that
have risen in a town where new and glitz usually
trumps historic
preservation.
Hong
Kong
Triad
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"Jockey Club"
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The complex, to be called
Echelon Place, is scheduled to open in 2010 on the
northern end of the Strip, company officials said
Wednesday. It will include four hotels with 5,300
guest rooms and suites, a 140,000-square-foot
casino, theaters, a shopping promenade, spas and
acres of convention
space.
The Stardust would keep
operating through this year. It would be demolished
in early 2007 as construction begins on Echelon
Place, which is scheduled to open in
2010.
"Las Vegas has experienced
an upscaling" of its properties, "and we certainly
intend to be a participant in that," Bob Boughner,
a Boyd executive who would be Echelon's president,
said in an
interview.
With Echelon Place, Boyd
hops to become a more formidable rival to the two
companies that dominate the Strip: MGM Mirage,
which owns such properties as the MGM Grand, the
Bellagio and the Mirage; and Harrah's Entertainment
Inc., whose resorts include Paris Las Vegas and
Caesars
Palace.
Boyd, a once obscure
hotel-casino operator that has grown steadily over
the years, also faces competition from several
giant projects that recently opened or are under
development.
Steve Wynn's Wynn Las Vegas
luxury mega-casino opened last year. MGM Mirage is
planning a $5-billion complex called City-Center
that would include hotels, a casino, stores and
condominiums.
Las Vegas Sands corp., which
owns the Venetian, is contracting a $1.6 billion
complex called Palazzo that would have 3,025
rooms.
Las Vegas-based Boyd "is
swinging for the fences on all aspects of the
redevelopment plans and is ready to become on the
big boys on the Strip," analyst William Schmitt of
CIBC World Markets said in a note to
clients.
Boyd's
proposed 63 acre project means the end for the
Stardust, another of the famed hotel-casinos that
were built after World War II and became the early
backbone of Las
Vegas.
The Stardust opened in 1958
on the northern section of the Strip and was
acquired by Boyd in 1985. For years it was home to
singer Wayne Newton -- known as "Mr. Las Vegas" --
and it still features such entertainers as Don
Rickles, the Temptations and Jackie
Mason.
But the complex lacked many
of the attractions, such as upscale shopping and
dining, that tourists now seek when they arrive in
Nevada. Recently, Boyd promoted the Stardust as the
hotel of choice for those who enjoyed the classic,
retro Las
Vegas.
3.
Editor's Note / "This
was inevitable," said Anthony Curtis, publisher of
the Las Vegas Advisor, which chronicles the city
and its gaming industry. "The old-style casinos,
and the Stardust is one, just can't compete
anymore.
"People come to Las Vegas
with their heart set on seeing the latest and
greatest and coolest and slickest," Curtis said.
"And these old places don't qualify
anymore."
Some analysts have voiced
concern over whether too many new projects are
being built in Las Vegas, threatening an oversupply
of rooms. The city had a total of 131,503 rooms at
the end of 2004, according to the Las Vegas
Convention and Visitors
Authority.
But Boughner discounted the
concern, saying that the Echelon Place and some
other projects would be replacing many existing,
aging rooms
"with more relevant and
compelling" accommodations rather than just adding
rooms to Las Vegas current
capacity.
He also noted that Las
Vegas' tourism business continued to grow, raising
demand for rooms. A record 37.4 million people
visited Las Vegas in 2004, and through the first 10
months of 2005, the number of visitors totaled 32.4
million, up 2.5% from the same period a year
earlier, according to the city's convention
group.
Under the Echelon Place
proposal, Boyd would spend $2.9 billion to develop
a wholly owned hotel-casino called the Echelon
Resort. An additional $1.1 billion would be
invested by Boyd and other joint-venture partners
who would develop three more hotels and other
projects on the
property.
Boyd operates 19 gaming
facilities in Nevada, New Jersey, Mississippi,
Illinois, Indiana and
Louisiana.
The Associated Press
reported that after the announcement, Boyd's stock
closed at $46.09 a share, down $2.31, or
4.8%
Josie
Cory
Publisher/Editor
TVI Magazine
TVI
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Associated Press, Reuters, BBC, LA Times, NY Times,
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It and SmartSearch were used in compiling and
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-108 Stardust Hotel in Las Vegas will be
replaced with a $4 Billion Dollar complex called
Echelon Place -- says Bob Boughner of Boyd Gaming
Corp
NEWS
Convergence - 02 Week of 2006 Winter
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