International hospitality giant Genting Group has announced a deal with Boyd Gaming Corp. to purchase the land and assets, including partially built structures, of the stalled Echelon casino-resort in Las Vegas. The company will pay Boyd $350 million for the 87-acre property, according to the Las Vegas Review-Journal.
Genting, which owns and operates properties in Malaysia, Singapore, and New York City, is planning to build a $2 billion hotel-casino development, called Resorts World Las Vegas, that will feature 3,500 rooms, a 175,000-sf casino, convention space, and some 200,000 sf of retail and restaurants.
The plan includes completing many of the partially built structures on the site, including hotel structures and a parking garage. It's expected to open in 2016.
The development is the second major Las Vegas construction announcement in the past month. In last February, SLS Hotels broke ground on a $415 million makeover of the Sahara Hotel, which closed in 2011 after nearly 60 years on the Strip.
Related Stories
| May 23, 2013
Is the 'bring your own device' discussion stumping your IT group?
A new twist to the communication challenge most companies and IT departments face is the “bring your own device,” or BYOD, conundrum. I call it a conundrum because it is stumping many IT professionals.
| May 22, 2013
Return of retail? Rent growth seen in recovering markets
Like digging a ditch with a spoon, retail demand driven by population growth has eaten away at the supply of available store space in the markets that have been slowest to recover from the downturn. Vacancy rates are reaching a point that will give at least some landlords in every market the clout to demand slightly higher rents.
| May 22, 2013
Architecture billings take a step back in April, ending growth streak
For the first time in 10 months, the AIA's Architecture Billings Index slipped into negative territory, falling to 48.6 in April, down from 51.9 the previous month. This is the ABI's lowest mark since July 2012.
| May 21, 2013
Foster + Partners reveals plans for London residential towers
British firm Foster + Partners has unveiled plans for two residential skyscrapers as part of a mixed-use development in north London.
| May 21, 2013
RSMeans cost comparisons: pools, racquetball courts, bowling alleys, hockey/soccer facilities
Construction market analysts from RSMeans offer construction costs per square foot for four building types across 25 metro markets.
| May 21, 2013
7 tile trends for 2013: Touch-sensitive glazes, metallic tones among top styles
Tile of Spain consultant and ceramic tile expert Ryan Fasan presented his "What's Trending in Tile" roundup at the Coverings 2013 show in Atlanta earlier this month. Here's an overview of Fasan's emerging tile trends for 2013.
| May 20, 2013
4 emerging trends in parking structure design
Survey of parking professionals reveals how technology is transforming the parking industry.
| May 20, 2013
Jones Lang LaSalle: All U.S. real estate sectors to post gains in 2013—even retail
With healthier job growth numbers and construction volumes at near-historic lows, real estate experts at Jones Lang LaSalle see a rosy year for U.S. commercial construction.
| May 17, 2013
First look: HKS' multipurpose stadium for Minnesota Vikings
The Minnesota Sports Facilities Authority (MSFA), the Minnesota Vikings and HKS Sports & Entertainment Group have unveiled the design of the State’s new multi? purpose stadium in Minneapolis, a major milestone in getting the $975 million stadium built on time and on budget.
