Exhibit 12.1
Station Casinos LLC
Computation of Ratio of Earnings to Fixed Charges
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| Successor |
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| Predecessors |
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| Station Casinos LLC |
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| Station Casinos, Inc. |
| Green Valley Ranch Gaming, LLC |
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| Six Months |
| Period From |
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| Period From |
| Year Ended |
| Year Ended |
| Year Ended |
| Period From |
| Period From |
| Period From |
| Year Ended |
| Year Ended |
| Year Ended |
| Year��Ended |
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| (in thousands) |
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| (in thousands) |
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Consolidated pretax income (loss) from continuing operations |
| $ | 18,132 |
| $ | (1,443 | ) |
| $ | 3,249,550 |
| $ | (587,438 | ) | $ | (1,593,498 | ) | $ | (3,649,845 | ) | $ | (364,636 | ) | $ | (72,991 | ) | $ | 626,364 |
| $ | (91,640 | ) | $ | (17,542 | ) | $ | (23,194 | ) | $ | 25,403 |
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Losses (earnings) of equity investees |
| (950 | ) | (42 | ) |
| (16,397 | ) | (315,204 | ) | (168,445 | ) | (30,623 | ) | 1,132 |
| 10,744 |
| — |
| — |
| — |
| — |
| — |
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Fixed charges (see below) |
| 97,442 |
| 7,049 |
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| 49,753 |
| 122,582 |
| 300,714 |
| 417,880 |
| 65,946 |
| 223,379 |
| 20,876 |
| 49,103 |
| 52,425 |
| 56,204 |
| 57,195 |
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Distributed income from equity investees |
| 966 |
| — |
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| 1,118 |
| 2,419 |
| 1,897 |
| 2,598 |
| 414 |
| 12,943 |
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| — |
| — |
| — |
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Capitalized interest |
| (2,716 | ) | (220 | ) |
| (2,939 | ) | (10,078 | ) | (15,989 | ) | (27,087 | ) | (3,083 | ) | (16,309 | ) | — |
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Earnings |
| 112,874 |
| 5,344 |
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| 3,281,085 |
| (787,719 | ) | (1,475,321 | ) | (3,287,077 | ) | (300,227 | ) | 157,766 |
| 647,240 |
| (42,537 | ) | 34,883 |
| 33,010 |
| 82,598 |
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Interest expense (a) |
| 92,324 |
| 6,621 |
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| 43,294 |
| 104,582 |
| 276,591 |
| 379,313 |
| 61,276 |
| 197,370 |
| 20,582 |
| 48,644 |
| 51,916 |
| 55,032 |
| 56,104 |
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Capitalized interest |
| 2,716 |
| 220 |
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| 2,939 |
| 10,078 |
| 15,989 |
| 27,087 |
| 3,083 |
| 16,309 |
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Estimated interest within rental expense |
| 2,402 |
| 208 |
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| 3,520 |
| 7,922 |
| 8,134 |
| 11,480 |
| 1,587 |
| 9,700 |
| 294 |
| 459 |
| 509 |
| 1,172 |
| 1,091 |
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Fixed Charges |
| 97,442 |
| 7,049 |
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| 49,753 |
| 122,582 |
| 300,714 |
| 417,880 |
| 65,946 |
| 223,379 |
| 20,876 |
| 49,103 |
| 52,425 |
| 56,204 |
| 57,195 |
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Ratio of Earnings to Fixed Charges (c) |
| 1.2 |
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| 66.0 |
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| 31.0 |
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| 1.4 |
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Excess of fixed charges over earnings (in thousands) |
| — |
| 1,705 |
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| — |
| 910,301 |
| 1,776,035 |
| 3,704,957 |
| 366,173 |
| 65,613 |
| — |
| 91,640 |
| 17,542 |
| 23,194 |
| — |
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(a) Interest expense includes amortization of debt discount and debt issuance costs.
(b) Interest within rental expense is estimated to equal approximately one-third.
(c) No ratio is shown for periods where earnings were inadequate to cover fixed charges