Company president John Weaver tells GlobeSt.com he has theproperty under contract to close later this year, has securedsenior debt financing and expects to start moving dirt next yearfor the first phase of the massive project. The cost of the landhas not been released. The estimated construction budget is $8.5billion. The project's total value upon completion is estimated at$9.5 billion.

"We plan on breaking ground in the third quarter of 2008 uponreceipt of all necessary permits and design approvals," he says."We have a pre-development meeting with the city next week."

The bulk of the development site is bounded on the north by EastCharleston Boulevard, on the south by W. Wyoming Street, on theeast by Main Street and on the west by the Union Pacific railroadtracks. In addition, the development area includes a triangle ofland west of the railroad tracks at the north end of the site and atriangle of land east of Main Street at the south end of the sitethat extends to Las Vegas Boulevard opposite the Stratospherehotel-casino.