Boyd Gaming Breaks Ground on Echelon: Leading Hotel, Retail, and Entertainment Companies Collaborate for Echelon Development
LAS VEGAS, June 19 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation (NYSE: BYD) today unveiled previously unseen renderings of Echelon, the multi-property resort destination planned for the Las Vegas Strip. Bill Boyd, Chairman and Chief Executive Officer for Boyd Gaming and Bob Boughner, President and Chief Executive Officer of Boyd Gaming's Echelon Resorts, joined top company executives along with executives from its strategic partners, Morgans Hotel Group, Shangri-La Hotels and Resorts, AEG Live and General Growth Properties at a groundbreaking ceremony.
"Today's groundbreaking marks an important milestone in one of the most exciting and ambitious developments on the Strip," commented Bill Boyd. "As our anticipation for Echelon continues to grow, we are pleased to share more of our vision, which integrates thoughtful master planning, innovative design and industry leading hotels and partners, which together will elevate the Las Vegas experience."
Bob Boughner added, "We are creating a destination resort that will be seen for miles, and yet, be accessible within feet. With Echelon, we are making the most of our extraordinary and highly visible Las Vegas Strip site by building five hotels with world class amenities, in one dramatic phase."
Scheduled to open in the third quarter 2010, Echelon will span 87 acres, including 22 acres available for future development, to include Hotel Echelon and the Suites at Echelon; Delano and Mondrian Las Vegas, operated by Morgans Hotel Group; and Shangri-La Las Vegas, operated by Shangri-La Hotels and Resorts. Echelon will also feature an extensive array of dining, nightlife, shopping and entertainment experiences.
Echelon will feature a 4,000-seat production theater and a 1,500-seat performance venue
operated by AEG Live; a 300,000-square-foot retail promenade co-owned by Boyd Gaming and General Growth Properties; and more than 750,000 square feet of total meeting and convention space. BLT Architects, an award- winning, multifaceted, full service design and architectural firm, was selected as Executive Architect for Echelon.
Tishman Construction, one of the nation's most experienced builders, will serve as
AN OVERVIEW OF ECHELON...
Hotel Echelon, with 2,500 guest rooms and suites, will embody elegance, comfort and convenience with clean, contemporary design. The guest rooms and suites, designed by Lawrence Lee Associates, will be thoughtfully appointed to host, with equal attention, guests visiting for business or staying for pleasure. The hotel will feature a grand arrival experience and a dramatic entry lobby designed by Gabellini Sheppard Associates. A separate dedicated group arrival area will ensure smooth check-in and access to the hotel. The hotel will also feature a two-story luxury spa, salon, barbershop, a comprehensive fitness center and lushly landscaped pools and gardens.
Suites at Echelon
The Suites at Echelon is a 650 all-suite hotel catering to the discerning business traveler and indulgent vacationer alike. With a separate entrance and porte cochere, the Suites at Echelon will offer an elevated level of style, service and amenities. With interiors designed by Jeffery Beers International, the hotel will feature suites ranging in size from 800 square feet to over 7,000 square feet, a hotel lobby with guest reception and concierge, an intimate bar and lounge and a feature restaurant. The Suites at Echelon will showcase dedicated conference space, a luxurious spa, salon and full-service fitness center. The all-suite hotel will be steps away from high- limit casino action.
Shangri-La Hotel, Las Vegas
Shangri-La Las Vegas will be operated by Shangri-La Hotels and Resorts, Asia's premier five-star luxury hotel company. The intimate, modern luxury setting will include 282 guest rooms and 71 premium suites with a distinctive porte cochere and hotel lobby. Shangri-La will feature 14 guest rooms per floor, providing quick and easy access from elevators, and will offer a superior in-room hospitality experience. With interiors designed by Hersh Bedner Associates, the hotel will feature a 20,000 square foot CHI spa, well-appointed premium meeting space and two feature restaurants.
Delano and Mondrian Las Vegas
The new Mondrian and Delano will feature approximately 860 and 550 rooms respectively, with a diverse collection of rooms, suites, lofts and bungalows. Morgans Hotel Group has named Chad Oppenheim as design architect for both hotels, Marcel Wanders as interior designer for Mondrian and Piet Boon as interior designer for Delano. Together, this celebrated team of designers and architects will design and develop the hotels to bring a new level of style and sophistication to Las Vegas.
Each hotel will feature its own porte cochere, lobby, destination restaurants, nightlife venues, pools and gardens and will have direct access to the gaming, retail, dining and entertainment offerings of Echelon. Delano will boast a lobby bar, one of Morgans Hotel Group's historically successful restaurants, and amenities including a spa and fitness center, private pool and recreation area. Mondrian will include an innovative nightlife venue, private pool and meeting and conference space to appeal to both business and leisure guests. Construction on the Delano and Mondrian is expected to begin in the first quarter of 2008.
Echelon Retail Promenade
Echelon's Retail Promenade will complement the style and sophistication of the five distinctive hotels of Echelon. With interiors designed by Gabellini Sheppard Associates, the contemporary promenade will feature a mix of luxury boutiques, international brands, distinctive cafes and signature restaurants. The Retail Promenade is co-owned by Boyd Gaming and General Growth Properties, one of the retail industry's most diversified and well-resourced operators.
AEG, one of the world's leading producers of entertainment and sporting events, whose
venues include The O2 in London and O2 World in Berlin, the Staples Center in Los Angeles and the Nokia Theater in New York City, will operate the 4,000-seat production theater that has been designed to accommodate both concerts and production shows. In addition, a more intimate 1,500-seat theater will house touring acts and performances.
The Meeting Center
The Meeting Center at Echelon has been designed to meet Las Vegas' strong and growing demand for meetings and convention space integrated into a resort environment. The Meeting Center will feature 650,000 square feet of meeting and convention space, bringing the total meeting and convention space at Echelon to approximately 750,000 square feet, including over 200 meeting rooms. The Meeting Center's proximity to the 5,000 rooms at Echelon will offer guests unparalleled convenience and access.
Echelon is planned to open in the third quarter 2010.
For more information about Echelon, please visit www.echelonresorts.com.
This press release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including but not limited to statements regarding Echelon, including each of the hotels to be developed at Echelon, the retail promenade, the entertainment venues and the meetings and conventions complex, the expected amenities iincluding the number of rooms and estimated square footage) of each, as well as the Company's various joint venture partners. In addition, forward-looking statements include statements regarding the Company's expectations regarding Echelon and each of its individual components, the estimated timing for the opening of Echelon, the estimated timing for the commencement of construction at Delano and Mondrian and that Las Vegas has strong and growing demand for meeting and convention space. Forwardlooking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. In particular, the Company can provide no assurances regarding the estimated timing, cost, progress or anticipated amenities and features of Echelon or its individual components. Among the factors that could cause actual results to differ materially are the following: competition, litigation, changes in laws and regulations, including increased taxes, the availability and price of energy, economic, credit and capital market conditions and the effects of war, terrorist or similar activity. In addition, the Company's development projects, including Echelon and its individual components, are subject to the many risks inherent in the construction of a new enterprise, including unanticipated design, construction, regulatory, environmental and operating problems and lack of demand for the Company's projects, as well as poor performance or non-performance of any of its joint venture partners or other third parties on whom the Company is relying in connection with Echelon, its individual components or other projects, unanticipated delays and cost increases, shortages of materials, shortages of skilled labor or work stoppages, unforeseen construction scheduling, engineering, environmental, permitting, construction or geological problems, weather interference, floods, fires or other casualty losses. In addition, the Company's anticipated costs and construction periods for projects are based upon budgets, conceptual design documents and construction schedule estimates prepared by the Company in consultation with its architects and contractors. Many of these costs are estimated at inception of the project and can change over time as the project is built to completion. The cost of any project may vary significantly from initial budget expectations, and the Company may have a limited amount of capital resources to fund cost overruns. If the Company cannot finance cost overruns on a timely basis, the completion of one or more projects may be delayed until adequate funding is available. The Company cannot assure you that any project will be completed, if at all, on time or within established budgets, or that any project will result in increased earnings to the Company. Significant delays, cost overruns, or failures of the Company's projects to achieve market acceptance could have a material adverse effect on the Company's business, financial condition and results of operations. Furthermore, the Company's projects may not help it compete with new or increased competition in its markets. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Form 10-K for the year ended December 31, 2006, which is on file with the SEC, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 17 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, Louisiana and Florida. The Company is also developing Echelon, a world-class destination resort on the Las Vegas Strip, expected to open in the third quarter 2010. Boyd Gaming press releases are available at www.prnewswire.com.
Additional news and information on Boyd Gaming can be found at www.boydgaming.com .