The Scoop
on Gaughan's Latest Property
In the casino business
the name of the game is luxury. You see it on
the Strip, where palaces like Wynn Las Vegas,
Bellagio and the Venetian capture ever larger
chunks of the tourist dollar; in the locals
market, where Strip-quality properties like
Green Valley Ranch blow their competitors away,
and even in the slot-bar market.
Savvy casino boss
Michael Gaughan thinks Coast Casinos' new South
Coast is poised to capitalize on the trend.
"People want nicer places, so everybody's
trying to build them," Gaughan said of
his new south valley property, which he expects
to tap into the sweet surrounding locals demographic
and the drive-by tourist traffic on Interstate
15.
Gaughan noted that he originally planned to
spend $350 million on the South Coast, slated
to open by the end of the year. "Now I'm
up to $600 million." He also said Station
Casinos' estimated Red Rock Resort would cost
about $400 million. "Now it's almost a
billion," he said of the competitor planned
to open next spring.
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