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Stardust Replacement Echelon In Financial Messchelon

By Chuckmonster on Friday, 1st August 2008 11:14am
  » filed under Las Vegas  comments: 4


Step 1: blow up a perfectly good, yet somewhat aging resort.

Step 3: Profit!

South Park's 'Underpants Gnomes' strike again! Boyd Gaming has announced that Echelon, the multi-billion dollar resort being built upon the remnants of the Stardust has ceased construction effective immediately.

The cause? Credit markets of course.

The prognosis? Construction for the partially built abortion will resume after Boyd (and the credit market) gets their collective shirt together. Like... uh... a year from now. Maybe.

Oh and about the underpants gnomes... you know I wouldn't leave you hanging on a semi obscure reference would I? The clip:

So, it looks like both clauses of the Gone Fishing Notice have been satisfied - "earth shattering" (Echelon postponed) and "undeniably interesting" (large man gets booted from Borgata for having B.O.).



Comments & Discussion:

Based upon the press release from Morgans Hotel Group, it looks like they are pulling out of Echelon totally:

Morgans Hotel Group Issues Statement Regarding Echelon Project in Las Vegas
NEW YORK--(BUSINESS WIRE)--Aug. 1, 2008--Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG") today issued the following statement regarding the announcement by Boyd Gaming Corporation (NYSE: BYD) that it will delay the entire Echelon project due to the difficult environment surrounding today's capital markets and current economic conditions. In January 2006, MHG entered into a 50/50 joint venture with Boyd to develop a Mondrian and Delano within Boyd's Echelon development on the Las Vegas strip.

As MHG previously announced on July 1, 2008, the deadline to obtain construction financing for the Echelon project was extended to September 15, 2008. Given Boyd's announcement and the difficulties in the credit markets, MHG believes that the joint venture will be unable to secure financing at favorable rates and conditions by September 15, 2008. MHG does not intend to further extend the joint venture agreement on its current terms but expects to evaluate future proposals relating to the project with Boyd.

North Las Vegas Strip - all hotels are half built and half price! (Just bring your own camping/sleeping equipment, port o john, food, etc.) Maybe if Circus Circus is nice enough, they'll let you use their restrooms.

My new favorite FAIL picture.

STUPID STUPID STUPID the stardust although it was old they should of remolded it and spent maybe 1 billion dollars on the remodeling ,they could have kept it up and running during the remolding and would be making some money ,now they have nothing. in this economy these companies are being greedy and stupid building multi billion dollar projects and blowing up the real las vegas

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