PURSUANT TO RULE 425 UNDER THE
                                        SECURITIES ACT OF 1933 AND DEEMED FILED
                                              PURSUANT TO RULE 14A-12 UNDER THE
                                                SECURITIES EXCHANGE ACT OF 1934

                                          SUBJECT COMPANY:  COAST CASINOS, INC.
                                         SUBJECT COMPANY SEC FILE NO. 000-26922


                               FEBRUARY 9, 2004

ELLIS LANDAU: Thank you. Good morning everyone.  We appreciate your joining us

on such short notice today.  Before we begin, let me make a few comments and

announcements. Today's call may contain some forward-looking statements. We

want to let you know that the actual results may vary from what is contained in

those statements. The variances could be material and we refer you to our

public filings for the risk factors you need to know before you invest. In

addition, we're broadcasting this call on our website at, as

well as

I would like to now turn the call over to Bill Boyd, our Chairman and CEO, who

will make a few introductory comments.  Then I will return to provide you with

some financial details on the transaction, Don Snyder will then provide some

operational background, and Harlan

Braaten from Coast will have a few remarks as well.  After that we will all be

available for a short question and answer session.  Bill?

BILL BOYD:  Thank you Ellis and good morning everyone.  This is an exciting day

for us at Boyd Gaming and for our friends from Coast Casinos.  As you all may

have seen this morning, we announced that our two companies have entered into a

definitive merger agreement.  The

combination of Boyd and Coast will create one of the most diversified casino

companies in the country. Together, we will own and operate 17 casino

entertainment facilities, in addition to our pending acquisition of Harrah's

Shreveport, Coast's development of South Coast and a number of promising

development opportunities.

Coast casinos will operate as a wholly owned subsidiary of Boyd Gaming, under

Coast's superb existing management team led by Michael Gaughan.  That is one of

the things that I personally am most pleased about.

Also, Boyd Gaming's Board of Directors will be expanded from

11 to 13 directors and under the agreement, Coast Casinos will have the right

to designate three directors to the Board, one of whom will be Michael.  I look

forward to sitting shoulder to shoulder with my new colleagues as we plan the

future of our combined company.

Michael and I have known each other for nearly 40 years.  Our fathers shared a

similar love for Las Vegas, which was reflected in their spirit as they helped

build this community.  Our two organizations coming together is, in short, a

perfect fit.  Michael and his team are some of the best operators of casino

facilities in our industry.

Coast has built a great locals business here in Las Vegas, and Don will tell

you more about that in a minute.  With this merger, we believe that the sum is

greater than the parts -- together we have dedicated and hard-working

management teams and employees, great facilities and the operating knowledge

and love of the gaming and entertainment business that makes for a


winning combination. I look forward to working alongside Michael and his team,

and believe that our shareholders will be pleased by today's announcement as

it expands our capabilities by adding one of the best brands in the business.

Now I will turn things back over to Ellis, who will walk you through the

specifics of the transaction.

ELLIS LANDAU:  Thanks Bill and good morning to all of you.  Today, we announced

that we have signed a definitive merger agreement, which was unanimously

approved by the Boards of both companies.

As Bill said, under the terms of the agreement, Coast will become a wholly

owned subsidiary of Boyd Gaming, positioned as a separate operating unit run by

Michael Gaughan and the current Coast management team.

The total merger consideration is approximately $1.3 billion:

-   On a fully-diluted basis, Coast shareholders will receive approximately

    $495 million in cash

-   Boyd Gaming will also issue approximately 19.4 million shares to Coast

    shareholders.  Using the ten-day average of our closing stock price for the

    period ended February 5, the stock portion of the transaction is valued at

    approximately $325 million.

-   Boyd will also assume approximately $460 million of Coast debt.


The transaction is immediately accretive to Boyd's earnings per share.  We are

valuing this merger at approximately 7.4 times Coast's estimated 2004 EBITDA.

We are also estimating that, on a pro forma basis, the two companies' revenues

would be approximately $2.0 billion this year.

Since Coast is not a publicly traded company, some of you may not be familiar

with them.  Let me tell you, this is a very well managed company with some

impressive results.  Over the past five years, Coast has grown EBITDA at a

19.6% compound annual growth rate, while consistently increasing its EBITDA


We expect this transaction to be funded with a combination of a new bank

facility and the issuance of notes in the public market.  We also expect Boyd's

three public note issues to remain outstanding.

One of the key drivers of this transaction is the fact that the combined

company will enjoy a leading position in the Las Vegas locals sector.

This sector is estimated to be about $2 billion a year and growing.  Don will

give you some more color about why this is such an attractive opportunity and

how we believe today's announcement will help us take advantage of the economic

and population growth that we are seeing here.

This transaction is subject to approval of both companies' shareholders.  Coast

shareholders, representing approximately 56 % of the voting power of Coast

shares, have agreed to vote their shares in favor of this merger and against

any other combination for a period of two years.  We also will seek gaming,

government and regulatory approvals.  The transaction is expected to be


completed immediately upon receipt of necessary third party approvals, all of

which the Company expects to receive by mid-2004.

Let me now turn it over to Don Snyder, who will provide some additional

operational perspective on this combination.

DON SNYDER:  Thanks Ellis and good morning to all of you.  I want to spend a

few minutes explaining why we are so excited about today's news.  In Coast

Casinos, Boyd Gaming has found a partner that brings not only similar corporate

values, but exceptional operating expertise and a portfolio of facilities that

reflect the deep level of knowledge about the Las Vegas locals sector.

Together, this combination creates one of the most diversified casino companies

in the country.  The combined Boyd Gaming will have a total of 17 casino

entertainment facilities, as well as our pending acquisition of Harrah's

Shreveport and Coast's development of South Coast.  Construction of South Coast

is expected to begin in the second quarter of this year.

Our successful Sam's Town property, a long-time Las Vegas locals landmark, will

join Coast's three successful local properties, Gold Coast, Suncoast and the

recently expanded Orleans.  This creates a significant presence in the dynamic

and growing Las Vegas locals sector.  In addition, Coast is about to begin

development of its South Coast facility, which is located in the growing

residential sector south of Las Vegas.  The combined company will also have two

properties well positioned on the Las Vegas strip, Coast's Barbary Coast and

Boyd's Stardust.


This means that after the merger, the combined Boyd Gaming will generate about

half of its pro forma EBITDA from the state of Nevada.   This is significant

given the stable regulatory and tax environment here.

Las Vegas is one of the fastest-growing communities in the country with a

population that increased 4% last year.  There are a number of other economic

indicators that support why this is such a good opportunity for us: for 2003,

total employment increased 3%; personal income increased 5% and new home

permits were up a whopping 18%.  Together we are excited to build upon our

position in the Las Vegas locals sector.

For Coast, they will become part of an organization with expanded geographical

diversity, as we are a significant operator in four states in the Midwest and

South.  We also recently announced that we will begin planning an expansion of

Borgata, our new, dramatic destination resort in Atlantic City that we own with

MGM Mirage.  The Borgata has been a top performer in Atlantic City, as we

discussed on last week's earnings call.

Now, I would like to introduce Harlan Braaten, who will say a few words, and

then we will go to a short Q&A.

HARLAN BRAATEN:  Thank you so much for the chance to speak with you this

morning.   This is a very exciting day for all of us at Coast Casinos.  Michael

asked me to express that he is very


pleased with today's announcement, and if it weren't for an unbreakable prior

commitment, he would be with us today.

We believe that this is a natural fit and that our two companies share similar

values and commitment to this industry.  All of us in the Coast management team

have great respect for Boyd Gaming and their executives.  And that respect has

only grown as we have gone through the negotiations for this transaction.

We believe that this is the right transaction at the right time for Coast and

for all our employees.  They will benefit from being part of a strong, more

diversified organization.

The Coast management team is looking forward to working with Boyd as we plan

the future of our combined company.

Michael's father, Jackie, and Bill's father, Sam Boyd, worked together in Las

Vegas nearly fifty years ago and we are delighted to have Bill Boyd and Michael

bring their teams together at this time.  With that, I will hand things back to


ELLIS LANDAU:  Thank you Harlen and I look forward to working with you and your

colleagues in the years to come.  All of us at Boyd Gaming believe that this

merger brings our growth strategy into clear focus and will allow shareholders

of both companies to participate in the upside potential of one of the most

diversified gaming companies in the industry.


We will now open up the call for your questions.

                                     # # #



statement/prospectus will be filed with the U.S. Securities and Exchange
Commission by Boyd Gaming Corporation and Coast Casinos, Inc.  Investors and
security holders may obtain a free copy of the joint proxy statement/prospectus
when it becomes available and other documents filed or furnished by Boyd Gaming
Corporation or Coast Casinos, Inc. with the SEC at the SEC's website at  The joint proxy statement/prospectus and other documents filed or
furnished by Boyd Gaming Corporation or Coast Casinos, Inc. may also be
obtained for free by directing a request to Boyd Gaming Corporation, Attn: Rob
Stillwell, Investor Relations, 2950 Industrial Road, Las Vegas, NV 89109 or to
Coast Casinos, Inc., Attn: Gage Parrish, 4500 West Tropicana Avenue, Las Vegas,
NV 89103.

Boyd Gaming, Coast Casinos and their respective officers and directors may be
deemed to be participants in the solicitation of proxies with respect to the
transactions contemplated by the merger agreement.  Information about the
participants in the solicitation will be set forth in the joint proxy
statement/prospectus to be filed with the SEC.

certain "forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995.  These statements are based on
management's current expectations and are naturally subject to uncertainty and
changes in circumstances.  Actual results may vary materially from the
expectations contained herein. The forward-looking statements contained herein
include statements about the proposed transaction.  The following factors,
among others, could cause actual results to differ materially from those
described herein:  failure to obtain certain regulatory approvals; actions of
the federal and local governments; failure of the requisite number of Boyd
Gaming Corporation or Coast Casinos, Inc. stockholders to approve the proposed
transaction; the inability to successfully integrate the businesses of Boyd
Gaming Corporation and Coast Casinos, Inc.; the costs related to the merger;
the inability to achieve cost-cutting synergies resulting from the merger;
changing consumer or marketplace trends; the general economic environment;
potential or actual litigation; and other economic, business, competitive
and/or regulatory factors affecting businesses generally.  More detailed
information about those factors is set forth in filings made by Boyd Gaming
Corporation and Coast Casinos, Inc. with the SEC.  Neither Boyd Gaming
Corporation nor Coast Casinos, Inc. is under any obligation to (and expressly
disclaims any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.