BOYD GAMING HALTS ECHELON FOR ANOTHER YEAR

Construction cranes have become silent sentinels towering over the once bustling Echelon job site on the as Vegas stripBoyd Gaming, which had stalled its $4.8 billion Echelon in the old Stardust lot, is expected to keep the project partially constructed for the near future.

Boyd foresaw the current down climate in August, when it halted construction for 9 months after spending $525 million. Construction is now not expected to resume until 2010, when it was originally planned to open.

The casino operator may choose to open Echelon in stages or downgrade. They may also take in some additional partners. (Boyd and MGM Mirage co-own Borgata in Atlantic City.)

Today, Boyd posted a 73 percent drop in profit for this quarter, though the announcement of continuing to hold on Echelon pushed shares up. Net income for Q3 was $8.7 million (down from $31.9 million this time last year).