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Head of Las Vegas-Based Coast Casinos Rethinks Initial Stock Offering Proposal.
Knight Ridder/Tribune Business News, January, 2004
By Jeff Simpson, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jan. 7--Coast Casinos may resurrect its plan to offer public shares of the company's stock, Chairman Michael Gaughan said Tuesday.
"Maybe we'll look at (an IPO) this summer and fall," Gaughan said. "Depending on the economy and the market, I might be interested."
Gaughan said in mid-2002 that plans to offer Coast stock were poorly timed and hurt by gaming stock declines and the bear market.
Coast's casinos are generating strong cash flow, and Gaughan said he does not feel any pressure to raise money.
"I'm in no hurry," Gaughan said when asked why he hasn't already decided to offer public shares in Coast Casinos, when stock prices for many Las...
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