will boyd's echelon ever open?

Things are not looking good for Boyd Gaming's mega-resort on The Strip, The Echelon. From Reuters:

Boyd Gaming sees Las Vegas project stalled thru 09

LOS ANGELES, Oct 28 (Reuters) - Casino operator Boyd Gaming Corp (BYD.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it does not expect to resume construction next year on its stalled Las Vegas Strip project and declined to comment on its fourth-quarter earnings outlook.

Boyd said in August it expected to halt construction of the partially built $4.8 billion Echelon project for at least nine months.

Chief Executive Keith Smith, speaking on a conference call, said the company is now looking at alternatives, including opening the project in phases, modifying its scope or entering into other partnerships.

Chief Operating Officer Paul Chakmak, citing uncertainty in the current economic environment, said the company would not issue its typical quarterly earnings forecast. (Editing by Jeffrey Benkoe)

This is bad. Very bad. The Echelon was slated to open in 2010. When the credit markets went kaput, they halted construction for the rest of '08. Now all of '09 is getting wiped out? Opening in phases or modified scope?

So much for building a competitor to its neighbor across the street, The Wynn.