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Boyd gets Echelon extension for 6 yrs.

Discussion in 'Casino Industry & Development' started by Joe, Jul 20, 2012.

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  1. Joe

    Joe VIP Whale

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  2. rdunc311

    rdunc311 Tourist

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    Is this near Fontainebleu? Not sure where this is.
     
  3. gongoman

    gongoman MIA

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    Well so much to the rumor of Wynn wanting to make a offer to them--I knew it was bs but i believe a good source--Oh well hope Boyd builds soon:beer:
     
  4. Turtleman

    Turtleman VIP Whale

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    Joe: Thanks for posting that link – it sounds like there's a little glimmer of hope!
     
  5. UTE

    UTE Plastics

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    It's on the West side of The Strip in between Fashion Show Mall and Circus Circus. Staying at Trump's gives one a lovely view of the desolate grounds.
    _________

    The thing I like about this latest action is the developers have agreed to make the site easier on the eyes. More agreements like this need to be pursued. I've suggested in the past that developers should be required to post a bond covering landscaping/beautification if they fail to build on a site within a set time frame.

    Bill
     
  6. JillyFromPhilly

    JillyFromPhilly Tourist

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    I still think a better move for Boyd would be to scrap any plans to finish Echelon & just buy Cosmo instead - they could probably get Cosmo for equal to or less than what it would cost to finish Echelon - plus they'd be getting a completed & already running top-tier property that's right in the heart of the strip instead of having to take the time to complete a new property that is located in the no-man's land that is pretty much the north strip.
     
  7. Joe

    Joe VIP Whale

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    This is on the site of the old Stardust.
     
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  8. RC

    RC Low-Roller

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    How much money do you think Boyd lost by not simply keeping the Stardust open instead of wasting all of that money on demolition costs etc.?? They definitely struck out as they were swinging for the fences and all the big money that they thought that they would rake in with the new place.
     
  9. Someone

    Someone High-Roller

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    I would say that would be hard to really figure it would depend a lot on the condition of the Stardust when it was imploded especially the rooms and mechanicals

    with the Sahara closed, the Riviera said to be struggling, Hooters going under, and the Tropicana having issues before it was sold cheap and renovated the Stardust might have just been another money loser in a different format or it might be sitting there closed like the Sahara or near empty like the LVC and other downtown properties

    obviously Echelon is not making them any money and probably costing them something each month in the form of interest and some upkeep, but the Stardust could have been sitting there closed and doing the same or it could have been renovated and "returning" a loss each month on that investment

    and casino companies are not exactly the easiest to follow on their books and what makes and loses money even of they are public and report haha
     
  10. Sam D

    Sam D Low-Roller

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    This was the issue that caused the breakup of merger partners Bill Boyd (Boyd Gaming) and Michael Gaughn (Coast Casinos) before they went their separate ways.
     
  11. RC

    RC Low-Roller

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    I just read elsewhere that they had spent 1.5 billion in development on that project before they stopped everything.
     
  12. smartone

    smartone VIP Whale

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    That sounds a bit high, but then they would've had the design work done, the underground work and foundation work done and were well along in doing all they heavy iron work. I'm no construction expert, but seems to me sheet rock and finish work costs less than the foundation and structural work?
     
  13. RC

    RC Low-Roller

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  14. Joe

    Joe VIP Whale

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  15. RC

    RC Low-Roller

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    Joe - I was very happy to have sold their stock back when the Stardust was still open. I could have made some money with it had I kept it longer as it went pretty high, but I've done much better with that money since I added it into my one 10+ bagger.
     
  16. Nevyn

    Nevyn VIP Whale

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    Can't really tell that without knowing how they would have operated the Stardust.

    Its easy to say its a running casino and of course it would make money, but that didn't keep Sahara open. And being next to the unfinished "Plaza", the low rent and aging Circus Circus, the aging Riviera and the unfinished Fontaineblue would mean that its location wouldn't have been great.

    Don't get me wrong, I don't think they'd have been 1.5 billion in the hole as they are with the new construction, but its entirely possible that if they had left it up Stardust fans would be complaining about how Boyd let it slide so far down, instead of how they blew it up.
     
  17. JillyFromPhilly

    JillyFromPhilly Tourist

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    Although, that $1.5 billion - even a fraction of it - could've been used to keep Stardust renovated & solvent or subsidized losses or even just kept Boyd's overall debt load down by not having borrowed it in the first place [if it was even borrowed to begin with]. Plus that last big tower at Stardust did only go up in 1991, which means it was younger than the Mirage, which has remained competitive. So I think had they left Stardust up and running, and possibly even just did enough renovations to keep it current, then there's a good chance it would still be running today, and probably in better shape than the Riviera or Sahara.
     
  18. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    They would be in much better shape. Stardust was a better overall property. It is closer to the rest of the strip than the others caught in no mans land (Circus Circus, Riviera, Sahara RIP and Stratosphere ).

    Also, the B Connected nationwide program would be able to provide comped rooms on the strip similar to what Harrah's and MGM. Granted, it would be only only one mid level strip property, but it is better than their current premier property (offstrip Orleans).
     
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