Coast Resorts Inc. earnings

Thursday, Feb. 29, 1996 | 11:59 a.m.

COMMENTS: Chairman and CEO Michael Gaughan said the newly formed company, operators of the Gold Coast and Barbary Coast hotel-casinos and builders of the Orleans project on Tropicana Avenue, attributed gains in revenues to replacing slot machines in both properties. In the fourth quarter, the company reported revenues of $11.9 million at the Barbary Coast (up 4.4 percent from the 1994 fourth quarter) and $34.9 million at the Gold Coast (up 6.1 percent). The company reported net income of $13.8 million for 1995, an 8 percent decrease from the $15 million reported in 1994. Executives cited high interest expenses for the decrease. For the year, revenues increased 1.3 percent from $172.6 million to $174.8 million. Coast Resorts Inc. was formed last year to reorganize two former partnerships.

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