Boyd Gaming owns and operates 16 gambling properties including nine in the Las Vegas Valley--six locals' casinos and three Downtown properties. Echelon, its first property on the Las Vegas Strip, was scheduled to open in late 2010 with 5,000 rooms in five hotels, 750,000 square feet of convention and meeting space, 300,000 square feet of retail, two live entertainment venues, 30 dining and nightlife venues, a 140,000-square-foot casino and parking for 8,000 cars.

Work on Echelon officially got underway in June 2007. The company halted construction at the beginning of August 2008 due to the credit crunch and the ensuing recession, saying it hoped to resume construction in nine to 12 months. In November, Boyd acknowledged that it was "unlikely" to resume construction in 2009 but remained "committed to having a meaningful presence on the Las Vegas Strip," and that it would spend this year preparing alternative development options for the site.

The options it said were likely to be considered included developing the project in phases, alternative capital structures for the project, scope modifications to the project, and additional strategic partnerships. Smith on Tuesday proffered no update on the company's deliberations in that regard, possibly because, as MGM Mirage is seeing with the for-sale residential at CityCenter, it's difficult to accurately predict what will work five to seven years from now.