Plans to rebuild the Sahara, a project that could begin by the end of the year, came as good news to Boyd Gaming executives, but they say it is much too early to determine whether Boyd may be closer to a restart of its Echelon development.
“We continue to monitor the situation,” Boyd CEO Keith Smith said, “and try to determine when it is we should take another look at (Echelon), but we do not have a solid view right now. We are monitoring it, still trying to understand when (Echelon) may be restarted. Our last statement was that we believe it is three to five years in the future.
“I think that is still our feeling today.”
Boyd is “encouraged” by continuing trends along the Strip that point toward a recovering economy. Improving occupancy numbers and visitor counts that have been edging higher are all “positives,” Smith, acknowledged, “but we are not ready to make a decision today.”
He might have also been tempted to point out that announcing a plan for the site of the former Sahara is not the same thing as starting and completing that plan. A number of big plans crashed and burned, so to speak, or were put back on the shelf as developers were knocked for a loop by the Great Recession of the last several years.
Boyd, like a number of gaming companies, is more likely to invest in opportunities outside Nevada for the next couple of years, although they can be counted on to pay close attention to announcements concerning the Fontainebleau (south of the Sahara) or the MGM acreage (opposite the Sahara).
In the meantime, Boyd is looking for acquisitions elsewhere, deals that could help bulk up its all-important database.
“We are looking in markets that would be strategic to us, places that we are not in today,” Smith said. “We will be very careful not to buy an asset that we don’t think we can improve.”
Atlantic City’s Revel formally completed a Chapter 11 restructuring that saw it wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 82 percent ownership stake.
Cantor Gaming announced today it has released future odds on NFL season wins. The company is offering advanced wagering on weeks 1 through 16 of the NFL season, in addition to wagering on NFL season win totals, Division odds and Super Bowl odds.
Terrible’s Hotel & Casino began its transition to a new identity by uninstalling its iconic Terrible’s Cowboy neon sign on Monday. The property will become the Silver Sevens Hotel & Casino in July.
Vegas Sports Books | The LVH Super Book threw out all kinds of cool NFL stuff on Sunday that will give bettors something to chew on for a while. They posted their games of the year along with their season win totals.
The Miami Herald building, although still standing, no longer houses the newspaper operation. As of last week, the Miami Herald building is now owned by Malaysia-based Genting Group, the company that paid $236 million for the right to tear it down.
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