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Boyd Refutes Talk of Eschelon Downsizing

LAS VEGAS-Countering one analyst's comments to the contrary, a source with Boyd Gaming tells GlobeSt.com it does not have any plans to downsize Eschelon Place.

By Brian K. Miller | Updated on August 26, 2006

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)

LAS VEGAS-Boyd Gaming Corp. is not looking at downsizing its 5,300-unit Eschelon Place project as one gaming analyst suggested last week, a company source tells GlobeSt.com. “We’re still very confident of what we said in January,” says the source. “We’re not expecting the scope to change materially; I can’t speak to the budget until we are done getting through the design phase; it’s not going to be less.”

JP Morgan gaming analyst Harry Curtis said with confidence last Monday that Boyd is evaluating changes that would either reduce the cost or scope of its $4-billion replacement for the Stardust Casino on the Las Vegas Strip. “Depending on the magnitude, a reduction in cost/scope would be positive for the shares because it would reduce concerns about returns…[and] improve negative sentiment/supply concerns for Las Vegas as a whole since Echelon accounts for a significant portion of the capacity entering the market by 2010,” wrote Curtis in a memo to investors that reiterated JP Morgan’s “Neutral” rating on the company’s shares.

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