he company said its 50-50 joint venture with Morgans Hotel Group Co. would develop a 550-room Delano hotel and 860-room Mondrian hotel for us$ 950 million. The cost of the hotels had previously been estimated at $700 million, Boyd spokesman Rob Stillwell said.
Boyd announced in May it would develop a 27,870 sqm retail promenade with General Growth Properties costing us$ 500 million, up from an initially forecast us$ 400 million. The cost increases were a result of broad plans being better defined, Stillwell said. The company initially pegged the scope of Echelon in January 2006 at us$ 4 billion.
The property, spanning 56 thousand hectares on the Las Vegas Strip on the site of the former Stardust casino-hotel, will have about 5,000 hotel rooms, 69,677 sqm of convention and meeting space, two live entertainment venues, 30 dining and nightlife venues, and a 13 thousand casino. It is planned to open in the third quarter of 2010.
The company planned to announce further details about the property at a groundbreaking ceremony Tuesday.