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Posted At : October 29, 2008 03:22 PM | Posted By : D McKee
Related Categories:
Current,The Strip,Boyd Gaming,Morgans Hotel Group
After insisting right up to the bitter end, and then some, on going full-tilt with Echelon, now on hiatus for 7-12 months, Boyd Gaming CEO Keith Smith is modulating his tone. According to Reuters, "He emphasized that Boyd remains 'committed to having a meaningful presence on the Las Vegas Strip,' and is now looking at alternatives including opening the project in phases, modifying its scope or entering into other partnerships."
Far be it from me to mention that *cough* certain blogs *cough* have been urging all or most of the above for a while now. Especially the "entering into other partnerships" part. As far as Echelon's retail mall is concerned, the collapse of General Growth Properties renders the question moot -- and gives Smith an excuse to put it indefinitely on ice.
This might be a good time to ease out flibbertygibbet Morgans Hotel Group, which has been almost as big a drag on Echelon as GGP -- but I won't press the point. Whatever Boyd comes up with may not be a second Borgata, but it will still elevate the company's image in Las Vegas. There never was any discernible point in trying to do a CityCenter and build everything in one great gulp. That was stepping a little out of Boyd's league. Smith's pause for reflection will undoubtedly result in a more prudent and affordable -- and soundly capitalized -- Echelon 2.0.
Putting the "monitor" in Christian Science Monitor. The respected newspaper is going to a Web-based publication model. I wonder if a certain local publisher still thinks it will literally be two generations before Americans regard the Internet as their primary news source?
I have a feeling Echelon might become another Ivanka Trump/Liberty Towers disaster, but one that's already partially built...
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