LAS VEGAS | Boom Project Rundown! 2.0

[Steven C.]

as for echelon

My wife and i go to gold coast and orleans... one thing we noticed was that they started to change their restraunts and the quality standards started to fall. that was about three months ago.
getting rid of the local specials at smaller places like the monterry room at gold coast and replacing it with a TGI Fridays.
That is a sign it would seem that they are losing money and putting in safe bet type dining and whatnot.

what a shame about echelon. hard to believe they will just let it sit. that they cant get any sort of financing and no lender trusts them in the long run.

[lfc4life]

Originally Posted by Vtown420

OMG, this is getting depressing. I guess the gloom and doomers have won. Are projects in other cities having the same problems getting financing?

well i know the 1050ft waterview tower in chicago has been left for a few months now about 20 floors or so completed, alot of major projects just starting construction are in danger imo

i think thats the end of echelon too, it was far too big a project for boyd to attempt and it has backfired on them bigtime

[Aaron Auxier]

Everyone in-between my last post and this one have great points. I am in real estate, but this time seems to be a much-needed clean out. I never knew when I moved here I was moving into the darkest days in the history of the city!

[ScottG]

can any one say Ryugyong Hotel?

[Silas]

Who else suspected Echelon would cancel?

[Patrick]

Well I'm actually very surprised about Echelon, but never was a fan of it, what a plain design, hopefully they redesign by the time construction restarts.

[ScottG]

i firmly beleive once city center is done - everything will be different - there will be more construction workers available - less of a demand on supplies - etc.

by that time too - fountainebleau will be done - cosmo will be done - the M resort - the venetian condo and encore

this will just bring in more people to vegas - if not slowly but surely -

then just another wave of a construction boomwill begin again -

think of all the jobs that will be created once these suckers open - where are these people coming from? vegas doed not have 70,000 unemplyeed (and qualified) people living here - we will need to ship em in!

we definitly have the houses for them to buy too!

[lfc4life]

more details emerging, it seems boyd had secured their financing cheaply before the credit crunch and already pre-purchased the materials necessary for their part but Morgans and GGP have failed to secure any sort of finance and it was unlikely they were going to in this market.

boyd could have pressed ahead without the boutique hotels and the mall but that would probably have seen their shares dive below $1 eventually

[neworleans]

Originally Posted by Silas

Who else suspected Echelon would cancel?

Echelon is not canceled. it is just on hold until the economy picks up. And i love the design, i hope they do not change anything except maybe if they added more frontage to the strip

[RandalR]

Originally Posted by lfc4life

i think thats the end of echelon too, it was far too big a project for boyd to attempt and it has backfired on them bigtime

Boyd won't be the ones who finish it. Likely in two or three years Steve Wynn or Sheldon Adelson will buy the lot for a song and build something nice there. And I wouldn't be surprised if they demolish the existing structure, first.

I'll bet El Ad will sell the Frontier lot, too.

Fontainebleau will get done, but they had better rethink the grandiose condo-hotel sales plans and focus on marketing themselves a place for Middle America to experience Florida-style luxury for less money.

[Aaron Auxier]

Originally Posted by RandalR

Boyd won't be the ones who finish it. Likely in two or three years Steve Wynn or Sheldon Adelson will buy the lot for a song and build something nice there. And I wouldn't be surprised if they demolish the existing structure, first.

I'll bet El Ad will sell the Frontier lot, too.

Fontainebleau will get done, but they had better rethink the grandiose condo-hotel sales plans and focus on marketing themselves a place for Middle America to experience Florida-style luxury for less money.

RandalR, I always see you making good, strong points.

[fishordie]

Back in 2005 I met with a number of key managers of several hotel/condo projects begging them to use, what appeared at that time as a windfall profit
for the developers who would see their properties double in worth upon the projected 2008 completion dates (Prior to the now well known real estate problems), to use that windfall to recreate Vegas in its old image. Create the lure of low cost and reasonable quality eateries, bring back the old charm of
customer service in its purest form, teach every employee from dealers to house keeping to front desk how to be gracious and welcoming even to the 21 year old first timer. In short, remake Vegas from its present pay now and pay later attitude to the old pay for a great few days and fun stay with us. Lure back the folks who pay the overhead and really dont care about all the glitz and glamour if they lose their simple pleasures like choices of Prime Rib or surf and turf for 6.99.

Somehow Vegas lost its way due to having to pay some outrageous mortgages and felt they needed the big fish to pay the bills. How many folks in this economy care about paying $17.00 for a cocktail so they can sit in a fancy room with other folks who mostly cannot afford the drink either???
How about 18 dollar hamburgers and fries so you can continue to lay on your lounge chair and let some waitress who scowls and most of the folks if they don't give a 15 dollar tip.

In todays economic climate I believe a reasonable budget for a customer service oriented hotel, not carrying a giant mortgage over its head that provides plenty of pool space, clean environs, smiling employees, etc. might just see an influx of patrons looking for the old Vegas Spirit. Perhaps the time is ripe to reduce the billion dollar interiors and get back to the business
of gambling for fun and providing a destination where Bill Gates or John Doe
can feel like they got something special for their hard earned dollars or should I say Peso's, Euro's, Yen or whatever currency is in favor at the time.

I have been preaching gloom and doom on this and other sites for the last 1.5 years based on my perception of the economy. I still have my own beliefs in this regard but do not need to express them on this thread preferring rather to stir up the pot and get other folks feeling about a Vegas Hotel that actually caters to those seeking customer service at a fair price.
After all a smiling and witty dealer or a welcoming front desk person costs the hotel nothing other than a bit of training from someone who actually understands customer service.

Our Vegas was unique and perhaps, if we try to stop competing with Dubai or Macow, we might just be again. For this Vegas person I could care less if Paris Hilton or the Sultan of Brunai is hanging out at a private Roulette table or the Hotel pool or bar. Let them eat cake I just want value for my bread.

FOD

[RandalR]

Originally Posted by LasVegasStripDaily

RandalR, I always see you making good, strong points.

Hey, I live at Turnberry Place - I have a vested interest in somebody in Vegas finally getting this economy figured out and playing it right.

[NYC2ATX]

Wow, that (Echelon) was unexpected. (no sarcasm)

<--I really made this face when I read about it just now.

[DMaldon762]

http://www.vegasrex.com/2008/08/01/t...on-depression/

[mdiederi]

http://lvsun.com/news/2008/aug/01/bo...en-building-u/
Boyd had 100% financing secured for construction of their part of Echelon. But banks don't just hand out the entire amount at the start of construction, they pay it in stages. Unfortunately, right now the banking industry is on the verge of losing $5 trillion dollars in foreclosed mortgages and other defaults across the country. Interest rates are still low, but the banks don't have any money to lend.

Boyd pre-bought a lot of steel and other materials and they will be kept in storage until the financial market gets its act together.

[vwwolfe]

Originally Posted by ScottG

can any one say Ryugyong Hotel?

The Ryugyong Hotel is back under construction after a fifteen year hiatus.

http://forum.skyscraperpage.com/showthread.php?t=151796

[jazfingr]

Originally Posted by vwwolfe

The Ryugyong Hotel is back under construction after a fifteen year hiatus.

http://forum.skyscraperpage.com/showthread.php?t=151796

Wow, that's one butt-ugly building

[neworleans]

I saw the eastside cannery tonight, and i wish i could have gotten pictures because the building is all light up and it changes colors, from orange to yellow to green to blue and to a couple other colors.

[mdiederi]

Originally Posted by RandalR

Boyd won't be the ones who finish it. Likely in two or three years Steve Wynn or Sheldon Adelson will buy the lot for a song and build something nice there. And I wouldn't be surprised if they demolish the existing structure, first.

Neither Wynn or Adelson could get the money to buy it and build it right now. Adelson postponed construction of his new Sands convention center just a couple weeks ago for the same reasons.