Genting Buys Echelon in Las Vegas from Boyd Gaming for $500 Million
- Created: Monday, 04 March 2013 18:13
- Written by Matt Bourie
Malaysia-based Genting Group has purchased the Echelon site on the Strip from Boyd Gaming for less than $500 million and plans to use the site to build a new, $2 billion hotel-casino complex. The site, which once housed the Stardust, is 87 acres and has sat empty since Boyd Gaming halted development on the project five years ago.
Genting's new Las Vegas casino, Resorts World Las Vegas, is expected to open in 2016 and will feature 175,000-square-feet of gaming and a 3,500-room hotel as well as restaurants, retail shops, and convention space.
“This is a great day for Genting, Las Vegas, and the state of Nevada, and we look forward to taking full advantage of this exciting new opportunity,” said Genting Chairman KT Lim in a statement. “This is an unparalleled opportunity to showcase what has made the Resorts World brand a globally recognized success for the past several decades.”
Boyd Gaming had originally planned to build a $4.8 billion resort at the site, but gave up when the economy went south. Genting will still have to recieve licensing approval from Nevada gaming regulators before the casino can open.
Genting also owns and operates Resorts World New York.