When Boyd Gaming stopped their “Echelon” resort project on the North end of the Strip lots of people questioned why after they had already spend quite a lot of money. In hindsight Boyd’s did the right thing as the economy headed south and the only part of the future resort that was done was a few stories of ironwork and an empty lot with equipment which has since been removed. Since 2008 when the project stalled the site hasn’t looked the greatest as it has basically been a building site with nothing going on. The Clark County Zoning Commission has giving Boyd Gaming a six year extension on finishing the project with a catch which is they must beautify the “Echelon” site right away. The County is asking for landscaping and some kind screen over the unfinished building which should be plus for an area of the North Strip that is dotted with a closed resort an unfinished resort and several dirt lots. Boyd Gaming said construction will begin in the next three to five years but that’s all going to depend on the state of the economy and at this moment in time it seems the project will start later than sooner.
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Boyd Gaming has announced its results for the first quarter of this year and a small loss of $3.5 million after a small profit of $8.4 million a year ago for the same quarter. Revenue was way up but some of that is because all of the Borgata's revenues in Atlantic City are now included in the results although revenue for that and other properties was down. The revenues in the locals market in Las Vegas were flat although one bright spot was The Orlean's which recorded its best revenue in three quarters. The California which is in downtown Las Vegas also did well as its Hawaiian package customers spent more and well as greater efficiencies in the operation although this was offset by higher fuel costs for Boyds charter operation. Boyds seems to be riding out the downtown as well as can be expeted and seems to be keeping its costs down as much as possible for when hopefully the Las Vegas market and the national economy rebounds.
Source: Boyd Gamings Press Release
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