<PAGE>
 
_______________________________________________________________________________

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                                 _____________
                                          
                                  FORM 10-Q/A
                               (Amendment No. 1)      

(Mark One)

 X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
---  ACT OF 1934
     
     For the Quarterly Period Ended June 30, 1996

                                       OR

___  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the Transition Period from ____________ to  ____________

                         Commission file number 0-26922

                              COAST RESORTS, INC.
             (Exact name of registrant as specified in its charter)

            NEVADA                                       88-0345704
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                     identification number)

4000 WEST FLAMINGO ROAD, LAS VEGAS, NEVADA                 89103
  (Address of principal executive offices)               (Zip code)

                                 (702) 367-7111
              (Registrant's telephone number, including area code)
                                      None
             (Former name, former address and former fiscal year,
                        if changed since last report.)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. 
                                                   Yes  X    No
                                                      -----    ----

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

     Shares of Common Stock outstanding as of August 1, 1996:  1,494,352.94
                                              --------
_______________________________________________________________________________
<PAGE>
 
    
                               EXPLANATORY NOTE

     The purpose of this Amendment No. 1 to Quarterly Report on Form 10-Q/A of 
Coast Resorts, Inc. for the period ended June 30, 1996 is solely to correct a 
typographical error contained in the column headings to Coast Resorts, Inc. and 
Subsidiaries Condensed Consolidated Statements of Cash Flows for the Six Months 
ended June 30, 1996 and 1995.      

                         PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS.

                      COAST RESORTS, INC. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                   (amounts in thousands, except share data)
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                June 30,      December 31,
                                                 1996            1995
                                                --------      ------------
<S>                                             <C>            <C> 
                    ASSETS
CURRENT ASSETS:
   Cash and cash equivalents                    $ 22,303       $ 14,543
   Restricted cash equivalents, in      
    escrow account                                11,164              -
   Accounts receivable, net                        2,122          1,990
   Other current assets                            7,136          6,506
                                                --------       --------
     TOTAL CURRENT ASSETS                         42,725         23,039
PROPERTY AND EQUIPMENT, net                      165,552        125,155
RESTRICTED CASH EQUIVALENTS, IN ESCROW            
 ACCOUNT                                          79,973              -
OTHER ASSETS                                       9,799          4,169
                                                --------       --------
                                                $298,049       $152,363
                                                ========       ========

 
            LIABILITIES AND
          STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
   Accounts payable                             $  3,767       $  8,389
   Accrued liabilities                            16,679         14,426
   Current portion of long-term debt                 589          1,591
                                                --------       --------
     TOTAL CURRENT LIABILITIES                    21,035         24,406
                                                --------       --------
LONG-TERM DEBT, less current portion             171,924         83,357
                                                --------       --------
DEFERRED RENT                                      3,320          1,712
                                                --------       --------
OTHER LIABILITIES                                  2,500              -
                                                --------       --------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
   Preferred Stock, $.01 par value, 500,000 
   shares authorized, no shares issued and 
   outstanding                                         -              - 
   Common Stock, $.01 par value, 2,000,000 
   shares authorized, 1,494,353 (1996) 
   and 1,000,000 (1995) shares issued and 
   outstanding                                        15             10
   Additional paid - in capital                   95,398         19,340
   Retained earnings                               3,857         23,538
                                                --------       --------
     TOTAL STOCKHOLDERS' EQUITY                   99,270         42,888
                                                --------       --------
                                                $298,049       $152,363
                                                ========       ======== 
</TABLE>

  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       2
<PAGE>
 
                      COAST RESORTS, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
       For the Three Months and Six Months Ended June 30, 1996 and 1995
                 (amounts in thousands, except per share data)
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                      Three Months Ended             Six Months Ended
                                                           June 30,                      June 30,
                                                      ------------------------------------------------
                                                      1996         1995              1996         1995
                                                      ----         ----              ----         ----
<S>                                               <C>           <C>              <C>            <C>
OPERATING REVENUES:
 Casino                                            $   35,380  $   30,878          $   71,300  $   61,812
 Food and beverage                                      9,510       9,594              19,389      19,208
 Hotel                                                  3,496       3,280               7,017       6,511
 Other                                                  2,463       2,233               4,914       4,622
                                                   ----------  ----------          ----------  ----------
   GROSS REVENUES                                      50,849      45,985             102,620      92,153
 Less:  promotional allowances                         (4,061)     (4,044)             (8,420)     (8,014)
                                                   ----------  ----------          ----------  ----------
   NET REVENUES                                        46,788      41,941              94,200      84,139
                                                   ----------  ----------          ----------  ----------
OPERATING EXPENSES:                                                                             
 Casino                                                16,903      16,636              33,842      33,220
 Food and beverage                                      7,268       7,979              14,672      16,501
 Hotel                                                  1,806       1,737               3,485       3,366
 Other                                                  1,827       2,098               3,698       4,174
 General and administrative                             8,927       8,465              17,693      16,735
 Development expenses                                     955          --               1,910          --
 Depreciation and amortization                          1,861       1,835               3,622       3,574
                                                   ----------  ----------          ----------  ----------
   TOTAL OPERATING EXPENSES                            39,547      38,750              78,922      77,570
                                                   ----------  ----------          ----------  ----------
   OPERATING INCOME                                     7,241       3,191              15,278       6,569
                                                                                                
OTHER INCOME (EXPENSES)                                                                         
 Interest expense                                      (5,870)       (632)            (10,177)     (1,012)
 Interest income                                        1,484           5               2,447          75
 Interest capitalized                                   1,530          --               2,231          --
 Gain on sale of equipment and                                                                  
  securities                                                2          11                   2          68
                                                   ----------  ----------          ----------  ----------
   TOTAL OTHER INCOME (EXPENSES)                       (2,854)       (616)             (5,497)       (869)
                                                   ----------  ----------          ----------  ----------
INCOME BEFORE INCOME TAX PROVISION                      4,387       2,575               9,781       5,700
                                                   ----------  ----------          ----------  ----------
INCOME TAX PROVISION                                    1,535          --               5,924          --
                                                   ----------  ----------          ----------  ----------
NET INCOME                                         $    2,852  $    2,575          $    3,857  $    5,700
                                                   ==========  ==========          ==========  ==========
NET INCOME PER SHARE OF COMMON STOCK               $     1.91  $     1.67          $     2.66  $     3.71
                                                   ==========  ==========          ==========  ==========
WEIGHTED AVERAGE COMMON SHARES                                                                  
 OUTSTANDING                                        1,494,353          --           1,450,893          --
                                                   ==========  ==========          ==========  ==========
PRO FORMA DATA (reflecting reorganization and                                                   
change in tax status):                                                                          
 Provision for income taxes                             1,535         901               3,423       1,995
                                                   ----------  ----------          ----------  ----------
 Net income                                        $    2,852  $    1,674          $    6,358  $    3,705
                                                   ==========  ==========          ==========  ==========
 Net income per share of common stock              $     1.91  $     1.67          $     4.38  $     3.71
                                                   ==========  ==========          ==========  ==========
                                                                                                
Weighted average common shares outstanding          1,494,353   1,000,000           1,450,893   1,000,000
                                                   ==========  ==========          ==========  ==========
</TABLE>
  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       3
<PAGE>
 
                      COAST RESORTS, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                For the Six Months Ended June 30, 1996 and 1995
                             (amounts in thousands)
                                  (Unaudited)

<TABLE>     
<CAPTION>
                                            Six Months         Six Months 
                                              Ended              Ended 
                                          June 30, 1996       June 30, 1995
                                          -------------       -------------
<S>                                         <C>                 <C> 
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                 $   3,857           $  5,700
                                            ---------           --------
 ADJUSTMENTS TO RECONCILE NET
  INCOME TO NET CASH
   PROVIDED BY OPERATING
    ACTIVITIES:
   Depreciation and amortization                3,622              3,574
   Amortization of original issue              
    discount                                      217                 --
   Provision for bad debts                         38                294
   Deferred income taxes                        2,500                 --
   Non-cash rent expense                          880                 --
   (Gain) loss on sale of assets                   (2)               (68)
   Changes in assets and
    liabilities:
     Net (increase) decrease in
      accounts receivable                     
      and other current assets                 (2,196)              (615)
     (Increase) decrease in other            
      assets                                      193                194
   Increase (decrease) in
    operating liabilities:
     Net increase (decrease) in accounts 
      payable and other accrued expenses         (977)            (4,054)
                                            ---------           --------
      TOTAL ADJUSTMENTS                         4,275               (675)
                                            ---------           --------
      NET CASH PROVIDED BY              
       OPERATING ACTIVITIES                     8,132              5,025
                                            ---------           --------
CASH FLOWS FROM INVESTING
 ACTIVITIES:
 Capital expenditures                         (42,807)           (10,847)       
 Proceeds from sale of equipment         
  and securities                                   20                153  
 Net additions to restricted cash
  equivalents, in escrow accounts             (91,137)                --
                                            ---------           --------
      NET CASH USED BY INVESTING
       ACTIVITIES                            (133,924)           (10,694)
                                            ---------           --------
CASH FLOW FROM FINANCING
 ACTIVITIES:
 Proceeds from issuance of
  long-term debt,                      
  net of discounts and
  commissions                                 164,124              3,000 
 Principal payments on long-term       
  debt                                         (1,082)            (1,300) 
 Proceeds from borrowings under        
  bank line of credit                           1,045              6,600 
 Principal payments on bank line       
  of credit                                   (29,200)            (1,500) 
 Principal payments on capital         
  lease                                           (99)               (46) 
 Payments for debt issue costs                 (1,236)                --
 Distributions to former partners                  --             (8,661)
                                            ---------           --------
      NET CASH PROVIDED BY 
       FINANCING ACTIVITIES                   133,552             (1,907)
                                            ---------           --------
NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                           7,760             (7,576)
                                            ---------           -------- 
CASH AND CASH EQUIVALENTS, at
 beginning of year                             14,543             16,967
                                            ---------           --------
CASH AND CASH EQUIVALENTS, at end
 of period                                  $  22,303           $  9,391
                                            =========           ========

</TABLE>      

  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       4
<PAGE>
 
                      COAST RESORTS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BACKGROUND INFORMATION AND BASIS OF PRESENTATION

Background Information

     Coast Resorts, Inc. ("Coast Resorts" or the "Company") is a Nevada
corporation and serves as a holding Company for Coast Hotels and Casinos, Inc.
("Coast Hotels") and Coast West, Inc. ("Coast West").  Through Coast Hotels, the
Company owns and operates the Gold Coast and Barbary Coast hotel-casinos and is
in the process of constructing The Orleans Hotel and Casino ("The Orleans"), all
of which are located in Las Vegas, Nevada.  Coast West has no operations but
holds a long-term lease (the "Coast West Lease") on approximately fifty acres of
land in Las Vegas on which the Company may develop and operate a future hotel-
casino.

     The Gold Coast and Barbary Coast hotel-casinos had previously been owned
and operated independently by two partnerships, Gold Coast Hotel and Casino, a
Nevada limited partnership, and Barbary Coast Hotel and Casino, a Nevada general
partnership (collectively, the "Predecessor Partnerships").  On January 1, 1996,
the partners of the Predecessor Partnerships completed a reorganization (the
"Reorganization") with Coast Resorts.  Coast Resorts was formed in September
1995 for the purpose of effecting such Reorganization of the Predecessor
Partnerships.  Coast Resorts, Gold Coast and Barbary Coast were all related
through common ownership and management control.

     In the Reorganization, the partners of the Predecessor Partnerships each
transferred to Coast Resorts their respective partnership interests in the
Predecessor Partnerships in exchange for an aggregate of 1,000,000 shares of
common stock, par value $.01 per share, of Coast Resorts ("Coast Resorts Common
Stock").  Coast Resorts immediately contributed to Coast Hotels all of the
assets and liabilities of the Predecessor Partnerships other than those relating
to the Coast West Lease,  which Coast Resorts contributed to Coast West.  Coast
Resorts retained the liability for an aggregate principal amount of $51.0
million in notes payable to former partners and retained the liability for $1.5
million relating to demand notes due to a related party (the "Exchange
Liabilities").  On January 16, 1996, the Exchange Liabilities were exchanged for
494,353 shares of Coast Resorts Common Stock, based upon management's estimate
of the fair market value of such Coast Resorts Common Stock.

Basis of Presentation

     Prior to the Reorganization, the Gold Coast and the Barbary Coast hotel-
casinos historically operated under a high degree of common control. The former
Managing General Partner of the Gold Coast Hotel and Casino was also a general
partner, and the principal manager, of the Barbary Coast Hotel and Casino. Due
to common control of the Predecessor Partnerships and the continuation of
ownership by the former partners, the Reorganization was accounted for as a
reorganization of entities under common control. Accordingly, the consolidated
financial statements of the Company for all periods are presented as if the
Reorganization occurred at the beginning of the earliest period presented and
include the accounts of all entities involved on a historical cost basis, in a
manner similar to a pooling of interests. The consolidated financial statements
include the accounts of the Company and all its subsidiaries. All intercompany
balances and transactions have been eliminated.

     The accompanying consolidated financial statements reflect the Exchange
Liabilities as obligations of Coast Resorts at December 31, 1995, as the
exchange for Coast Resorts Common Stock had not yet occurred.  The exchange was
accounted for subsequent to the completion of the Reorganization, through the
issuance of Coast Resorts Common Stock in the approximate amount of $52.5
million reflecting the historical cost basis of the Exchange Liabilities.

     The accompanying financial statements are unaudited and have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with Article 10 of Regulation S-X.  Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  The unaudited
financial statements should be read in conjunction with the audited 

                                       5

<PAGE>
 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
 
NOTE 1-BACKGROUND INFORMATION AND BASIS OF PRESENTATION (Continued)

financial statements and footnotes for the year ended December 31, 1995. In the
opinion of management, all adjustments and normal recurring accruals considered
necessary for a fair presentation of the results for the interim period have
been included. The interim results reflected in the unaudited financial
statements are not necessarily indicative of expected results for the full year.

NOTE 2-THE ORLEANS CONSTRUCTION COMMITMENTS

     During 1995, the Company commenced construction of The Orleans. The plans
for The Orleans have been developed with a theme of the French Quarter in New
Orleans, and include an approximately 92,000 square foot casino, 840 hotel
rooms, a 70-lane bowling center and five restaurants. The Orleans has a revised
construction and development budget of approximately $172.6 million; including
contingencies but excluding capitalized interest, pre-opening expenditures, and
opening bankroll. In January 1996, the Company entered into a guaranteed maximum
price contract for the construction of the buildings and site improvements.
During the course of construction, the Company has elected to upgrade and
improve the quality of furnishings, systems and materials and to position The
Orleans for future expansion. The Company also made certain changes designed to
enhance the overall experience of The Orleans. Such changes include the addition
of an Italian restaurant and improvements to the ballroom to allow it to be used
for live entertainment and to permit greater flexibility in the types of events
for which it may be used. Changes to the original budget have been made
primarily to accommodate quality enhancements in the project and changes in the
scope of the project, as well as increased architectural and design fees and
other costs resulting from additional pending and anticipated change orders and
modifications. Such project enhancements, changes and modifications are expected
to result in change orders for (and have a budget allocation of) an additional
$12.5 million under the construction contract and a corresponding increase in
the guaranteed maximum price under the construction contract to $112.5 million
in accordance with the terms of the construction contract and the related
disbursement agreement. The balance of the increase in the revised budget of
approximately $2.0 million is expected to be allocated to increased
architectural and design fees and to the budget for furniture, fixtures,
equipment, additional signage and certain interior and other improvements. As of
June 30, 1996, the Company had paid approximately $55.7 million of construction
and development costs, including approximately $48.8 million that is subject to
the construction contract, approximately $4.6 million of architectural and
design fees and approximately $2.3 million of other construction and development
costs.

NOTE 3-INCOME TAXES 

     Prior to the Reorganization, the Company operated as individual
partnerships which did not pay federal income taxes. The partners of the
Predecessor Partnerships were taxed on their proportionate share of each of
their respective partnership's taxable income or loss. Effective January 1, 1996
and in connection with the Reorganization, the Predecessor Partnerships were
terminated. The change in status to a "C" corporation resulted in the
recognition of net deferred tax liabilities, and a corresponding charge to
earnings through the income tax provision of approximately $2.5 million for the
quarter ended March 31, 1996. In addition, upon termination of the partnership
tax status on January 1, 1996, all undistributed earnings of the Predecessor
Partnerships were reclassified to paid-in-capital.

     The income statements for the quarter ended June 30, 1995 and six months
ended June 30, 1995 do not include any provision or liability for corporate
income taxes due to the partnership status.  The pro forma provision for income
taxes and the related pro forma net income reflect adjustments to income taxes
assuming that the change in corporate income tax status occurred as of January
1, 1995.

NOTE 4-PRIVATE PLACEMENT FINANCING

     On January 30, 1996, Coast Hotels completed a private placement offering of
$175.0 million principal amount of 13% First Mortgage Notes Due December 15,
2002 (the "First Mortgage Notes").  Interest on the First Mortgage Notes is
payable semi-annually, commencing June 15, 1996.  The First Mortgage Notes are
unconditionally guaranteed by Coast Resorts, Coast West and certain future
subsidiaries of Coast Hotels.  Net proceeds from the offering (after deducting
original issue discount and commissions) were approximately $164.1 million.  Of
that amount, (i) approximately $114.8 million was deposited in a construction
disbursement account restricted for use by Coast Hotels to finance in part the
cost of developing, constructing, equipping and opening The Orleans, (ii)
approximately $19.3 million was used by Coast Hotels to purchase U.S.
Government Obligations which were deposited into an interest escrow account
restricted to fund the interest payable on the First Mortgage Notes through
December 15, 1996 and (iii) approximately $29.2 million was used by Coast Hotels
to repay all outstanding 

                                       6
<PAGE>
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE 4-PRIVATE PLACEMENT FINANCING (Continued)

indebtedness under its revolving credit facility, which was terminated upon
repayment. The balance of approximately $800,000 was used to pay, in part, the
offering expenses of approximately $2.4 million.

                                       7
<PAGE>
 
                                   SIGNATURES
                                   ----------
    
     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to Quarterly Report on Form 
10-Q/A to be signed on its behalf by the undersigned thereunto duly authorized. 
     

    
Date:  October 21, 1996             COAST RESORTS, INC., a Nevada corporation
     
                                    By: /s/  Gage Parrish
                                       --------------------------------------
                                         Gage Parrish
                                         Vice President and 
                                         Chief Financial Officer

                                       8