Monday, March 4 2013 7:38 PM EST2013-03-05 00:38:42 GMT
LAS VEGAS -- A new resort on the north end of the Las Vegas Strip is expected to bring 20,000 construction jobs and thousands of permanent positions. Foreign developers purchased the former Echelon propertyMore>>
A new resort on the north end of the Las Vegas Strip is expected to bring 20,000 construction jobs and thousands of permanent positions.More>>
Monday, March 4 2013 5:11 PM EST2013-03-04 22:11:12 GMT
LAS VEGAS -- The Genting Group is a newcomer to Las Vegas but the Malaysian company already knows its way around the roulette wheel. Founded in 1965 by the late Tan Sri Lim Goh Tong to operate a mountainMore>>
The Genting Group is a newcomer to Las Vegas but the Malaysian company already knows its way around the roulette wheel.More>>
Wednesday, June 19 2013 1:52 PM EDT2013-06-19 17:52:11 GMT
LAS VEGAS - Nevada Highway Patrol is investigating a fatal accident on State Route 604 near Sloan Road. Drivers are urged to avoid the area. 8 News NOW will have more information as it becomes availaMore>>
Nevada Highway Patrol is investigating a fatal crash on State Route 604 near Sloan Road that occurred around 8:15 a.m.More>>
Wednesday, June 19 2013 1:30 PM EDT2013-06-19 17:30:30 GMT
HENDERSON, Nev. -- The killing of a woman in 1996 has police asking the public for help in solving the cold case crime. Diane Hietbrink, 58, was found dead in her home at 302 Nebraska Street on Sept.More>>
The killing of a woman in 1996 has police asking the public for help in solving the cold case crime.More>>
Wednesday, June 19 2013 1:38 PM EDT2013-06-19 17:38:50 GMT
HENDERSON -- Imagine tens of thousands of children around the world learning to swim all at the same time. That's what happened Tuesday as part of "The World's Largest Swimming Lesson." The swimmingMore>>
Imagine tens of thousands of children around the world learning to swim all at the same time. That's what happened Tuesday as part of "The World's Largest Swimming Lesson."More>>
Wednesday, June 19 2013 1:00 PM EDT2013-06-19 17:00:12 GMT
LAS VEGAS -- US Thrill Rides LLC Incorporated has submitted plans to the FAA to create a 650-foot roller coaster near the Tropicana Hotel. The Florida based company is remaining tight lipped on any ofMore>>
US Thrill Rides LLC Incorporated has submitted plans to the FAA to create a 650-foot roller coaster near the Tropicana Hotel.More>>
Wednesday, June 19 2013 12:57 PM EDT2013-06-19 16:57:39 GMT
HENDERSON, Nev. - A garden oasis has sprouted at John C. Vanderburg Elementary School. The garden features everything from arugula to tomatoes to radishes, which some students had never of until now. "It'sMore>>
A Henderson teacher is bringing the importance of healthy food choices into her students' lives with a unique garden club. 8 News NOW is rewarding her efforts in this week's Acts of Kindness.More>>
Wednesday, June 19 2013 12:56 PM EDT2013-06-19 16:56:57 GMT
LAS VEGAS - Be careful on the roads. Police across the valley are conducting a coordinated effort Wednesday to crack down on driving violations. Police will be looking for drivers who speed, run red lightsMore>>
Be careful on the roads. Police across the valley are conducting a coordinated effort Wednesday to crack down on driving violations.More>>
Wednesday, June 19 2013 12:55 PM EDT2013-06-19 16:55:20 GMT
LAS VEGAS -- Sue Lowden, a former state senator and the former chairwoman of the Nevada Republican Party is considering a run for lieutenant governor in 2014. "I am seriously thinking about it. I willMore>>
Sue Lowden, a former state senator and the former chairwoman of the Nevada Republican Party is considering a run for lieutenant governor in 2014.More>>
Tuesday, June 18 2013 10:49 PM EDT2013-06-19 02:49:28 GMT
LAS VEGAS -- Clark County Fire Department is battling a fire at a house near Russell Road and Spencer Street. According to the fire department's website, the fire started at around 4:30 p.m. Tuesday.More>>
A grass fire ignited a house in the 5400 block of Escondido Street, near Russell Road and Spencer Street, Tuesday afternoon.More>>
Tuesday, June 18 2013 9:50 PM EDT2013-06-19 01:50:28 GMT
LAS VEGAS -- A Las Vegas Metropolitan Police officer has been relieved of duty after pleading guilty to charges of possession of a controlled substance. Officer Ramin Amely was charged with two felonyMore>>
A Las Vegas Metropolitan Police officer has been relieved of duty after pleading guilty to charges of possession of a controlled substance.More>>
LAS VEGAS - Boyd Gaming Corporation announced Monday it has agreed to sell Echelon to the Genting Group for $350 million in cash. The deal includes improvements to the site and is expected to close Monday. Genting announced it plans to develop a resort property on the site.
"Our highest priority is strengthening our balance sheet. The sale of the Echelon site is another important step in the ongoing effort to improve our long-term financial position," said Keith Smith, president and CEO of Boyd Gaming in a statement. "While we remain committed to the Las Vegas market, we determined that developing a large-scale project on the Las Vegas Strip was not consistent with our current strategy."
The sale of the land to Genting Corporation could represent a major boost to the Nevada economy. Sources have told 8 News NOW the Malaysian conglomerate is exploring plans to invest as much as $5 billion in the development of a massive resort project at the Echelon site, which could generate thousands of new jobs. The new development will be titled Resorts World Las Vegas and include 3,500 rooms and 175,000 square feet of casino space.
Sources tell the I-Team Genting Group had a reported $4.4 billion in cash as of a few months ago and has been exploring investment options. One option under discussion for the Echelon site includes the development of a stadium or arena on the Strip. Negotiations for the purchase from Boyd have been under development for weeks, conducted in utmost secrecy.
"We are incredibly grateful to the leaders of the State of Nevada, Clark County and the City of Las Vegas for joining us in announcing what will be a fantastic addition to the top resort destination in the United States," said KT Lim, chairman and CEO and the Genting Group in a statement. "This is a great day for Genting, Las Vegas, and the State of Nevada, and we look Group forward to taking full advantage of this exciting new opportunity."
"The entrance of one of the world's leading resort gaming developers into Nevada is another fantastic sign that Las Vegas and The Strip are poised for great things moving forward in 2013 and beyond," Republican Governor Brian Sandoval said. "The Genting Group and Resorts World Las Vegas will bring several thousand new jobs to our State, and will help us in keeping our economic resurgence on the right path towards success. I'd like to welcome Genting to the great state of Nevada, and we all look forward to the ground breaking of this new dynamic project."
Echelon sits on Las Vegas Boulevard, north of Spring Mountain Road. For years, the land was the site of the Stardust Hotel and Casino, which Boyd Gaming imploded in 2007. Boyd Gaming halted construction on Echelon in 2008.