Station Casinos Enters Partnership with Pottawatomi Band

14 Nov 2003

LAS VEGAS – (Press Release) -- The Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, a federally recognized Indian tribe commonly referred to as the Gun Lake Tribe (the "Tribe"), MPM Enterprises, L.L.C., a Michigan limited liability company ("MPM") and Station Casinos, Inc. (NYSE: STN) announced today that Station has purchased a 50% interest in MPM. Concurrently with Station's purchase of that interest, the Tribe and MPM have entered into amended Development and Management Agreements, pursuant to which MPM will assist the Tribe in developing and operating a gaming and entertainment project to be located in Allegan County, Michigan ("The Gun Lake Project").

Station will pay $6.0 million for its 50% interest in MPM payable upon achieving certain milestones. An additional $12.0 million in total may be paid by Station in years six and seven of the Management Agreement, subject to certain contingencies.

Under the terms of the amended Development Agreement, Station has agreed to arrange for or provide the financing for the ongoing development costs and construction of the Project. Prior to obtaining financing for the Project, Station expects to advance $10 million to $15 million to the Tribe for the acquisition of land and other development costs. Although no firm construction budget has been established, Station expects that the total cost of the development and construction of the Project would be less than $200 million. Funds advanced by Station are expected to be repaid with the proceeds of the project financing or from the Tribe's gaming revenues. The amended Management Agreement has a term of seven years and provides for a management fee of 30% of the Project's net income to be paid to MPM. Pursuant to the terms of the MPM Operating Agreement, Station's portion of the management fee is 50% of the first $24 million of management fees earned, 83% of the next $24 million of management fees and 93% of any management fees in excess of $48 million.

The proposed project will be located on approximately 145 acres on Highway 131 near 129th Avenue, approximately 25 miles north of Kalamazoo, Michigan. As currently contemplated, the Project would include up to 2,500 slot machines, 75 table games, a buffet, specialty restaurants and an entertainment venue. Construction of the Project includes the conversion of an existing 192,000 square foot building into the entertainment facility. D.K. Sprague, Tribal Chairman, commented, "The Tribal Council is very excited about moving our casino project forward on behalf of our Tribal Membership, supporters and the estimated 4,300 jobs that will be created. The management expertise Station adds to MPM will not only maximize revenue for the Tribe, state and local governments, but will be an excellent fit because Station is a responsible operator with strong ties to local communities and charities.

"We are extremely excited to be a part of this project," stated Frank J. Fertitta III, chairman and chief executive officer of Station. "The Tribe has outstanding local support and MPM and the Tribe have moved this project a substantial way through the process of having land placed into trust on the Tribe's behalf. We look forward to being part of a project that will help the Gun Lake Tribe attain self-sufficiency and economic independence."

Barton LaBelle, spokesman for MPM Enterprises, said, "Jim Fabiano, Sid Smith and I are excited about the talent and resources that Station Casinos bring to this project. We searched exhaustively for an operating partner that had values that matched those of the Gun Lake Tribe and ourselves. We have found that partner."

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	Station Casinos Enters Partnership with Pottawatomi Band 14 Nov 2003 LAS VEGAS – (Press Release) -- The Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, a federally recognized Indian tribe commonly referred to as the Gun Lake Tribe (the "Tribe"), MPM Enterprises, L.L.C., a Michigan limited liability company ("MPM") and Station Casinos, Inc. (NYSE: STN) announced today that Station has purchased a 50% interest in MPM. Concurrently with Station's purchase of that interest, the Tribe and MPM have entered into amended Development and Management Agreements, pursuant to which MPM will assist the Tribe in developing and operating a gaming and entertainment project to be located in Allegan County, Michigan ("The Gun Lake Project"). Station will pay $6.0 million for its 50% interest in MPM payable upon achieving certain milestones. An additional $12.0 million in total may be paid by Station in years six and seven of the Management Agreement, subject to certain contingencies. Under the terms of the amended Development Agreement, Station has agreed to arrange for or provide the financing for the ongoing development costs and construction of the Project. Prior to obtaining financing for the Project, Station expects to advance $10 million to $15 million to the Tribe for the acquisition of land and other development costs. Although no firm construction budget has been established, Station expects that the total cost of the development and construction of the Project would be less than $200 million. Funds advanced by Station are expected to be repaid with the proceeds of the project financing or from the Tribe's gaming revenues. The amended Management Agreement has a term of seven years and provides for a management fee of 30% of the Project's net income to be paid to MPM. Pursuant to the terms of the MPM Operating Agreement, Station's portion of the management fee is 50% of the first $24 million of management fees earned, 83% of the next $24 million of management fees and 93% of any management fees in excess of $48 million. The proposed project will be located on approximately 145 acres on Highway 131 near 129th Avenue, approximately 25 miles north of Kalamazoo, Michigan. As currently contemplated, the Project would include up to 2,500 slot machines, 75 table games, a buffet, specialty restaurants and an entertainment venue. Construction of the Project includes the conversion of an existing 192,000 square foot building into the entertainment facility. D.K. Sprague, Tribal Chairman, commented, "The Tribal Council is very excited about moving our casino project forward on behalf of our Tribal Membership, supporters and the estimated 4,300 jobs that will be created. The management expertise Station adds to MPM will not only maximize revenue for the Tribe, state and local governments, but will be an excellent fit because Station is a responsible operator with strong ties to local communities and charities. "We are extremely excited to be a part of this project," stated Frank J. Fertitta III, chairman and chief executive officer of Station. "The Tribe has outstanding local support and MPM and the Tribe have moved this project a substantial way through the process of having land placed into trust on the Tribe's behalf. We look forward to being part of a project that will help the Gun Lake Tribe attain self-sufficiency and economic independence." Barton LaBelle, spokesman for MPM Enterprises, said, "Jim Fabiano, Sid Smith and I are excited about the talent and resources that Station Casinos bring to this project. We searched exhaustively for an operating partner that had values that matched those of the Gun Lake Tribe and ourselves. We have found that partner."