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.