Station Casinos announces 2011 full year and fourth quarter results

30 Mar 2012

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Station Casinos LLC (“Station” or the “Company”) today announced the results of its operations for the fourth quarter and fiscal year ended December 31, 2011.

2011 marked a major transition year for the Company as we completed our restructuring on June 17, 2011 and emerged as a financially stronger and healthier company. The Company’s operating results for 2011 reflect an improving operating environment as a result of the ongoing recovery on the Las Vegas Strip and a stabilization of the Las Vegas locals’ market. Highlights for the year include:

Our partnering with the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians (the “Gun Lake Tribe”), in the development and ongoing management of the Gun Lake Casino, which opened in February 2011. The Gun Lake Casino features approximately 1,500 slot machines and 28 table games and we manage the facility pursuant to a seven-year management agreement.

The launching of our “We Love Locals” campaign, which continued to strengthen our brand and image with our customers and team members.

Paying over $6.5 million in bonuses to our team members as a demonstration of our appreciation for their many contributions to our business in a challenging economic environment.

Enhancing our award-winning Boarding Pass program, which was recently recognized as the best player reward program in Las Vegas for the 13th consecutive year.

Reinstating the matching contribution to our 401(k) plan and offering our team members a free HMO option for their medical care.

Consolidated Results of Operations

The Company's consolidated net revenues for the fourth quarter ended December 31, 2011 were approximately $303 million, an increase of 9.1% compared to the prior year. The Company reported EBITDAM for the fourth quarter of $82.2 million, an increase of 7.3% compared to the prior year.

The Company's consolidated net revenues for the fiscal year ended December 31, 2011 were approximately $1.18 billion, an increase of 5.7% compared to the prior year. The Company reported EBITDAM for the year of $316 million, a decrease of 2% compared to the prior year.

Guarantor Group Results of Operations

The net revenues for Station Casinos LLC and the subsidiaries that own Red Rock, Palace Station, Boulder Station and Sunset Station (the “Guarantor Group”) for the fourth quarter ended December 31, 2011 were approximately $163.5 million, an increase of 8.4% compared to the prior year. The Company reported EBITDAM for the Guarantor Group for the quarter of $47.0 million, an increase of 5.8% compared to the prior year

The net revenues for the Guarantor Group for the fiscal year ended December 31, 2011 were approximately $637 million, an increase of 7.6% compared to the prior year. The Company reported EBITDAM for the Guarantor Group for the year of $176 million, an increase of 2.9% compared to the prior year.

EBITDAM is not a generally accepted accounting principle (“GAAP”) measurement and is presented solely as a supplemental disclosure because the Company believes that it is a widely used measure of operating performance in the gaming industry and is a principal basis for valuation of gaming companies. EBITDAM is further defined in footnote 1.

Balance Sheet Items and Capital Expenditures

The outstanding principal balance of long-term debt was $2.4 billion on a consolidated basis (excluding a nonrecourse land loan) and $1.7 billion for the Guarantor Group as of December 31, 2011. From June 17, 2011, the date we acquired our assets from Station Casinos, Inc., on a consolidated basis, we have paid down over $70 million of debt.

For the year, total consolidated capital expenditures were $43.5 million of which $31.6 million were for the Guarantor Group.

Conference Call Information

The Company will host a conference call Thursday, March 29, 2012 at 12:00 p.m. (Eastern Time) to discuss its fourth quarter and 2011 financial results.

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	Station Casinos announces 2011 full year and fourth quarter results 30 Mar 2012 LAS VEGAS, Nevada -- (PRESS RELEASE) -- Station Casinos LLC (“Station” or the “Company”) today announced the results of its operations for the fourth quarter and fiscal year ended December 31, 2011. 2011 marked a major transition year for the Company as we completed our restructuring on June 17, 2011 and emerged as a financially stronger and healthier company. The Company’s operating results for 2011 reflect an improving operating environment as a result of the ongoing recovery on the Las Vegas Strip and a stabilization of the Las Vegas locals’ market. Highlights for the year include: Our partnering with the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians (the “Gun Lake Tribe”), in the development and ongoing management of the Gun Lake Casino, which opened in February 2011. The Gun Lake Casino features approximately 1,500 slot machines and 28 table games and we manage the facility pursuant to a seven-year management agreement. The launching of our “We Love Locals” campaign, which continued to strengthen our brand and image with our customers and team members. Paying over $6.5 million in bonuses to our team members as a demonstration of our appreciation for their many contributions to our business in a challenging economic environment. Enhancing our award-winning Boarding Pass program, which was recently recognized as the best player reward program in Las Vegas for the 13th consecutive year. Reinstating the matching contribution to our 401(k) plan and offering our team members a free HMO option for their medical care. Consolidated Results of Operations The Company's consolidated net revenues for the fourth quarter ended December 31, 2011 were approximately $303 million, an increase of 9.1% compared to the prior year. The Company reported EBITDAM for the fourth quarter of $82.2 million, an increase of 7.3% compared to the prior year. The Company's consolidated net revenues for the fiscal year ended December 31, 2011 were approximately $1.18 billion, an increase of 5.7% compared to the prior year. The Company reported EBITDAM for the year of $316 million, a decrease of 2% compared to the prior year. Guarantor Group Results of Operations The net revenues for Station Casinos LLC and the subsidiaries that own Red Rock, Palace Station, Boulder Station and Sunset Station (the “Guarantor Group”) for the fourth quarter ended December 31, 2011 were approximately $163.5 million, an increase of 8.4% compared to the prior year. The Company reported EBITDAM for the Guarantor Group for the quarter of $47.0 million, an increase of 5.8% compared to the prior year The net revenues for the Guarantor Group for the fiscal year ended December 31, 2011 were approximately $637 million, an increase of 7.6% compared to the prior year. The Company reported EBITDAM for the Guarantor Group for the year of $176 million, an increase of 2.9% compared to the prior year. EBITDAM is not a generally accepted accounting principle (“GAAP”) measurement and is presented solely as a supplemental disclosure because the Company believes that it is a widely used measure of operating performance in the gaming industry and is a principal basis for valuation of gaming companies. EBITDAM is further defined in footnote 1. Balance Sheet Items and Capital Expenditures The outstanding principal balance of long-term debt was $2.4 billion on a consolidated basis (excluding a nonrecourse land loan) and $1.7 billion for the Guarantor Group as of December 31, 2011. From June 17, 2011, the date we acquired our assets from Station Casinos, Inc., on a consolidated basis, we have paid down over $70 million of debt. For the year, total consolidated capital expenditures were $43.5 million of which $31.6 million were for the Guarantor Group. Conference Call Information The Company will host a conference call Thursday, March 29, 2012 at 12:00 p.m. (Eastern Time) to discuss its fourth quarter and 2011 financial results.