Boyd Gaming Corporation, the third largest casino entertainment company in the world, announced the plans for the old Stardust Hotel and Casino on the Las Vegas Strip. A $4 billion hotel/casino, shopping and convention area will be constructed after the demolition of the Stardust in early 2007 when construction of Echelon Place begins. This represents the largest project undertaken by the Boyd Gaming Corporation and will lead the company into the competition for the high-end Las Vegas visitor market. Echelon Place is the announced name of the new resort with current plans calling for a 2010 finish date. The 63 acre site is about the size of the MGM Mirage Corporation's $7 billion CityCenter project to be constructed on the strip.

When completed the Echelon will have more than 5000 hotel rooms, a million square feet of convention space, almost a half million square feet in an upscale retail shopping mall and another 150,000 square feet of casino. Bill Boyd, CEO of Boyd Gaming Corp, said the Echelon project will be headed by Bob Boughner. Boughner will leave his post at the Borgata Resort in Atlantic City to assume the duties of President and CEO of Echelon Place.

Boyd Gaming has already partnered with some of the major players that will develop different areas of the Echelon project and more will be announced as they come onboard. The CFO of Boyd Gaming, Ellis Landau, said the company will finance its share of the project with money from cash flow and bank financing. There are no current plans to go public with the project at this time.

Boyd Gaming officials said the Echelon project has been designed for easy access from three sides of the property into the parking areas. All of the major attractions of the resort will have convenient, close parking. Current plans do not call for any residential development but some of the acerage is being held in reserve for future development so depending on the market for high-end strip condominiums that option remains open.

I had heard rumors that a major project would be announced shortly after the New Year when I posted this previous article hinting about the future of the aging Stardust.