Coast Casinos

Coast Casinos
FormerlyCoast Resorts
IndustryGambling, hotels, entertainment
FoundedMarch 2, 1979 (1979-03-02)
FounderMichael Gaughan
DefunctJuly 1, 2004 (2004-07-01)
FateAcquired by Boyd Gaming
Headquarters
Paradise, Nevada
,
U.S.
ProductsCasinos, hotels
OwnerMichael Gaughan

Coast Casinos (originally Coast Resorts) was a locals casino brand in the Las Vegas market competing with Station Casinos. Founded and principally owned by Michael Gaughan, Boyd Gaming announced plans to acquire Coast Casinos in February 2004.[1] The buyout was complete on July 1, 2004, at a cost of $1.2 billion.[2]

Properties

Coast Casinos' properties in the Las Vegas Valley at the time of its acquisition by Boyd were:

South Coast Casino

In November 2001, then-Coast Resorts announced that it had acquired a 50-acre (20 ha) parcel in the southern Las Vegas Valley. Coast planned to begin construction of a locals casino on the property within three years, once housing development picked up in the area.[3] In April 2003, Coast Casinos announced that it would build the South Coast resort on the property, with the opening expected two years later. It would be similar to the company's Suncoast Hotel and Casino.[4][5] Groundbreaking took place on April 22, 2004.[6][7] Three months later, Coast Casinos merged with Boyd Gaming. Ultimately, South Coast Casino opened on December 22, 2005.

Early revenue was less than expected, in part because certain amenities had yet to be finished, including a spa and nightclub. Nearby road construction, as well as an unfinished nearby exit from Interstate 15, also hampered the resort.[8] In July 2006, Boyd announced that it would sell the struggling resort to Michael Gaughan.[9] Gaughan subsequently announced that he would rename the property as South Point. He took over operations and ownership on October 25, 2006, and the name change became effective immediately.[10] It now operates as the South Point Hotel, Casino & Spa.

References

  1. ↑ "Boyd Gaming Agrees to Acquire Coast Casinos". WSJ. February 9, 2004. Retrieved June 24, 2020.
  2. ↑ Christina Binkley; Robin Sidel (February 9, 2004). "Boyd Gaming Agrees to Acquire Coast Casinos". Wall Street Journal. ISSN 0099-9660. Retrieved September 27, 2021.
  3. ↑ Strow, David (November 20, 2001). "Coast revenue soars thanks to Suncoast, land purchased for future development". Las Vegas Sun. Retrieved November 6, 2021.
  4. ↑ Simpson, Jeff (April 17, 2003). "Coast to add casino: Southcoast expected to open in 2005". Las Vegas Review-Journal. Archived from the original on October 29, 2004.
  5. ↑ Benston, Liz (April 18, 2003). "2004 start planned for south LV casino". Las Vegas Sun. Retrieved November 6, 2021.
  6. ↑ Jones, Chris (April 23, 2004). "Latest Coast project out of starting gate". Las Vegas Review-Journal. Archived from the original on October 30, 2004.
  7. ↑ "Coast breaks ground on new casino". Las Vegas Sun. April 23, 2004. Retrieved November 9, 2021.
  8. ↑ Simpson, Jeff (January 29, 2006). "On Michael Gaughan's straight talk about start-up glitches at his South Coast casino". Las Vegas Sun. Retrieved November 11, 2021.
  9. ↑ Smith, Rod (July 26, 2006). "The Strip: Boyd Gaming selling South Coast". Las Vegas Review-Journal. Archived from the original on October 22, 2006.
  10. ↑ Stutz, Howard (October 25, 2006). "Making a Point: Gaughan giddy after assuming ownership of South Coast". Las Vegas Review-Journal. Archived from the original on November 25, 2006.
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