As of today, the South Coast has become the South Point. From the LVRJ:
The corporate gaming world didn’t suit Michael Gaughan’s tastes.
But this morning, he gets to be his own boss again.
Gaughan, who built Coast Resorts into a locals’ casino giant before selling the business to Boyd Gaming Corp. for $1.3 billion two years ago, takes over as sole owner and operator of the 10-month-old South Coast. In July, Boyd agreed to trade Gaughan the property in exchange for his stock in the company, valued at $512 million.
The casino is getting a new name — Michael Gaughan’s South Point — and a slight makeover. Signs will change gradually, but new gaming chips and other casino equipment, advertising and the Web site already bear the new name.
The 63-year-old Gaughan said he was never comfortable in the corporate environment, although he remains close with Boyd Gaming Chairman Bill Boyd. The chance to run his own “joint” has given the gaming industry pioneer a passion similar to one he felt in 1979 when he opened his first casino, the Barbary Coast.
“I’m having a good time. I’ve got a little bit of a spring back in my step,” said Gaughan, who resigned his position as a director of Boyd Gaming in the transaction.
He also agreed to give up control of the Coast Casinos brand, which included the Barbary Coast, Gold Coast, Orleans and Suncoast. Boyd Gaming has since agreed to trade the Barbary Coast to Harrah’s Entertainment in a Strip land swap.
“This is actually tougher than opening up a new place,” Gaughan said. “You have to empty out all the slots, change out all the chips and take down all the stuff while keeping it open.”
Most of the modifications happened early this morning, beginning shortly after midnight.
The South Point’s 2,200 employees became Gaughan’s workers upon the transfer. He said he asked Boyd for permission to take about 70 key corporate employees with him.
…
When he decided to cut his ties with Boyd Gaming, Gaughan had to give South Coast a new name.He wanted to keep “South” in his casino’s title and toyed with “South Strip.” But he didn’t think that name would work if he ever decided to take the brand elsewhere.
Going from “Coast” to “Point” seemed like the easiest solution, he said.
“Five letters; that’s the cheapest way to change out those big signs,” Gaughan said, adding that his name will only appear in the property’s advertising and not its exterior signs.
reviewjournal.com — Business – MAKING A POINT
Gaughan’s been successful with virtually everything else he’s done, so it wouldn’t be too surprising if he really turns the erstwhile Coast around. With all the new construction down there, I’ve got to think that in a few years it will be a real live spot.
In other news, I wasn’t tabbed for jury duty–this time. I’m supposed to wait for another summons, and then go through the reporting/not reporting lottery again. Fun stuff.