Station Casinos announces 2015 third quarter results

8 Nov 2015

(PRESS RELEASE) -- Station Casinos LLC today announced the results of its operations for the third quarter ended Sept. 30, 2015.

“Station Casinos posted 4.5% growth in net revenues and 14.0% growth in Adjusted EBITDAM for the third quarter,” said Marc Falcone, executive vice president, chief financial officer and treasurer. “We had another strong quarter highlighted by revenue growth in nearly every category, continued operating efficiencies and steadily improving margins. We are proud to report that this is our eighteenth consecutive quarter of Adjusted EBITDAM growth.”

Highlights

-- Net revenues increased 4.5% and Adjusted EBITDAM increased 14.0% compared to the prior year period.

-- Adjusted EBITDAM margin for the third quarter of 2015 was 31.5%, a 260 basis point improvement compared to the prior year period.

-- Tenth consecutive quarter of year-over-year net revenue growth and eighteenth consecutive quarter of year-over-year Adjusted EBITDAM growth.

-- Las Vegas net revenues increased 2.8% and Adjusted EBITDAM increased 7.9% compared to the prior year period.

-- Native American management fees increased 55.4% compared to the prior year period.

Consolidated Results of Operations

The company's consolidated net revenues for the third quarter ended Sept. 30, 2015 were $323.6 million, an increase of $13.9 million, or 4.5%, compared to the prior year period. Consolidated Adjusted EBITDAM for the quarter increased $12.5 million, or 14.0%, to $102.1 million, and our Adjusted EBITDAM margin increased 260 basis points to 31.5%. Net revenue at our Las Vegas properties increased 2.8%, while Adjusted EBITDAM increased 7.9% and Adjusted EBITDAM margin improved 140 basis points to 29.2%. In Las Vegas, the economy continued to show momentum and we experienced broad based consumer spending increases in both our gaming and non-gaming areas. We also continue to see solid results in the operating performance at our two Native American properties, which drove a 55.4% increase in management fees to $16.6 million for the quarter.

For the nine-month period ended Sept. 30, 2015, the company's consolidated net revenues were $1.0 billion, a 4.8% increase compared to the first nine months of 2014. Adjusted EBITDAM was $342.3 million for that period, a $37.5 million, or 12.3%, increase compared to the prior year period and Adjusted EBITDAM margin increased 230 basis points to 34.1%. Native American management fees increased $12.0 million to $45.3 million for that same period.

“We achieved strong performance at our Las Vegas properties, which experienced increased guest spending as the economy continued to gain momentum,” Falcone stated.

Adjusted 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. Adjusted EBITDAM is further defined in footnote 1 and a reconciliation of Adjusted EBITDAM to net income, the most comparable GAAP measure, is included in the financial information attached hereto.

Balance Sheet Highlights

As of Sept. 30, 2015, the outstanding principal balance of the company's long-term debt was $2.1 billion (excluding a non-recourse land loan of $114.1 million) and cash and cash equivalents were $96.9 million. As of Sept. 30, our debt (net of excess cash) to Adjusted EBITDAM ratio was 4.5 times, excluding the non-recourse land loan.

Filing of Registration Statement

As previously announced, Station Casinos Corp., an affiliate of Station Casinos LLC, has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of Class A Common Stock of Station Casinos Corp. The number of shares to be offered and the price range for the proposed offering have not yet been determined. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Conference Call Information

The company will host a conference call on Nov. 5, 2015 at 1:30 p.m. PT to discuss its third quarter 2015 financial results. The conference call will consist of prepared remarks from the company and will include a question and answer session. Those interested in participating in the call should dial (855) 716-2688 or (440) 996-5688 for international callers, approximately 15 minutes before the call start time. A replay of the call will be available online from Nov. 5, 2015 through Nov. 12, 2015. A live audio webcast of the call will also be available online.

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	Station Casinos announces 2015 third quarter results 8 Nov 2015 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> (PRESS RELEASE) -- Station Casinos LLC today announced the results of its operations for the third quarter ended Sept. 30, 2015. “Station Casinos posted 4.5% growth in net revenues and 14.0% growth in Adjusted EBITDAM for the third quarter,” said Marc Falcone, executive vice president, chief financial officer and treasurer. “We had another strong quarter highlighted by revenue growth in nearly every category, continued operating efficiencies and steadily improving margins. We are proud to report that this is our eighteenth consecutive quarter of Adjusted EBITDAM growth.” Highlights -- Net revenues increased 4.5% and Adjusted EBITDAM increased 14.0% compared to the prior year period. -- Adjusted EBITDAM margin for the third quarter of 2015 was 31.5%, a 260 basis point improvement compared to the prior year period. -- Tenth consecutive quarter of year-over-year net revenue growth and eighteenth consecutive quarter of year-over-year Adjusted EBITDAM growth. -- Las Vegas net revenues increased 2.8% and Adjusted EBITDAM increased 7.9% compared to the prior year period. -- Native American management fees increased 55.4% compared to the prior year period. Consolidated Results of Operations The company's consolidated net revenues for the third quarter ended Sept. 30, 2015 were $323.6 million, an increase of $13.9 million, or 4.5%, compared to the prior year period. Consolidated Adjusted EBITDAM for the quarter increased $12.5 million, or 14.0%, to $102.1 million, and our Adjusted EBITDAM margin increased 260 basis points to 31.5%. Net revenue at our Las Vegas properties increased 2.8%, while Adjusted EBITDAM increased 7.9% and Adjusted EBITDAM margin improved 140 basis points to 29.2%. In Las Vegas, the economy continued to show momentum and we experienced broad based consumer spending increases in both our gaming and non-gaming areas. We also continue to see solid results in the operating performance at our two Native American properties, which drove a 55.4% increase in management fees to $16.6 million for the quarter. For the nine-month period ended Sept. 30, 2015, the company's consolidated net revenues were $1.0 billion, a 4.8% increase compared to the first nine months of 2014. Adjusted EBITDAM was $342.3 million for that period, a $37.5 million, or 12.3%, increase compared to the prior year period and Adjusted EBITDAM margin increased 230 basis points to 34.1%. Native American management fees increased $12.0 million to $45.3 million for that same period. “We achieved strong performance at our Las Vegas properties, which experienced increased guest spending as the economy continued to gain momentum,” Falcone stated. Adjusted 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. Adjusted EBITDAM is further defined in footnote 1 and a reconciliation of Adjusted EBITDAM to net income, the most comparable GAAP measure, is included in the financial information attached hereto. Balance Sheet Highlights As of Sept. 30, 2015, the outstanding principal balance of the company's long-term debt was $2.1 billion (excluding a non-recourse land loan of $114.1 million) and cash and cash equivalents were $96.9 million. As of Sept. 30, our debt (net of excess cash) to Adjusted EBITDAM ratio was 4.5 times, excluding the non-recourse land loan. Filing of Registration Statement As previously announced, Station Casinos Corp., an affiliate of Station Casinos LLC, has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of Class A Common Stock of Station Casinos Corp. The number of shares to be offered and the price range for the proposed offering have not yet been determined. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Conference Call Information The company will host a conference call on Nov. 5, 2015 at 1:30 p.m. PT to discuss its third quarter 2015 financial results. The conference call will consist of prepared remarks from the company and will include a question and answer session. Those interested in participating in the call should dial (855) 716-2688 or (440) 996-5688 for international callers, approximately 15 minutes before the call start time. A replay of the call will be available online from Nov. 5, 2015 through Nov. 12, 2015. A live audio webcast of the call will also be available online.