Exhibit 99.1
Station Casinos Announces Record Second Quarter Results,
Additional Expansion Plans and Increases Dividend
LAS VEGAS--(BUSINESS WIRE)--July 28, 2005--Station Casinos, Inc.
(NYSE: STN; "Station" or the "Company") today announced the results of
its operations for the second quarter ended June 30, 2005.
Highlights include:
-- Same-store revenues from its Las Vegas operations increased
16% over the prior year's second quarter, marking the sixth
consecutive quarter of double-digit same-store revenue growth
on a year-over-year basis. Excluding Green Valley Ranch,
revenues from its Major Las Vegas Operations increased 13%
over the prior year's second quarter.
-- Record second quarter EBITDA (1) of $118.3 million, an
increase of 27% over the prior year's second quarter.
-- Same-store EBITDA from its Las Vegas operations increased 29%
over the prior year's second quarter. Excluding Green Valley
Ranch, EBITDA from its Major Las Vegas Operations increased
30% over the prior year's second quarter.
-- Adjusted for non-recurring items and development expense,
diluted earnings per share ("EPS") of $0.65 compared to $0.52
in the prior year's second quarter, an increase of 25%.
-- Same-store EBITDA margins for its Las Vegas operations
increased to 41.5% from 37.3% in the prior year's second
quarter.
-- The introduction of the next generation of the Company's
popular Jumbo Jackpot promotion.
-- The announcement of the Phase III master-planned expansion at
Green Valley Ranch.
-- The announcement of a joint venture to develop up to 600
high-end residential units at Red Rock Resort.
-- Increasing its quarterly cash dividend by 19%, with the next
quarterly dividend of $0.25 per share payable on September 2,
2005.
Results of Operations
The Company's net revenues for the second quarter ended June 30,
2005 were approximately $274.0 million, an increase of 14% compared to
the prior year's second quarter. The Company reported EBITDA for the
quarter of $118.3 million, an increase of 27% compared to the prior
year's second quarter. For the second quarter, Adjusted Earnings (2)
applicable to common stock were $45.4 million, or $0.65 per share, an
increase of 25% over the prior year's $0.52 per share on a comparable
basis. This marks the fourteenth consecutive quarter of year-over-year
growth of Adjusted EBITDA, EBITDA margin and EPS.
During the second quarter, the Company incurred preopening costs
related to projects under development of $1.2 million, $4.1 million in
costs to terminate certain leases at Green Valley Ranch and on
property owned by the Company adjacent to the Wild Wild West site and
$2.1 million in costs to develop new gaming opportunities, primarily
related to Native American gaming. Including these items, the Company
reported net income of $40.6 million and diluted earnings applicable
to common stock of $0.58 per share.
The Company's earnings from its Green Valley Ranch joint venture
for the second quarter were $10.7 million, excluding the lease
termination costs, which represents a combination of the Company's
management fee plus 50% of Green Valley Ranch's operating income. For
the quarter, Green Valley Ranch generated EBITDA before management
fees of $24.5 million, a 23% increase compared to the prior year's
second quarter. These numbers include a full quarter of results from
the $125 million expansion of that property, which opened in December
2004 and included approximately 300 new hotel rooms and 25,000 square
feet of additional meeting and convention space. "We are pleased that
the revenues in the seasonally-weaker second quarter were essentially
the same as the first quarter. While certain one-time expenses such as
advertising and preopening costs impacted operating cash flow and
margins in the quarter, we see significant upside opportunity going
forward," said Lorenzo J. Fertitta, vice chairman and president.
Las Vegas Market Results
Same-store (Major Las Vegas Operations and Green Valley Ranch) net
revenues for the quarter increased to $296.0 million, a 16% increase
compared to the prior year's quarter, while EBITDA from those
operations increased 29% to $122.7 million. "The Las Vegas local's
market continues to thrive. Our local economy remains vibrant with
strong population growth, new job creation and extensive commercial
and residential construction, all of which contributed to another
quarter of double-digit same-store revenue growth," said Fertitta.
EBITDA and Adjusted Earnings are not generally accepted accounting
principles ("GAAP") measurements and are presented solely as a
supplemental disclosure because the Company believes that they are
widely used measures of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies. EBITDA and
Adjusted Earnings are further defined in footnotes 1 and 2,
respectively.
Phase III Master-Planned Expansion of Green Valley Ranch
In addition to the previously announced expansions of Red Rock
Resort, Santa Fe Station and Fiesta Henderson, the Company today
announced the Phase III expansion of Green Valley Ranch. "With the
success of Green Valley Ranch and the growing population in Henderson,
we have decided to commence the Phase III master-planned expansion of
that property. We believe that these four master-planned expansions,
all of which are scheduled to open during 2006, along with our local
and Native American development opportunities, will provide us with a
strong growth pipeline for years to come," said Fertitta.
The Phase III master-planned expansion of Green Valley Ranch will
include a 1,500-space parking garage, additional slot machines, a new
race and sports book, a new poker room, a 500-seat entertainment
lounge, 14,000 square feet of additional convention space and two new
restaurants. Construction of this project is expected to begin in fall
2005 and will open in phases from the fourth quarter of 2006 through
early 2007. The estimated cost of this project is $110 million.
Joint Venture to Develop Residential Project at Red Rock Resort
The Company also announced today that it has entered into a joint
venture with Cloobeck Molasky Partners I, LLC ("Cloobeck Molasky") to
develop a high-end residential project on approximately 8 acres
located adjacent to the hotel and resort-pool area at Red Rock Resort.
It is anticipated that the residential project will contain up to 600
luxury units. The principals of Cloobeck Molasky have developed, among
other projects, the Polo Towers time share resort in Las Vegas as well
as high-rise condominium projects in San Diego, Long Beach and
Oakland, California. The Molasky family has been involved in the
development of Las Vegas for over 30 years.
Pursuant to the terms of the operating agreement, the Company will
own 80% of the joint venture and Cloobeck Molasky will own 20%.
Subject to obtaining local approvals, sales of the residential towers
are expected to begin in spring 2006. "This partnership, with two of
the most experienced and successful developers in Las Vegas,
represents another example of how we can maximize the value of our
land holdings and lower our overall investment in a project," stated
Fertitta.
Balance Sheet Items and Capital Expenditures
Long-term debt was $1.48 billion as of June 30, 2005. Total
capital expenditures totaled $151.0 million for the second quarter.
Expansion and project capital expenditures included $102.0 million for
Red Rock Resort, $7.9 million for the Phase II master-planned
expansion of Santa Fe Station and $5.7 million for the purchase of
land adjacent to the Wild Wild West site. In addition, as a result of
the Company further refining the design of Red Rock Resort and due to
additional increases in construction costs on this design-build
project, the projected aggregate cost for Phases I and II of Red Rock
Resort has been increased to $925 million. As of June 30, 2005, the
Company's debt to cash flow ratio as defined in its bank credit
facility was 3.5 to 1.
Dividend
The Company's Board of Directors declared a quarterly cash
dividend of $0.25 per share, which represents a 19% increase over the
prior quarterly cash dividend. The dividend is payable on September 2,
2005 to shareholders of record on August 12, 2005. "Our strong
operational performance and significant free cash flows has allowed us
to provide significant cash returns to our shareholders while
continuing to grow the business through new unit development and
master-planned expansions. This marks the third time since we
instituted a dividend in 2003 that we have increased the amount
returned to shareholders as a result of the strength of our
operations," said Glenn C. Christenson, executive vice president and
chief financial officer.
Fiscal 2005 and 2006 Guidance
For the third quarter of 2005, the Company expects EBITDA of
approximately $104 million to $110 million and EPS of $0.51 to $0.56,
excluding development expense and other non-recurring items. This
guidance assumes approximately $2 million of construction disruption
related to the Santa Fe Station and Fiesta Henderson master-planned
expansions. This guidance assumes revenue growth in the Major Las
Vegas Operations (excluding Green Valley Ranch) for the third quarter
of 8% to 11% over the prior year's quarter, an effective tax rate of
37.0% and 70 million fully diluted shares outstanding.
For the fourth quarter of 2005, the Company expects EBITDA of
approximately $115 million to $120 million and EPS of $0.61 to $0.66,
excluding development expense and other non-recurring items. The
guidance for the fourth quarter assumes approximately $7 million of
construction disruption relating to the Santa Fe Station, Fiesta
Henderson and Green Valley Ranch master-planned expansions. As a
result, the Company now expects EBITDA for 2005 of approximately $458
million to $469 million, excluding development expense and
non-recurring items and Adjusted Earnings applicable to common stock
of approximately $2.47 to $2.58, assuming 69.5 million fully diluted
shares. This guidance assumes revenue growth in the Major Las Vegas
Operations (excluding Green Valley Ranch) for 2005 of 10% to 12% over
the prior year, with an effective tax rate of 36.9%.
In addition, the Company is updating its fiscal 2006 guidance. For
fiscal 2006, the Company now expects EBITDA of approximately $545
million to $565 million and EPS of $2.70 to $2.89, assuming
approximately $14 million of construction disruption relating to the
Santa Fe Station, Fiesta Henderson and Green Valley Ranch
master-planned expansions. This guidance assumes a "standard" 3% to 5%
revenue growth at the existing properties, which reflects the expected
population growth in Las Vegas. The Company intends to update
same-store revenue guidance as it gets closer to 2006. This guidance
also assumes the opening of Phase I of Red Rock Resort at the end of
the first quarter of 2006, the completion of the Fiesta Henderson
expansion in the third quarter of 2006, the completion of the Santa Fe
Station expansion in phases beginning in the third quarter of 2006
through the fourth quarter of 2006 and the completion of the Green
Valley Ranch expansion from the fourth quarter of 2006 through early
2007. This guidance further assumes an effective tax rate of 36.5% and
70 million diluted shares outstanding.
Conference Call Information
The Company will host a conference call today, Thursday, July 28,
at 1:00 p.m. (Eastern Time) to discuss its second quarter 2005
financial results and provide guidance for the remainder of 2005 and
2006. Interested participants may access the call by dialing the
conference operator at (866) 633-6299. A live audio webcast of the
call, as well as supplemental tables and charts, will also be
available at the Company's website, www.stationcasinos.com (3). A
replay of the call will be available from 4:00 p.m. (Eastern Time) on
July 28, 2005, until 11:00 p.m. (Eastern Time) on August 4, 2005 at
(800) 642-1687. The reservation number is 7234477.
Company Information and Forward Looking Statements
Station Casinos, Inc. is the leading provider of gaming and
entertainment to the residents of Las Vegas, Nevada. Station's
properties are regional entertainment destinations and include various
amenities, including numerous restaurants, entertainment venues, movie
theaters, bowling and convention/banquet space, as well as traditional
casino gaming offerings such as video poker, slot machines, table
games, bingo and race and sports wagering. Station owns and operates
Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Santa
Fe Station Hotel & Casino, Wildfire Casino and Wild Wild West Gambling
Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling Hall & Hotel
and Fiesta Rancho Casino Hotel in North Las Vegas, Nevada, and Sunset
Station Hotel & Casino, Fiesta Henderson Casino Hotel, Magic Star
Casino and Gold Rush Casino in Henderson, Nevada. Station also owns a
50% interest in both Barley's Casino & Brewing Company and Green
Valley Ranch Station Casino in Henderson, Nevada and a 6.7% interest
in the Palms Casino Resort in Las Vegas, Nevada. In addition, Station
manages the Thunder Valley Casino near Sacramento, California on
behalf of the United Auburn Indian Community.
This press release contains certain forward-looking statements
with respect to the business, financial condition, results of
operations, dispositions, acquisitions and expansion projects of the
Company and its subsidiaries which involve risks and uncertainties
that cannot be predicted or quantified, and consequently, actual
results may differ materially from those expressed or implied herein.
Such risks and uncertainties include, but are not limited to,
financial market risks, the ability to maintain existing management,
integration of acquisitions, competition within the gaming industry,
the cyclical nature of the hotel business and gaming business,
economic conditions, regulatory matters and litigation and other risks
described in the filings of the Company with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the year ended December 31, 2004, and
its Registration Statement on Form S-4 File No. 333-113986. All
forward-looking statements are based on the Company's current
expectations and projections about future events. All forward-looking
statements speak only as of the date hereof and the Company undertakes
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additional financial information, including presentations from recent
investor conferences, is available in the "Investors" section of the
Company's website at www.stationcasinos.com (3).
Construction projects such as Red Rock Resort and the
master-planned expansions of Santa Fe Station, Fiesta Henderson and
Green Valley Ranch entail significant risks, including shortages of
materials or skilled labor, unforeseen regulatory problems, work
stoppages, weather interference, floods and unanticipated cost
increases. The anticipated costs and construction periods are based on
budgets, conceptual design documents and construction schedule
estimates. There can be no assurance that the budgeted costs or
construction period will be met.
Development of the proposed gaming and entertainment project with
the Gun Lake Tribe and the operation of Class III gaming at that
project are subject to certain governmental and regulatory approvals,
including, but not limited to, the governor of the State of Michigan
signing the Gun Lake Tribe's state gaming compact, the Department of
the Interior completing the process of taking land into trust for the
benefit of the Gun Lake Tribe and approval of the management agreement
by the National Indian Gaming Commission. No assurances can be given
as to when, or if, these governmental and regulatory approvals will be
received.
(1) EBITDA consists of net income (loss) plus income tax provision
(benefit), interest and other expense, loss on early retirement of
debt, preopening expenses, lease terminations, depreciation,
amortization and development expense. EBITDA is presented solely as a
supplemental disclosure because the Company believes that it is a
widely used measure of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies. The
Company believes that in addition to cash flows and net income, EBITDA
is a useful financial performance measurement for assessing the
operating performance of the Company. Together with net income and
cash flows, EBITDA provides investors with an additional basis to
evaluate the ability of the Company to incur and service debt and
incur capital expenditures. To evaluate EBITDA and the trends it
depicts, the components should be considered. The impact of income tax
provision (benefit), interest and other expense, loss on early
retirement of debt, preopening expenses, lease terminations,
depreciation, amortization and development expense, each of which can
significantly affect the Company's results of operations and liquidity
and should be considered in evaluating the Company's operating
performance, cannot be determined from EBITDA. Further, EBITDA does
not represent net income or cash flows from operating, financing and
investing activities as defined by generally accepted accounting
principles ("GAAP") and does not necessarily indicate cash flows will
be sufficient to fund cash needs. It should not be considered as an
alternative to net income, as an indicator of the Company's operating
performance or to cash flows as a measure of liquidity. In addition,
it should be noted that not all gaming companies that report EBITDA or
adjustments to such measures may calculate EBITDA or such adjustments
in the same manner as the Company, and therefore, the Company's
measure of EBITDA may not be comparable to similarly titled measures
used by other gaming companies. A reconciliation of EBITDA to net
income (loss) is included in the financial schedules accompanying this
release.
(2) Adjusted Earnings excludes development expense, preopening
expenses, lease terminations, loss on early retirement of debt and
loss on sale of land. Adjusted Earnings is presented solely as a
supplemental disclosure because the Company believes that it is a
widely used measure of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies, as this
measure is considered by the Company to be a better measure on which
to base expectations of future results than GAAP net income. A
reconciliation of Adjusted Earnings and EPS to GAAP net income (loss)
and EPS is included in the financial schedules accompanying this
release.
(3) The hyperlink to the Company's URL is included herein solely
for the convenience of investors in accessing the audio webcast of the
second quarter conference call. All other references herein to the
Company's URL are inactive textual references. None of the information
contained on the Company's website shall be deemed incorporated by
reference or otherwise included herein.
Station Casinos, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(unaudited)
June 30, December 31,
2005 2004
----------- -------------
Assets:
Cash and cash equivalents $61,140 $68,417
Receivables, net 17,423 21,452
Other current assets 34,034 29,652
----------- -------------
Total current assets 112,597 119,521
Property and equipment, net 1,595,778 1,367,957
Other long-term assets 601,081 558,106
----------- -------------
Total assets $2,309,456 $2,045,584
=========== =============
Liabilities and
stockholders' equity:
Current portion of long-term debt $17,359 $16,917
Other current liabilities 170,301 159,099
----------- -------------
Total current liabilities 187,660 176,016
Revolving credit facility - 51,500
Senior and senior subordinated notes 1,452,934 1,265,686
Other debt 6,024 6,037
Interest rate swaps, mark-to-market (472) (1,927)
Other long-term liabilities 88,077 59,351
----------- -------------
Total liabilities 1,734,223 1,556,663
Stockholders' equity 575,233 488,921
----------- -------------
Total liabilities and stockholders'
equity $2,309,456 $2,045,584
=========== =============
Station Casinos, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Operating revenues:
Casino $202,896 $176,474 $406,909 $351,968
Food and beverage 36,715 34,664 73,552 69,033
Room 15,681 14,206 32,062 29,119
Other 12,867 10,270 24,050 20,329
Management fees 23,626 21,209 46,902 42,179
--------- --------- --------- ---------
Gross revenues 291,785 256,823 583,475 512,628
Promotional allowances (17,817) (16,646) (36,047) (33,486)
--------- --------- --------- ---------
Net revenues 273,968 240,177 547,428 479,142
--------- --------- --------- ---------
Operating costs and expenses:
Casino 70,698 67,308 141,426 133,848
Food and beverage 25,982 25,077 51,224 48,857
Room 5,365 5,192 10,567 10,183
Other 4,388 4,324 8,318 8,213
Selling, general and
administrative 44,434 41,588 88,373 82,777
Corporate expense 14,072 11,090 28,264 22,563
Development expense 2,091 2,194 4,702 6,196
Depreciation and
amortization 25,117 20,732 49,470 40,182
Lease terminations 3,560 - 11,654 -
Preopening expenses 1,186 344 1,803 344
--------- --------- --------- ---------
196,893 177,849 395,801 353,163
--------- --------- --------- ---------
Operating income 77,075 62,328 151,627 125,979
Earnings from joint
ventures 8,710 4,180 19,400 11,211
--------- --------- --------- ---------
Operating income and earnings
from joint ventures 85,785 66,508 171,027 137,190
--------- --------- --------- ---------
Other income (expense):
Interest expense, net (18,884) (17,456) (37,850) (39,905)
Interest and other expense
from joint ventures (2,142) (991) (3,826) (2,377)
Loss on early retirement of
debt - - (678) (93,265)
Other (301) (2,733) (214) (2,812)
--------- --------- --------- ---------
(21,327) (21,180) (42,568) (138,359)
--------- --------- --------- ---------
Income (loss) before income
taxes 64,458 45,328 128,459 (1,169)
Income tax (provision)
benefit (23,849) (16,318) (47,210) 421
--------- --------- --------- ---------
Net income (loss) $40,609 $29,010 $81,249 $(748)
========= ========= ========= =========
Basic and diluted earnings
(loss) per common share:
Net income (loss)
Basic $0.60 $0.46 $1.20 $(0.01)
Diluted $0.58 $0.43 $1.17 $(0.01)
Weighted average common shares
outstanding
Basic 67,902 63,604 67,670 62,936
Diluted 69,469 66,742 69,223 62,936
Dividends paid per common
share $0.210 $0.175 $0.420 $0.300
Station Casinos, Inc.
Summary Information and
Reconciliation of Net Income (Loss) to EBITDA
(amounts in thousands, except occupancy percentage and ADR)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Major Las Vegas Operations (a):
- -------------------------------
Net revenues $238,736 $211,535 $478,098 $422,132
Net income $38,940 $27,758 $79,446 $55,987
Income tax provision 21,877 15,267 45,666 31,493
Interest and other
expense, net 13,935 12,789 27,020 27,186
Depreciation and
amortization 23,422 19,512 46,235 37,971
Preopening expenses 53 - 147 -
--------- --------- --------- ---------
EBITDA $98,227 $75,326 $198,514 $152,637
========= ========= ========= =========
Green Valley Ranch Station
(50% owned):
- --------------------------
Net revenues $57,251 $43,992 $114,659 $83,883
Net income $11,315 $4,407 $27,055 $13,851
Interest and other
expense, net 6,590 4,014 12,639 8,153
Depreciation and
amortization 5,547 4,207 10,762 8,338
Lease terminations 1,032 7,284 1,032 7,284
--------- --------- --------- ---------
EBITDA $24,484 $19,912 $51,488 $37,626
========= ========= ========= =========
Same-Store Operations (b):
- --------------------------
Net revenues $295,987 $255,527 $592,757 $506,015
Net income $50,255 $32,165 $106,501 $69,838
Income tax provision 21,877 15,267 45,666 31,493
Interest and other expense,
net 20,525 16,803 39,659 35,339
Depreciation and
amortization 28,969 23,719 56,997 46,309
Lease terminations 1,032 7,284 1,032 7,284
Preopening expenses 53 - 147 -
--------- --------- --------- ---------
EBITDA $122,711 $95,238 $250,002 $190,263
========= ========= ========= =========
Total Station Casinos, Inc. (c):
- --------------------------------
Net income (loss) $40,609 $29,010 $81,249 $(748)
Income tax provision
(benefit) 23,849 16,318 47,210 (421)
Interest and other expense,
net 21,327 21,180 41,890 45,094
Depreciation and amortization 25,117 20,732 49,470 40,182
Development expense 2,091 2,194 4,702 6,196
Preopening expenses 1,186 344 1,803 344
Lease terminations 4,076 3,642 12,170 3,642
Loss on early retirement
of debt - - 678 93,265
--------- --------- --------- ---------
EBITDA $118,255 $93,420 $239,172 $187,554
========= ========= ========= =========
Occupancy percentage 97% 96% 97% 96%
ADR $61 $58 $63 $58
(a) The Major Las Vegas Operations include the wholly owned properties
of Palace Station, Boulder Station, Texas Station, Sunset Station,
Santa Fe Station, Fiesta Rancho and Fiesta Henderson.
(b) Same-Store Operations include the Major Las Vegas Operations plus
the total operations of Green Valley Ranch Station.
(c) Total Station Casinos, Inc. includes the Major Las Vegas
Operations, Wild Wild West, Wildfire, Magic Star (since August 2,
2004), Gold Rush (since August 2, 2004), the Company's earnings
from joint ventures, management fees and Corporate expense.
Station Casinos, Inc.
Reconciliation of GAAP Net Income (Loss) and EPS
to Adjusted Earnings and EPS
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------
2005 2004 2005 2004
--------- --------- --------- -----------
Adjusted Earnings
Net income (loss) $40,609 $29,010 $81,249 $(748)
Development expense, net 1,359 1,426 3,056 4,027
Preopening expenses, net 771 224 1,172 224
Lease terminations, net 2,649 2,367 7,910 2,367
Loss on early retirement
of debt, net - - 441 60,622
Loss on sale of land, net - 1,782 - 1,782
--------- --------- --------- ----------
Adjusted Earnings $45,388 $34,809 $93,828 $68,274
========= ========= ========= ==========
Adjusted basic earnings
(loss) per common share:
Net income (loss) $0.60 $0.46 $1.20 $(0.01)
Development expense, net 0.02 0.02 0.04 0.06
Preopening expenses, net 0.01 - 0.02 -
Lease terminations, net 0.04 0.04 0.12 0.04
Loss on early retirement
of debt, net - - 0.01 0.96
Loss on sale of land, net - 0.03 - 0.03
--------- --------- --------- ----------
Adjusted basic earnings per
common share $0.67 $0.55 $1.39 $1.08
========= ========= ========= ==========
Weighted average common
shares outstanding - basic 67,902 63,604 67,670 62,936
Adjusted diluted earnings
(loss) per common share:
Net income (loss) $0.58 $0.43 $1.17 $(0.01)
Development expense, net 0.02 0.02 0.04 0.06
Preopening expenses, net 0.01 - 0.02 -
Lease terminations, net 0.04 0.04 0.12 0.04
Loss on early retirement
of debt, net - - 0.01 0.92
Loss on sale of land, net - 0.03 - 0.03
--------- --------- --------- ----------
Adjusted diluted earnings
per common share $0.65 $0.52 $1.36 $1.04
========= ========= ========= ==========
Weighted average common
shares outstanding - diluted 69,469 66,742 69,223 65,940
CONTACT: Station Casinos, Inc., Las Vegas
Glenn C. Christenson, 800-544-2411 or 702-367-2484
Executive Vice President/Chief Financial Officer/
Chief Administrative Officer
Thomas M. Friel, 800-544-2411 or 702-221-6793
Vice President of Finance/Controller
Lori B. Nelson, 800-544-2411 or 702-367-2427
Director of Corporate Communications