Work on Echelon officially got underway in June 2007. Thecompany haltedconstruction on Aug. 1, saying it hoped to resumeconstruction in nine to 12 months.
"Due to the continued deterioration in credit market conditionsand the economic outlook, it is unlikely that we will resumeconstruction in 2009," the company stated in its 10-Q filing thisweek. "Nonetheless, we remain committed to having a meaningfulpresence on the Las Vegas Strip."
Instead of resuming construction, Boyd says it will spend 2009preparing alternative development options for the site. The optionslikely to be considered include developing the project in phases,alternative capital structures for the project, scope modificationsto the project, and additional strategic partnerships.
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