Genting Group is buying the site of a planned hotel and casino in Las Vegas for $350 million.

The property, owned by the Boyd Gaming Corp. (NMYSE: BYD), was supposed to be the home of Echelon Place, a hotel and casino. Construction on the project stopped in 2008 due to the economic downturn.

The purchase gives Kuala Lumpur, Malaysia-based Genting 87 acres of land in Las Vegas, with a partially completed hotel, casino, convention center, theater and parking garage.

Genting will call its new project Resorts World Las Vegas, which will have 3,500 rooms, 175,000 square feet of gaming space and dining and retail locations. Phase one of the project opens in 2015.

The company has gaming facilities in Malaysia, the Philippines, the United Kingdom, Singapore, Bahamas and New York.

For more coverage on the gaming and leisure industry, see "The Buyside: Pinnacle Deal Signifies Gaming Comeback."

Real estate