The Genting Group announced the purchase of the Echelon site on the main Las Vegas strip, marking the Asian giant’s first move into the Nevada gambling industry.
The Echelon development site was once home of the famous Stardust casino.
The company will announce plans to build a $2 billion casino resort development on the 87-acre site which was stopped because of the recession nearly five years ago.
Genting already operates casinos in Singapore, UK and New York, will pay Boyd Gaming less than $500 million for the Echelon site.
It is believed the first part of the development of its Resorts World Las Vegas will include 3,500 rooms and a 175,000-square-foot casino.
Completion of Genting’s new venture in Las Vegas will be completed sometime in 2016.
Genting will need to gain licensing approval from Nevada gaming regulators before the casino can open, however with a casino complex already in New York up and running approval is expected to be a formality.
Boyd Gaming the original owners of the site when it was bought after the demolition of the Stardust stopped all construction of the $4.8 billion resort in 2008, which was costing the company some $16 million a year in security
management and land taxes.
Originally the Echelon was going to have five hotels with an estimated 5,000 rooms and a 140,000-square-foot casino.