Analyst optimistic about Gulf Coast gaming market

Joe Coccimiglio of Prudential Securities said the coast has the edge over other markets because of its beach, location on the water, and the amount of capital available for making improvements. He said his investment research team was probably too conservative when it predicted coast casinos would generate just over $99 million in 1999.

"If they were laying odds on the over-under on gross revenues, I would bet the over on that right now," Coccimiglio said during a speech at the Southern Gaming Summit this week. "With the entrance of Air Tran (an airline), the population of the feeder cities is 15 million adults."

Barry Shier, chief executive for Las Vegas-based Mirage Resorts' newly opened Beau Rivage Casino Resort, said Wednesday, "this is an enormous market with a huge potential to grow over the next three to five years."

"How the coast approaches this new opportunity for growth is critical. We have a very, very unique opportunity," he said.

Shier said the coast can't be compared to Las Vegas or Atlantic City and should define itself in the world of gaming.

"This is an emerging market. We can decide how we want to be defined," he said.

Shier said the coast needs other forms of entertainment, good planning and recruitment of labor to remain competitive and expand the market.

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