Casinos Fold on New Construction Projects
Screech. Thud. Those are the sounds of casino construction being brought to a halt across the country. It seems there is news every week about another project being put “on hold” as the downturn in the economy continues to affect all segments of the gaming industry. Curious, I compiled this list of who is stopping what and where…so far.
MGM Mirage – Announced in its third-quarter earnings release on October 29 that the company is postponing indefinitely its MGM Atlantic City project citing “current economic conditions and the impact of the credit market environment.” In Las Vegas, MGM Mirage has also halted plans “for the development of a major resort complex on the southwest corner of the Las Vegas Strip and Sahara Avenue in Las Vegas….”
There’s better news, however, for MGM’s CityCenter Las Vegas development. In an interview with Market Watch, company officials said the $9 billion resort complex “will get the financing it needs to be completed.”
Pinnacle Entertainment - The company’s plans to build a casino resort in Atlantic City are on “indefinite hold due to credit market conditions and an evolving competitive environment….” The company cited the recent election results allowing casinos to be built in Maryland as one of the factors in its decision to suspend the project.
Boyd Gaming - Construction abruptly stopped in August on the company’s $4.8 billion Echelon project on the Las Vegas Strip. The site – previously occupied by the legendary Stardust which was imploded to make way for the new Echelon – is now a deserted reminder of the lousy economy. Boyd has announced that it will take most of 2009 to “evaluate alternatives” to the halted project.
Las Vegas Sands Corp. – While continuing to build the casino portion of the Bethlehem, PA project, construction was stopped in late-October on the non-gaming portions including the planned hotel, events center and shopping mall.
Seneca Gaming Corp. - This Native American casino operator suspended both the construction of a $333 million casino and hotel in Buffalo as well as a planned $130 million expansion of the hotel at the Seneca Allegany Hotel and Casino in Salamanca, NY.
Mohegan Tribal Gaming Authority – Plans for a House of Blues theater and a 39-story, 922-room hotel addition to the Mohegan Sun casino complex in Uncasville, CT were put on hold in September. The tribe did open its new “Casino of the Wind” – part of its “Project Horizon” expansion plan – in August of this year.
Like I said above, so far….
- CityCenter Las Vegas and Strip Construction Update
- Ouch! Fortune Not Smiling On Gaming Stocks
- More Details Emerge on Aria at CityCenter
- Casino Arizona Construction Update
- Harrah’s Casinos Team Up with WMS Gaming for New Hot Slot Game
Tags: atlantic city, Boyd, Boyd Gaming, Buffalo, casino, construction, halt, Las Vegas, Las Vegas Sands, MGM, Mirage, Mohegan, Mohegan Sun, new casinos, new projects, Pinnacle, Salamanca, Seneca, stopped