Station Casinos reports increased revenue in Second Quarter

Station Casinos reports increased revenue in Second Quarter

Station Casinos LLC, which exited bankruptcy in June after almost two years of financial problems, reported $30.8 million in operating revenue compared with $20.4 million for the same period a year earlier. Net revenues increased to $298.8 million, a 8.5% growth compared to the second quarter of 2010 ($275.3 million). For the first half of 2011, net revenues increased 4.1%, to $592.3 million, compared to last year ($569.1 million). Casino revenue also increased from $196.1 million in 2010 to $212.2 million in 2011. According to Station Casinos, the 8.2% overall increase in gaming revenue was due primarily to a 7.4% increase in slot revenue and a 17.7% increase in table game revenue.

Food and beverage revenues increased to $58.3 million in the second quarter from $51.1 million in the same period last year.  Finally, occupancy rate jumped from 81% in 2010 to 88% in the second quarter of the year. Average daily room rate held steady at $71, while revenue per available room increased  from $58 to $62, in the second quarter.

The company also informed in its quarterly earnings report that its debt load had been reduced to $2.2 billion as of June 30, compared with $6.7 billion owed before the restructuring. With operating leases and other long-term obligations included, the company’s total debt is $3.2 billion.

Station Casinos LLC owns Boulder Station Hotel & Casino, Fiesta Henderson, Fiesta Rancho, Green Valley Ranch Resort & Casino, Palace Station, Red Rock Resort Spa Casino, Santa Fe Station Hotel & Casino, Sunset Station, Texas Station, Days Inn at Wild Wild West and the Wildfire Gaming division that includes Barley’s Brewery, The Greens, Gold Rush, Lake Mead Lounge, Wildfire Casino & Lanes, Wildfire Boulder and Wildfire Rancho. The Company also manages Aliante Station pursuant to a management agreement. Additionally, Station Casinos LLC owns various land holdings and develops and/or manages four tribal gaming opportunities in California and Michigan pursuant to development and management agreements.

 

American Casino Guide