Station Casinos Announces 2012 Full Year and Fourth Quarter Results

LAS VEGAS–(BUSINESS WIRE)– Station Casinos LLC (“Station” or the “Company”) today announced the results of its operations for the fourth quarter and fiscal year ended December 31, 2012.

“Station Casinos had a noteworthy 2012,” said Marc Falcone, Executive Vice President, Chief Financial Officer and Treasurer. “We accomplished our stated goals related to our operating performance, balance sheet, Native American managed properties and online gaming. We believe we are well positioned for 2013 to continue to focus on efficiently operating our core business, successfully opening the Graton Resort and Casino in the fourth quarter of 2013, advancing the development of the North Fork Rancheria project and expanding our presence in the interactive gaming market while continuing to delever and strengthen our balance sheet,” said Falcone.

Highlights for the year include:

• Strong year-over-year operating performance with Consolidated Adjusted EBITDAM up approximately 11%
• Increased year-over-year customer visitation and spend per visit
• Reduced long-term debt balance by $216.6 million during the year (excluding LandCo)
• Refinanced debt on behalf of the Gun Lake Tribe, which reduced interest cost and positively impacted Station management fees
• Completed an $850 million new construction financing for the Graton Resort and Casino
• Reached important milestones with the North Fork Rancheria with the execution of a Tribal-State gaming compact and the acceptance of land into trust by the Department of Interior
• Purchased 50.1% of Fertitta Interactive (“FI”), which provides Station with control of one of the few established online poker platforms in the world and the programming expertise to continually adapt and improve the product
• Completed a $2.475 billion refinancing, including a $350 million revolver, in March 2013 of the Company’s outstanding debt other than its land loan

Consolidated Results of Operations

The Company’s consolidated net revenues for the fourth quarter ended December 31, 2012 were approximately $303.2 million, relatively flat compared to the prior year. Consolidated Adjusted EBITDAM for the fourth quarter was $85.4 million, an increase of 3.0% compared to the prior year. The Company’s operating …read more
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