Monday, March 30, 2015

Resorts World Breaking Ground May 5, 2015

Construction on Resorts World Las Vegas will break ground on May 5, 2015 as first reported by the Review Journal.

The groundbreaking will take place approximately one year later than most people expected. The transaction selling Echelon by Boyd to Genting took place in March 2013. It was widely reported that construction would take place a year later in the spring of 2014 but that didn't happen.

Genting has been taking a conservative approach to this project. It seems like they wanted to be completely sure about the economy before they start building, which is smart. They are also opening the resort in phases - seemingly a prudent approach compared to the all or nothing approach that CityCenter used. There is also no official timetable for completion which allows for extra flexibility.

The May 5th start date is an interesting one, as it comes one day after the closing of the historic Riviera hotel right across the street. Coincidence or not, it's certainly symbolic in a "circle of life" kind of way.