is boosting its Las Vegas bet, more than doubling the number of hotel rooms it's building at its South Coast Hotel and Casino.
The casino operator, which has reported blistering results in recent quarters, said Thursday it plans to open a second hotel tower shortly after the South Coast opens early next year. That will add about 700 hotel rooms to the resort, bringing the total to 1,350.
The decision will bring the property's total development cost to $600 million.
"Demand for hotel rooms in Las Vegas has been very strong, as evidenced by the great success of our recent rooms expansion at The Orleans," said Michael Gaughan, CEO of the Coast Casinos division of Boyd. "While our master plan for the property calls for three hotel towers to be phased in over time, the strong market conditions convinced us that the time for building the second hotel tower is now."
Boyd acquired Coast Casinos last July. The chain primarily caters to Las Vegas residents and has benefited from the city's roaring economy. Boyd also owns half of the Borgata, which has dominated Atlantic City since opening about two years ago.
Boyd shares fell $1.50, or 2.8%, to $52.35.