South Coast Casino For Sale by Boyd Gaming Corporation

South Coast Casino is up for sale by Boyd Gaming Corp.

South Coast Casino is the most recent Las Vegas casino by Boyd Gaming Corp. and the company announced that it was not satisfied with the performance of the casino.

Michael Gaughan, Coast Casinos chain founder, who merged with the company in 2004 will buy the South coast casino.

The announcement along with the Boyd's seventy nine percent drop in its second quarter revenues and the unexpected lower profits of the rival company, Station Casinos Inc. had strengthened the fears of analysts that the demand in Las Vegas gambling is slowing down.

The announcement of the Boyd Gaming Corp. to sell the six hundred room South Coast Hotel and Casino came seven months after it opened in December 2005.

The South Coast casino had attempted to lure horse racing gamblers with its one thousand stall equestrian corner.

After the announcement of the sale, Boyd shares have dropped ninety nine cents or 2.7% to over thirty five dollars.

Boyd Gaming Corp. is a Las Vegas based firm that operates nineteen casinos in six state and jointly owns the Borgata.

Steven Kent, analyst of Goldman Sachs said that the quarter is really disappointing for the local Las Vegas market.