The Stardust is imploded in March to make way for Boyd's $4.8 billion Echelon Place. (AP Photo)

That's up from a previously expected $4.4 billion as plans for its retail spaces and hotels were better defined.

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The company says its 50-50 joint venture with Morgans Hotel Group will develop a Delano and Mondrian hotel for $950 million.

Previously the cost of the hotels had been estimated at $700 million.

Boyd Gaming also announced last month it would develop a 300,000-square-foot retail promenade with General Growth Properties costing $500 million, up from an initially forecast $400 million.

Spokesman Rob Stillwell says the cost increases are simply a result of broad plans being better defined.

The company initially pegged the scope of Echelon, back in January of last year, at $4 billion.

The property, spanning 87 acres on the Las Vegas Strip on the site of the former Stardust casino-hotel, will have about 5,000 hotel rooms, 750,000 square feet of convention and meeting space, two live entertainment venues, 30 dining and nightlife venues, and a 140,000-square-foot casino and is planned to open in the third quarter of 2010.