Resorts World delayed....again

https://lasvegassun.com/news/2017/may/18/redesign-resorts-world-las-vegas-opening-to-2020/#disqus_thread

Have to wonder if there is more to the issue than a redesign at play here.

Quote: Boz

https://lasvegassun.com/news/2017/may/18/redesign-resorts-world-las-vegas-opening-to-2020/#disqus_thread
Have to wonder if there is more to the issue than a redesign at play here.

Obviously there is. They are still talking but ain't no workmen scurrying about all day, ain't no cement trucks, ain't nuthin'.

Quote: FleaStiff

Obviously there is. They are still talking but ain't no workmen scurrying about all day, ain't no cement trucks, ain't nuthin'.

It doesn't make sense to do work on something you're going to end up completely redesigning anyway.

It could just be a case of, "less Imperial Palace, more Chairman WOW!"

Or maybe they're redesigning it to make the third floor twice as tall as the others, so they can skip the fourth floor (the way Downtown Grand does)...

History:

In 2007, Boyd Gaming demolished the Stardust to develop Echelon Place, but construction was halted during the economic downturn of 2008.
Boyd then sold the 87 acres (35 ha) site to the Genting Group for $350 million in March 2013.

Resorts World decided to use the construction structure of the Echelon instead of demolishing it.
It was initially to break ground in 2013 and open in 2016.
The groundbreaking ceremony took place on May 5, 2015, with an expected opening date of mid-2018


now opening estimated in 2020?

questions:
1) why 2 years between purchase and ground breaking (2013/2015)?

2) why no activity for 2 years after ground breaking (2015/2017)?
normally construction starts almost immediately after ground breaking.
if they didn't intend to start construction, why go through the elaborate ruse of ground breaking?


Prime real estate space left vacant during an economic boom for 4+ years (2013-2017) and counting.
oh my...

Quote: 100xOdds

questions:
1) why 2 years between purchase and ground breaking (2013/2015)?

2) why no activity for 2 years after ground breaking (2015/2017)?
normally construction starts almost immediately after ground breaking.
if they didn't intend to start construction, why go through the elaborate ruse of ground breaking?


Prime real estate space left vacant during an economic boom for 4+ years (2013-2017) and counting.
oh my...

1) Lack of funding

2) Lack of funding.

I wouldn't call what's happening on the Strip a real estate boom. Perhaps I'm wrong. Any evidence of rising prices on the Strip?

Quote: DRich

1) Lack of funding

2) Lack of funding.

That and a lack of money.

The old sites of the Frontier & Stardust seemed to both be cursed!

But Phil Ruffin made out like a bandit in the sale of the New Frontier for $1.2B in 2007 and then turn around and bought Treasure Island for $775M from MGM. Pretty good deal to swap the dilapidated Frontier for TI and $425M in cash...in real estate, timing is everything!!

And the wait continues for Resorts World and Alon....

I think it is going to be exciting once it is finished. If they build it, people will come. They will be the only "new" major resort which will generate a lot of traffic from the crowd that loves to take pictures of their food and post it on the internet.

Maybe they are considering adding a "Universal Studios" to the property?

Quote: 100xOdds

History:

In 2007, Boyd Gaming demolished the Stardust to develop Echelon Place, but construction was halted during the economic downturn of 2008.
Boyd then sold the 87 acres (35 ha) site to the Genting Group for $350 million in March 2013.

Resorts World decided to use the construction structure of the Echelon instead of demolishing it.
It was initially to break ground in 2013 and open in 2016.
The groundbreaking ceremony took place on May 5, 2015, with an expected opening date of mid-2018


now opening estimated in 2020?

questions:
1) why 2 years between purchase and ground breaking (2013/2015)?

2) why no activity for 2 years after ground breaking (2015/2017)?
normally construction starts almost immediately after ground breaking.
if they didn't intend to start construction, why go through the elaborate ruse of ground breaking?


Prime real estate space left vacant during an economic boom for 4+ years (2013-2017) and counting.
oh my...

Quote: DRich

1) Lack of funding

2) Lack of funding.

I don't think funding is an issue here. My guess is the main reason for the delay is Resorts World has second though about the overall Vegas' market, and couple with China's effort in cracking down on gambling/corruption that could make it difficult for them to recruit or market to Chinese's high rollers ...