Boyd Gaming's(BYD Quote) management must execute flawlessly on the company's ambitious Echelon Place development. Otherwise, the casino owner would be better off selling the entire 87-acre land parcel today, given the record prices being paid for Las Vegas real estate.
Boyd plans to break ground on the $4.5 billion Echelon Place project next month, with completion set for late 2010. The project, which sits on the northern part of the Las Vegas Strip on the site of the old Stardust Hotel, has been a contentious one for shareholders.
Several large investors, including some short-term-oriented hedge funds that own Boyd's stock, have urged management over the past year to sell the land rather than develop Echelon, buy-side sources say. ...
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