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GENTING GROUP BUYS ECHELON STRIP SITE IN LAS VEGAS FOR $350M

LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.

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