A slurry for manufacturing gypsum board comprises calcined gypsum, water, a foaming agent, and a coalescing agent. The foaming agent imparts a plurality of bubbles in the slurry. Typically, a foam is pre-generated with the foaming agent and the foam is used to form the slurry such that the foam imparts the plurality of bubbles in the slurry. The coalescing agent coalesces the plurality of bubbles imparted by the foam. Typically, the coalescing agent coalesces a plurality of small and partially joined bubbles imparted by the foam to create larger and more discrete bubbles. A gypsum board and method of forming the slurry and the gypsum board are also disclosed. The gypsum board comprises a gypsum layer formed from the slurry. The gypsum layer defines a plurality of bubbles dispersed therein, which are imparted by the foam and coalescing agent of the slurry.