Exhibit 12.1
Station Casinos LLC
Computation of Ratio of Earnings to Fixed Charges
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| Successor |
| Predecessors |
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| Station Casinos LLC |
| Station Casinos, Inc. |
| Green Valley Ranch |
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| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period From |
| Period From |
| Period From |
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| (in thousands) |
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Consolidated pretax (loss) income from continuing operations |
| $ | 132,504 |
| $ | 114,736 |
| $ | (87,840 | ) | $ | 25,219 |
| $ | (20,138 | ) | $ | 3,249,550 |
| $ | 626,364 |
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Less: (Earnings) losses of equity |
| (809 | ) | (1,037 | ) | (1,603 | ) | (1,773 | ) | 1,533 |
| 16,397 |
| — |
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Fixed charges (see below) |
| 147,662 |
| 155,486 |
| 169,112 |
| 197,948 |
| 97,155 |
| 49,753 |
| 20,876 |
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Distributed income from equity investees |
| 1,686 |
| 1,877 |
| 1,623 |
| 1,847 |
| 794 |
| 1,118 |
| — |
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Less: Capitalized interest |
| — |
| — |
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| (3,721 | ) | (2,155 | ) | (2,939 | ) | — |
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Earnings |
| 280,980 |
| 271,062 |
| 81,292 |
| 219,520 |
| 77,189 |
| 3,313,879 |
| 647,240 |
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Interest expense (a) |
| 142,921 |
| 150,995 |
| 164,662 |
| 189,481 |
| 92,299 |
| 43,294 |
| 20,582 |
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Capitalized interest |
| — |
| — |
| — |
| 3,721 |
| 2,155 |
| 2,939 |
| — |
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Estimated interest within rental expense(b) |
| 4,741 |
| 4,491 |
| 4,490 |
| 4,746 |
| 2,701 |
| 3,520 |
| 294 |
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Fixed Charges |
| 147,662 |
| 155,486 |
| 169,112 |
| 197,948 |
| 97,155 |
| 49,753 |
| 20,876 |
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Ratio of Earnings to Fixed Charges (c) |
| 1.9 |
| 1.7 |
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| 1.1 |
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| 66.6 |
| 31.0 |
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Excess of fixed charges over earnings |
| — |
| — |
| 87,820 |
| — |
| 19,966 |
| — |
| — |
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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