Vegas $4.8B Mega Resort Project Halted Amid Market Decline - ENR | McGraw-Hill Construction

Description:
Las Vegas, a city known for its grand gestures, prides itself on thinking big – maybe too big, given the slumping economy. On Aug. 1, one of the city's longtime casino operators, Boyd Gaming, suspended construction on its $4.8-billion, 5,000-room Echelon mega-resort project citing "challenging economic conditions" and "the difficult environment surrounding today's capital markets." The company will delay work by at least a year, immediately placing 800 construction trades out of work. The move caused Boyd stock (NYSE: BYD) to jump 20%, to $12.01, for its steepest gain since April 2000. Boyd has already spent $500 million on the 12-million-sq-ft. project. The development, which is 12 stories out of the ground, was originally scheduled to ...

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