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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| Year Ended |
| Year Ended |
| Period From |
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| Period From |
| Year Ended |
| Year Ended |
| Period From |
| Year Ended |
| Year Ended |
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Consolidated pretax (loss) income from continuing operations |
| $ | (113,493 | ) | $ | 11,712 |
| $ | (20,138 | ) |
| $ | 3,249,550 |
| $ | (587,438 | ) | $ | (1,969,386 | ) | $ | 626,364 |
| $ | (91,640 | ) | $ | (17,542 | ) |
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Less: (Earnings) losses of equity investees |
| (1,603 | ) | (1,773 | ) | 1,533 |
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| 16,397 |
| 315,204 |
| 168,445 |
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Fixed charges (see below) |
| 169,157 |
| 197,972 |
| 97,155 |
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| 49,753 |
| 122,582 |
| 300,714 |
| 20,876 |
| 49,103 |
| 52,425 |
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Distributed income from equity investees |
| 1,623 |
| 1,847 |
| 794 |
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| 1,118 |
| 2,419 |
| 1,897 |
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Less: Capitalized interest |
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| (3,721 | ) | (2,155 | ) |
| (2,939 | ) | (10,078 | ) | (15,989 | ) | — |
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Earnings |
| 55,684 |
| 206,037 |
| 77,189 |
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| 3,313,879 |
| (157,311 | ) | (1,514,319 | ) | 647,240 |
| (42,537 | ) | 34,883 |
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Interest expense (a) |
| 164,667 |
| 189,505 |
| 92,299 |
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| 43,294 |
| 104,582 |
| 276,591 |
| 20,582 |
| 48,644 |
| 51,916 |
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Capitalized interest |
| — |
| 3,721 |
| 2,155 |
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| 2,939 |
| 10,078 |
| 15,989 |
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Estimated interest within rental expense |
| 4,490 |
| 4,746 |
| 2,701 |
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| 3,520 |
| 7,922 |
| 8,134 |
| 294 |
| 459 |
| 509 |
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Fixed Charges |
| 169,157 |
| 197,972 |
| 97,155 |
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| 49,753 |
| 122,582 |
| 300,714 |
| 20,876 |
| 49,103 |
| 52,425 |
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Ratio of Earnings to Fixed Charges (c) |
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| 1.0 |
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| 66.6 |
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| 31.0 |
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Excess of fixed charges over earnings |
| 113,473 |
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| 19,966 |
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| 279,893 |
| 1,815,033 |
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| 91,640 |
| 17,542 |
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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