Station Casinos Enters into Accelerated Stock Buyback Program

11 Apr 2006

LAS VEGAS -- (PRESS RELEASE) -- Station Casinos, Inc. (NYSE:STN) announced today that it repurchased approximately $232 million of its common stock from Goldman Sachs & Co. ("Goldman Sachs") in a private transaction in connection with an accelerated stock buyback ("ASB") program. Pursuant to the terms of the ASB program, Goldman Sachs has delivered 2.7 million shares to the Company to date. The Company could receive up to an additional 367,539 shares from Goldman Sachs subject to the volume weighted average price of the Company's stock during the term of the ASB program and collar provisions setting minimum and maximum prices for the repurchase of such shares. Upon the completion of the ASB program, the Company will have repurchased between 7.1 million and 7.4 million shares of its stock during 2006 and will have between 2.7 million and 3.1 million shares remaining under its existing share repurchase authorization.

The stock repurchase was funded from borrowings under the Company's revolving credit facility. The repurchased shares will be held in treasury.

"We continue to believe in the long-term strength of our business model," said Lorenzo J. Fertitta, vice chairman and president. "As a result of our flexible financial platform, we have repurchased over 10% of the outstanding common stock of the Company since the end of the year without changing the timetable to develop our pipeline of new properties and master-planned expansions," said Fertitta.

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	Station Casinos Enters into Accelerated Stock Buyback Program 11 Apr 2006 <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> LAS VEGAS -- (PRESS RELEASE) -- Station Casinos, Inc. (NYSE:STN) announced today that it repurchased approximately $232 million of its common stock from Goldman Sachs & Co. ("Goldman Sachs") in a private transaction in connection with an accelerated stock buyback ("ASB") program. Pursuant to the terms of the ASB program, Goldman Sachs has delivered 2.7 million shares to the Company to date. The Company could receive up to an additional 367,539 shares from Goldman Sachs subject to the volume weighted average price of the Company's stock during the term of the ASB program and collar provisions setting minimum and maximum prices for the repurchase of such shares. Upon the completion of the ASB program, the Company will have repurchased between 7.1 million and 7.4 million shares of its stock during 2006 and will have between 2.7 million and 3.1 million shares remaining under its existing share repurchase authorization. The stock repurchase was funded from borrowings under the Company's revolving credit facility. The repurchased shares will be held in treasury. "We continue to believe in the long-term strength of our business model," said Lorenzo J. Fertitta, vice chairman and president. "As a result of our flexible financial platform, we have repurchased over 10% of the outstanding common stock of the Company since the end of the year without changing the timetable to develop our pipeline of new properties and master-planned expansions," said Fertitta.