Even big casino companies like Boyd are having trouble getting financing apparently. I love the Delano in South Beach, so hopefully this gets done. Plus, Echelon Place really wouldnt be complete without these two hip hotels:
A Goldman Sachs analyst was cautious Wednesday on Boyd Gaming Corp.’s ability to complete funding for its Morgans Hotels joint venture.
The project, which is jointly owned by Boyd and Morgans Hotel Group, includes plans to create Delano and Mondrian hotels at the $4.8 billion Echelon development in Las Vegas.
Analyst Steven Kent said in a client note that the companies likely need about $770 million to proceed with the joint venture and are looking to raise both equity and debt for the project due to current credit conditions.
“While Boyd could go on with the rest of the Echelon development without these two boutique hotels, in our view these were one of the key differentiating factors for the project and could alter the success,” Kent wrote.
Source: Yahoo
