Boyd Gaming officials unveiled details about the company’s newest project, Echelon, releasing unseen renderings and an updated construction cost for the resort being built at the former site of the Stardust.

The project is now expected to cost $4.8 billion, up from earlier reports of $4.4 billion. Boyd is covering $3.3 billion for the components it will own, entering a $500 million joint venture with General Growth Properties on the retail promenade and a $950 million joint venture with Morgans Hotel Group for the Delano and Mondrian hotel towers.

The property will feature five hotels with a total of 5,000 rooms. It will have more than 30 dining and nightlife venues, 4,000-seat and 1,500-seat entertainment venues, a 300,000-square-foot retail promenade and a 140,000-square-foot casino.

“We are creating a destination resort that will be seen for miles, and yet, be accessible within feet,” said Echelon President Bob Boughner. “With Echelon, we are making the most of our extraordinary and highly visible Las Vegas Strip site by building five hotels with world class amenities, in one dramatic phase.”

Boyd Gaming Chairman and CEO Bill Boyd said the company will build on its successes with the Borgata in Atlantic City—a project that was developed under Boughner. Developing the Borgata diverted the company’s attention from Las Vegas, but was ultimately for the best.

“The development of the Borgata came at a price: it forced us to delay our Las Vegas Strip developments,” Boyd said. “That turned out to be a good decision, because we probably would have underestimated the market.”

The North Strip is a hotbed of activity, with MGM Mirage developing the former site of the original El Rancho, Elad’s plans for the Plaza at the site of the New Frontier, Las Vegas Sands Corp.’s Palazzo and Encore at Wynn. But it was five years ago when Boyd was working on the Borgata.

Echelon is scheduled to open in the third quarter of 2010.

By Greg Jones

Greg Jones is managing editor of Casino Connection Nevada, as well as associate editor of Global Gaming Business magazine.

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