Thursday, July 10, 2003 | 11:27 a.m.
Coast Casinos Inc. executives Wednesday unveiled details of the company's previously announced South Coast casino, which is expected to be one of the largest and most expensive locals' casinos in the Las Vegas area.
The project, now in the design phase, is expected to cost $325 million and feature 750 hotel rooms and a casino floor of 90,000 square feet to 100,000 square feet.
That compares to the roughly $300 million pricetag for Station Casinos Inc.'s 247-room luxury locals' property Green Valley Ranch Station Casino in Henderson. The Greenspun family, owner of the Las Vegas Sun, is a partner with Station in Green Valley Ranch Station Casino.
South Coast would be built at the southwest corner of Silverado Ranch Road and Las Vegas Boulevard on land Coast purchased that is estimated to be worth $30 million.
The property will be modeled somewhat after the company's Suncoast casino, which opened in the affluent Summerlin community in 2000, Chief Executive Officer Michael Gaughan has said. Like Suncoast, South Coast would primarily cater to surrounding residents, he said. While Suncoast has an older clientele that reflects the Summerlin community, South Coast would cater to younger customers who have flocked to the southern end of the valley to live, he said.
The casino will also feature an equestrian events arena, a showroom, bowling, bingo and movie theaters, Coast Chief Financial Officer Gage Parrish said in a presentation to bond investors in Las Vegas Wednesday.
The casino would be larger than all of Coast's properties except the Orleans.
Coast also is forging ahead with plans for North Coast, another locals' casino at the southwest corner of Centennial Parkway and Lamb Boulevard in North Las Vegas.
The North Las Vegas City Council is expected to vote on a zoning ordinance for the project Wednesday.
That project wouldn't start construction for several more years until construction is complete on a highway interchange at Lamb Boulevard and Interstate 15 as well as an overpass over nearby railroad tracks, according to a property owner representative.
The North Coast Hotel & Casino would feature a bowling alley, movie theaters and a 398-room hotel.
In a financial statement Wednesday, Coast said it expects to earn a profit of $43 million on revenue of $600 million in 2003. That compares to earnings of about $32 million on revenue of $545 million in 2002, the company said.
For the first six months of the year, Coast Casinos reported earnings of about $25 million on revenue of $297 million.
Revenue at the Orleans was up about 17 percent for the first six months of 2003 compared to the same period a year ago, while cash flow was up about 45 percent. Room revenues were up 65 percent.
Revenue was up 1 percent from 2002 over the first six months at Gold Coast, which completed an expansion and remodeling project this year. Cash flow was up about 9 percent.
Revenue was flat at the Suncoast but cash flow increased about 8 percent over the first six months. The company has put on hold an expansion plan at the property.
Data wasn't available on Barbary Coast, the company's fourth casino, located at Flamingo Road and the Las Vegas Strip.
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