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Stalled Las Vegas Strip project to get new owner

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HANNAH DREIER | March 4, 2013 04:13 AM EST | AP


LAS VEGAS — An Asian conglomerate says it will break ground next year on a long-stalled project that could help revitalize a dilapidated section of the Las Vegas Strip.

The Genting Group announced Monday morning that it is buying the land where Boyd Gaming Corp.'s partially built Echelon project has gathered dust for four years.

Genting says it will build a multi-billion dollar project called "Resorts World Las Vegas" on the 87-acre site.

The conglomerate says the casino, its first in Las Vegas, will feature 3,500 hotel rooms, a convention center and a 4,000-seat theater.

Echelon is one of a handful of high-profile multibillion-dollar projects that have been stalled out indefinitely on the Las Vegas Strip since the economy crashed.

Officials are expected to release additional details during a Monday press conference.