(Sorry I am late with this, my Internet access has been down.)
So, it looks like Boyd is offloading its newest property, the supposedly underperforming South Coast, to the operator himself, Michael Gaughan.
More info: http://lvbusinesspress.com/articles/2006/07/25/breaking_news/04news.txt
Technorati Tags: boyd, gaming industry, las vegas
Categories: Boyd Gaming, Las Vegas Strip
Michael Gaughan (like father Jackie) understands how to run a mid-range property for gamblers. Steve Wynn he is not, but he is one of the top local operators, IMO, along with George Maloof.
Could Boyd be doing this to get some extra cash in preparation for the rumored transacation involving HET and Barbary Coast?
What a coincidence. I went to South Coast the night before this was announced, and as we pulled in I told a friend, "this is one of the few hotels where I look at it and the surrounding area and say, 'hmm, I'm not sure it'll make it.'"
I guess the question is whether Gaughan wants to be a big player again or just wants to operate the South Coast, and whether that hotel will be seeing any changes in name or player tracking as a result. He seemed to be getting along well with Boyd, basically doing the management he always did just under the Boyd banner. The second question is whether this will impact things on the floor at the other Coasts.
Yes, yes, I know some of you folks are more interested in the Barbary Coast and HET deals, but darnit, we locals won't be visiting their super-shiny monster hotel anyway, just looking at it from a distance and sniffing the air with our noses pointed high. ;)
Mike_ch, I've been to South Coast twice, and it's got a tough time ahead of it. There's no hook to draw people in. It looks like a big warehouse. The horse arena may be unique, but are there enough events to host? In answer to a question on the BYD conference call the other day, someone said they would pull off the South Coast names from the players lists and give them to Michael. He may operate it very well and luck out, but the South Strip needs to be more car-friendly, and they desperately need that I-15 interchange. Other Coast properties have a lot more character, imo.
I agree with detroit. The casino does lack character. It is just too open and it does feel like a big warehouse. I stayed there in mid-May and the hotel rooms are awesome. The room was very clean and just comfortable to be in. I would say the room could be compared to rooms at Monte Carlo and Paris. The restaurants weren't bad either, but I guess they are pretty much the same as all the other Coast Casinos.
I think they opened this casino a couple years too soon. That area of Vegas is hardly developed. The only community out there is Southern Highlands which is still in development.
Interesting article in LV Business Press on Gaughan, Boyd and South Coast:
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