Station Reports First Quarter EPS of $0.19 Prior to Non-Recurring Items

Apr 23, 2001, 01:00 ET from Station Casinos, Inc.

    LAS VEGAS, April 23 /PRNewswire Interactive News Release/ -- Station
 Casinos, Inc. ("Station" or "the Company") (NYSE:   STN) today announced the
 results of its operations for the first quarter ended March 31, 2001.
 
     Highlights for the quarter include:
     -- Earnings per share of $0.19 prior to non-recurring items;
     -- The acquisition of the Fiesta Casino Hotel ("Fiesta") in North Las
        Vegas on January 4, 2001;
     -- The acquisition of The Reserve Hotel & Casino ("The Reserve") in
        Henderson, Nevada, on January 30, 2001;
     -- The purchase of a 29-acre gaming-entitled parcel at the intersection of
        Smoke Ranch Road and Rancho Road in North Las Vegas for $9 million in
        January 2001 -- currently held for sale as a non-gaming site;
     -- The sale of a $300 million offering of 8 3/8 percent Senior Notes due
        2008.
 
     The Company reported net revenues for the first quarter ended March 31,
 2001, of $209.7 million, compared to $254.8 million in the prior year's
 quarter.  Earnings before interest, taxes, depreciation and amortization
 (EBITDA) adjusted for preopening expenses, declined to $58.8 million compared
 to $74.4 million in the prior year.  The decline in net revenues and EBITDA is
 primarily related to the sale of Station Casino St. Charles and Station Casino
 Kansas City in December 2000.  During the prior year's quarter, these
 properties contributed $82.5 million in net revenues and $22.2 million in
 EBITDA.
     During the quarter, earnings applicable to common stock decreased to
 $11.4 million, or $0.19 per share, prior to the net impact of $1.0 million in
 preopening expenses and a $4.2 million after-tax loss on the redemption of
 $100 million of the Company's 10 1/8 percent senior subordinated notes on
 March 15, 2001.  Including the aforementioned items, the Company reported net
 income of $6.5 million, or $0.11 per share.  In the prior year's quarter, the
 Company reported earnings applicable to common stock of $22.3 million, or
 $0.35 per share.
     Combined net revenues for the Company's major Las Vegas operations
 increased 23 percent to $197.3 million, while EBITDA increased nine percent to
 $63.1 million.  These increases are attributable to the acquisitions of the
 Santa Fe Hotel & Casino in October 2000, and the acquisitions of the Fiesta
 and The Reserve in January 2001.  Same-store net revenues declined
 6.4 percent, resulting in a 12.9 percent decline in same-store EBITDA.  The
 Company faced difficult comparisons during the first quarter given the record
 results posted at all Station properties during the first quarter of 2000.  In
 addition to the difficult comparison, the Company believes that same-store
 results were negatively impacted by the impact of new competition in west Las
 Vegas on Texas Station, continued road construction near Palace Station,
 higher utility costs, and competitive supply increases on the Boulder Strip
 and surrounding areas.  These issues, in addition to ongoing construction at
 Santa Fe Station are expected to continue to impact the Company's Las Vegas
 properties during 2001.  "Our first quarter results were consistent with our
 expectations for both our core properties and newly acquired properties," said
 Glenn Christenson, executive vice president and chief financial officer.  "Our
 same-store EBITDA comparisons were extraordinarily difficult given that first
 quarter EBITDA last year exceeded all other quarters in our company's history
 by nine percent.  For the second quarter, we continue to expect declines in
 same-store EBITDA of four to six percent, but see sequential improvement in
 the newly acquired properties given a full quarter of operations and enhanced
 integration.  We expect positive same-store, year-over-year comparisons in the
 third and fourth quarters, along with continued improvement in net revenue and
 EBITDA from our newly acquired properties as competitive market conditions and
 our relative performance improve.  While our outlook for the 2001 fiscal year
 remains largely unchanged, our utility costs could increase by as much as
 $3 million more than we had previously anticipated for the remaining nine
 months of the year.  For fiscal year 2001, we generally expect flat to
 slightly-down same-store EBITDA at our core properties, and EBITDA from our
 recent acquisitions to increase to $60 to $65 million," said Christenson.
 
     Balance Sheet Items
     The Company's total long-term debt (including construction payables)
 increased to $1.13 billion from $995.1 million in the quarter ended
 December 31, 2000.  The increase in long-term debt is primarily attributable
 to the acquisition of the Fiesta and The Reserve in January 2001.  Development
 capital expenditures for the first quarter totaled $64 million, primarily
 related to the completion of the Texas Station expansion, the purchase of a
 29-acre gaming-entitled parcel in North Las Vegas, ongoing construction
 pertaining to the Santa Fe expansion, and equity contributions to Green Valley
 Ranch of $13.2 million for the quarter.  The Company expects total capital
 expenditures of approximately $103 million for the remainder of the fiscal
 year, primarily related to the completion of the Santa Fe expansion, slot
 equipment and systems, and the rebranding of The Reserve to a Fiesta.
 
     New Development
     Development continues on the Green Valley Ranch hotel-casino currently
 under construction at the intersection of the I-215 Southern Beltway and Green
 Valley Parkway in Henderson, Nevada.  The Company has agreed to jointly
 develop a hotel-casino on 40 acres of the 170-acre multi-use commercial
 development with American Nevada Corporation.  As of March 31, 2001, the
 Company has made cash equity contributions of $47.5 million for a 50 percent
 equity ownership.  Station will be the managing partner and receive a
 management fee for its services.  The $300 million project should be completed
 by December 2001.
     At Santa Fe Station, construction is underway on a 1,700-space parking
 garage, a food court area with eight lease tenants, and a 25,000-square-foot
 casino expansion to allow for approximately 700 additional gaming devices, the
 build-out of lease tenant space for two new restaurants, a new hotel lobby,
 and a new gift shop.  The $31 million expansion is expected to open in phases
 over the next 60 to 90 days.
     During the second half of fiscal year 2001, the Company expects to
 transition The Reserve to a Fiesta-branded property.  The $12 million
 conversion should take approximately four months to complete and debut by the
 end of the year.  The Company is currently making revisions to the casino
 floor and parking areas of the facility at a total cost of $8 million.
     In addition, the Company is evaluating its options with respect to a
 34-acre parcel near the intersection of Martin Luther King Jr. Drive and Craig
 Road in North Las Vegas, Nevada.  The Company entered into a long-term ground
 lease with an option to purchase the property in March 2000.  The Company may
 sell the parcel as a non-gaming site or continue to hold the property for
 future casino development.
 
     Conference Call Information
     The Company will host a conference call today, Monday, April 23, at 9 AM
 (PDT) to discuss its first quarter financial results for fiscal 2001, and
 provide further guidance for 2001.  Interested participants may access the
 call by dialing into the conference operator at (888) 813-7852.  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.  A replay of the
 call will be available from 11:00 AM (PDT) on April 23, 2001, until 11:00 AM
 (PDT) on April 26, 2001 at (800) 633-8284.  The reservation number is
 18648809.
 
     Station Casinos, Inc. owns and operates Palace Station Hotel & Casino,
 Boulder Station Hotel & Casino, Santa Fe Station Hotel & Casino and the Wild
 Wild West Gambling Hall & Hotel in Las Vegas, Nevada, the Texas Station
 Gambling Hall & Hotel, and the Fiesta Casino Hotel in North Las Vegas, Nevada,
 and Sunset Station Hotel & Casino, and The Reserve Hotel & Casino in
 Henderson, Nevada, as well as slot machine route management services in the
 Las Vegas metropolitan area.
 
     This press release may be deemed to contain 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 including, but 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, 2000, and its Registration Statement on
 Form S-4 File No. 333-58888.  Additional financial information, including
 presentations from recent investor conferences, is available in the
 "Investors" section of the Company's website at www.stationcasinos.com.
 
 
                               Station Casinos, Inc.
                       Condensed Consolidated Balance Sheets
                               (amounts in thousands)
                                    (unaudited)
 
                                                  March 31,        December 31,
                                                    2001               2000
     Assets:
      Cash and cash equivalents                     $64,348           $255,984
      Receivables, net                               13,986             29,479
      Other current assets                           31,274             27,571
       Total current assets                         109,608            313,034
      Property and equipment, net                 1,009,680            811,449
      Other long-term assets                        419,970            315,945
       Total assets                              $1,539,258         $1,440,428
 
     Liabilities and stockholders'
      equity:
      Current portion of long-term debt                $302             $5,684
      Construction contracts payable                  8,857              5,476
      Other current liabilities                     111,408            113,582
       Total current liabilities                    120,567            124,742
      Long-term debt, less current portion        1,125,656            983,941
      Other long-term liabilities                    44,674             42,858
       Total liabilities                          1,290,897          1,151,541
      Stockholders' equity                          248,361            288,887
       Total liabilities and
        stockholders' equity                     $1,539,258         $1,440,428
 
 
                               Station Casinos, Inc.
                       Consolidated Statements of Operations
                   (amounts in thousands, except per share data)
                                    (unaudited)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
     Operating revenues:
      Casino                                       $162,147           $208,910
      Food and beverage                              33,368             35,248
      Room                                           12,810             11,665
      Other                                          18,205             16,115
       Gross revenues                               226,530            271,938
      Promotional allowances                        (16,808)           (17,095)
       Net revenues                                 209,722            254,843
 
     Operating costs and expenses:
      Casino                                         69,345             93,118
      Food and beverage                              20,698             21,025
      Room                                            4,557              3,914
      Other                                          10,167              8,685
      Selling, general and administrative            39,900             45,830
      Corporate expense                               6,236              7,911
      Depreciation and amortization                  16,202             16,054
      Preopening expenses                               985                 --
                                                    168,090            196,537
 
     Operating income                                41,632             58,306
 
     Other expense:
      Interest expense, net                         (25,067)           (22,407)
      Other                                             218               (446)
                                                    (24,849)           (22,853)
 
     Income before income taxes and
      extraordinary item                             16,783             35,453
      Income tax provision                           (6,042)           (13,117)
 
     Income before extraordinary item                10,741             22,336
 
     Extraordinary item - loss on early
      retirement of debt, net
      of applicable income tax benefit               (4,236)                --
 
     Net income applicable to common stock           $6,505            $22,336
 
     Basic and diluted earnings per common share:
      Earnings applicable to common
       stock, before extraordinary item
       Basic                                          $0.18              $0.37
       Diluted                                        $0.18              $0.35
      Earnings applicable to common stock
       Basic                                          $0.11              $0.37
       Diluted                                        $0.11              $0.35
 
     Weighted average common shares outstanding
       Basic                                         58,071             61,076
       Diluted                                       60,174             63,354
 
 
                                   Station Casinos, Inc.
                                Summary Information Tables
                (amounts in thousands, except occupancy percentage and ADR)
                                        (unaudited)
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001              2000
            Total Major Las Vegas Operations (a):
            Net revenues                            $197,272          $160,271
            Operating income                         $46,777           $47,903
            EBITDA (b)                               $63,100           $57,953
 
            Occupancy percentage                         91%               90%
            ADR                                          $60               $58
 
            Total Missouri Operations (a):
            Net revenues                                 $--           $82,477
            Operating income                             $--           $17,066
            EBITDA (b)                                   $--           $22,236
 
            Occupancy percentage                          --               81%
            ADR                                          $--              $103
 
            Other Operations and Corporate (a):
            Net revenues                             $12,450           $12,095
            Operating loss                           $(5,145)          $(6,663)
            EBITDA (b)                               $(4,281)          $(5,829)
 
            Total Station Casinos, Inc.:
            Net revenues                            $209,722          $254,843
            Operating income                         $41,632           $58,306
            EBITDA (b)                               $58,819           $74,360
 
      (a) The Major Las Vegas Operations include the accounts of: Palace
          Station, Boulder Station, Texas Station, Sunset Station, Santa Fe
          Station, Fiesta (from January 4, 2001) and The Reserve (from
          January 30, 2001).  The Missouri Operations include the accounts of:
          Station Casino St. Charles and Station Casino Kansas City.  On
          December 20, 2000, the Company completed the sale of substantially
          all of the assets of the Missouri Operations.  Other Operations and
          Corporate includes the operations of Wild Wild West, the Company's
          investment in Barley's, Southwest Gaming and Corporate expense.
 
      (b) EBITDA consists of operating income plus depreciation, amortization
          and preopening expenses.  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 interest, taxes, depreciation and
          amortization and preopening expenses, 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 principals
          ("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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Station Casinos, Inc.
    LAS VEGAS, April 23 /PRNewswire Interactive News Release/ -- Station
 Casinos, Inc. ("Station" or "the Company") (NYSE:   STN) today announced the
 results of its operations for the first quarter ended March 31, 2001.
 
     Highlights for the quarter include:
     -- Earnings per share of $0.19 prior to non-recurring items;
     -- The acquisition of the Fiesta Casino Hotel ("Fiesta") in North Las
        Vegas on January 4, 2001;
     -- The acquisition of The Reserve Hotel & Casino ("The Reserve") in
        Henderson, Nevada, on January 30, 2001;
     -- The purchase of a 29-acre gaming-entitled parcel at the intersection of
        Smoke Ranch Road and Rancho Road in North Las Vegas for $9 million in
        January 2001 -- currently held for sale as a non-gaming site;
     -- The sale of a $300 million offering of 8 3/8 percent Senior Notes due
        2008.
 
     The Company reported net revenues for the first quarter ended March 31,
 2001, of $209.7 million, compared to $254.8 million in the prior year's
 quarter.  Earnings before interest, taxes, depreciation and amortization
 (EBITDA) adjusted for preopening expenses, declined to $58.8 million compared
 to $74.4 million in the prior year.  The decline in net revenues and EBITDA is
 primarily related to the sale of Station Casino St. Charles and Station Casino
 Kansas City in December 2000.  During the prior year's quarter, these
 properties contributed $82.5 million in net revenues and $22.2 million in
 EBITDA.
     During the quarter, earnings applicable to common stock decreased to
 $11.4 million, or $0.19 per share, prior to the net impact of $1.0 million in
 preopening expenses and a $4.2 million after-tax loss on the redemption of
 $100 million of the Company's 10 1/8 percent senior subordinated notes on
 March 15, 2001.  Including the aforementioned items, the Company reported net
 income of $6.5 million, or $0.11 per share.  In the prior year's quarter, the
 Company reported earnings applicable to common stock of $22.3 million, or
 $0.35 per share.
     Combined net revenues for the Company's major Las Vegas operations
 increased 23 percent to $197.3 million, while EBITDA increased nine percent to
 $63.1 million.  These increases are attributable to the acquisitions of the
 Santa Fe Hotel & Casino in October 2000, and the acquisitions of the Fiesta
 and The Reserve in January 2001.  Same-store net revenues declined
 6.4 percent, resulting in a 12.9 percent decline in same-store EBITDA.  The
 Company faced difficult comparisons during the first quarter given the record
 results posted at all Station properties during the first quarter of 2000.  In
 addition to the difficult comparison, the Company believes that same-store
 results were negatively impacted by the impact of new competition in west Las
 Vegas on Texas Station, continued road construction near Palace Station,
 higher utility costs, and competitive supply increases on the Boulder Strip
 and surrounding areas.  These issues, in addition to ongoing construction at
 Santa Fe Station are expected to continue to impact the Company's Las Vegas
 properties during 2001.  "Our first quarter results were consistent with our
 expectations for both our core properties and newly acquired properties," said
 Glenn Christenson, executive vice president and chief financial officer.  "Our
 same-store EBITDA comparisons were extraordinarily difficult given that first
 quarter EBITDA last year exceeded all other quarters in our company's history
 by nine percent.  For the second quarter, we continue to expect declines in
 same-store EBITDA of four to six percent, but see sequential improvement in
 the newly acquired properties given a full quarter of operations and enhanced
 integration.  We expect positive same-store, year-over-year comparisons in the
 third and fourth quarters, along with continued improvement in net revenue and
 EBITDA from our newly acquired properties as competitive market conditions and
 our relative performance improve.  While our outlook for the 2001 fiscal year
 remains largely unchanged, our utility costs could increase by as much as
 $3 million more than we had previously anticipated for the remaining nine
 months of the year.  For fiscal year 2001, we generally expect flat to
 slightly-down same-store EBITDA at our core properties, and EBITDA from our
 recent acquisitions to increase to $60 to $65 million," said Christenson.
 
     Balance Sheet Items
     The Company's total long-term debt (including construction payables)
 increased to $1.13 billion from $995.1 million in the quarter ended
 December 31, 2000.  The increase in long-term debt is primarily attributable
 to the acquisition of the Fiesta and The Reserve in January 2001.  Development
 capital expenditures for the first quarter totaled $64 million, primarily
 related to the completion of the Texas Station expansion, the purchase of a
 29-acre gaming-entitled parcel in North Las Vegas, ongoing construction
 pertaining to the Santa Fe expansion, and equity contributions to Green Valley
 Ranch of $13.2 million for the quarter.  The Company expects total capital
 expenditures of approximately $103 million for the remainder of the fiscal
 year, primarily related to the completion of the Santa Fe expansion, slot
 equipment and systems, and the rebranding of The Reserve to a Fiesta.
 
     New Development
     Development continues on the Green Valley Ranch hotel-casino currently
 under construction at the intersection of the I-215 Southern Beltway and Green
 Valley Parkway in Henderson, Nevada.  The Company has agreed to jointly
 develop a hotel-casino on 40 acres of the 170-acre multi-use commercial
 development with American Nevada Corporation.  As of March 31, 2001, the
 Company has made cash equity contributions of $47.5 million for a 50 percent
 equity ownership.  Station will be the managing partner and receive a
 management fee for its services.  The $300 million project should be completed
 by December 2001.
     At Santa Fe Station, construction is underway on a 1,700-space parking
 garage, a food court area with eight lease tenants, and a 25,000-square-foot
 casino expansion to allow for approximately 700 additional gaming devices, the
 build-out of lease tenant space for two new restaurants, a new hotel lobby,
 and a new gift shop.  The $31 million expansion is expected to open in phases
 over the next 60 to 90 days.
     During the second half of fiscal year 2001, the Company expects to
 transition The Reserve to a Fiesta-branded property.  The $12 million
 conversion should take approximately four months to complete and debut by the
 end of the year.  The Company is currently making revisions to the casino
 floor and parking areas of the facility at a total cost of $8 million.
     In addition, the Company is evaluating its options with respect to a
 34-acre parcel near the intersection of Martin Luther King Jr. Drive and Craig
 Road in North Las Vegas, Nevada.  The Company entered into a long-term ground
 lease with an option to purchase the property in March 2000.  The Company may
 sell the parcel as a non-gaming site or continue to hold the property for
 future casino development.
 
     Conference Call Information
     The Company will host a conference call today, Monday, April 23, at 9 AM
 (PDT) to discuss its first quarter financial results for fiscal 2001, and
 provide further guidance for 2001.  Interested participants may access the
 call by dialing into the conference operator at (888) 813-7852.  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.  A replay of the
 call will be available from 11:00 AM (PDT) on April 23, 2001, until 11:00 AM
 (PDT) on April 26, 2001 at (800) 633-8284.  The reservation number is
 18648809.
 
     Station Casinos, Inc. owns and operates Palace Station Hotel & Casino,
 Boulder Station Hotel & Casino, Santa Fe Station Hotel & Casino and the Wild
 Wild West Gambling Hall & Hotel in Las Vegas, Nevada, the Texas Station
 Gambling Hall & Hotel, and the Fiesta Casino Hotel in North Las Vegas, Nevada,
 and Sunset Station Hotel & Casino, and The Reserve Hotel & Casino in
 Henderson, Nevada, as well as slot machine route management services in the
 Las Vegas metropolitan area.
 
     This press release may be deemed to contain 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 including, but 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, 2000, and its Registration Statement on
 Form S-4 File No. 333-58888.  Additional financial information, including
 presentations from recent investor conferences, is available in the
 "Investors" section of the Company's website at www.stationcasinos.com.
 
 
                               Station Casinos, Inc.
                       Condensed Consolidated Balance Sheets
                               (amounts in thousands)
                                    (unaudited)
 
                                                  March 31,        December 31,
                                                    2001               2000
     Assets:
      Cash and cash equivalents                     $64,348           $255,984
      Receivables, net                               13,986             29,479
      Other current assets                           31,274             27,571
       Total current assets                         109,608            313,034
      Property and equipment, net                 1,009,680            811,449
      Other long-term assets                        419,970            315,945
       Total assets                              $1,539,258         $1,440,428
 
     Liabilities and stockholders'
      equity:
      Current portion of long-term debt                $302             $5,684
      Construction contracts payable                  8,857              5,476
      Other current liabilities                     111,408            113,582
       Total current liabilities                    120,567            124,742
      Long-term debt, less current portion        1,125,656            983,941
      Other long-term liabilities                    44,674             42,858
       Total liabilities                          1,290,897          1,151,541
      Stockholders' equity                          248,361            288,887
       Total liabilities and
        stockholders' equity                     $1,539,258         $1,440,428
 
 
                               Station Casinos, Inc.
                       Consolidated Statements of Operations
                   (amounts in thousands, except per share data)
                                    (unaudited)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
     Operating revenues:
      Casino                                       $162,147           $208,910
      Food and beverage                              33,368             35,248
      Room                                           12,810             11,665
      Other                                          18,205             16,115
       Gross revenues                               226,530            271,938
      Promotional allowances                        (16,808)           (17,095)
       Net revenues                                 209,722            254,843
 
     Operating costs and expenses:
      Casino                                         69,345             93,118
      Food and beverage                              20,698             21,025
      Room                                            4,557              3,914
      Other                                          10,167              8,685
      Selling, general and administrative            39,900             45,830
      Corporate expense                               6,236              7,911
      Depreciation and amortization                  16,202             16,054
      Preopening expenses                               985                 --
                                                    168,090            196,537
 
     Operating income                                41,632             58,306
 
     Other expense:
      Interest expense, net                         (25,067)           (22,407)
      Other                                             218               (446)
                                                    (24,849)           (22,853)
 
     Income before income taxes and
      extraordinary item                             16,783             35,453
      Income tax provision                           (6,042)           (13,117)
 
     Income before extraordinary item                10,741             22,336
 
     Extraordinary item - loss on early
      retirement of debt, net
      of applicable income tax benefit               (4,236)                --
 
     Net income applicable to common stock           $6,505            $22,336
 
     Basic and diluted earnings per common share:
      Earnings applicable to common
       stock, before extraordinary item
       Basic                                          $0.18              $0.37
       Diluted                                        $0.18              $0.35
      Earnings applicable to common stock
       Basic                                          $0.11              $0.37
       Diluted                                        $0.11              $0.35
 
     Weighted average common shares outstanding
       Basic                                         58,071             61,076
       Diluted                                       60,174             63,354
 
 
                                   Station Casinos, Inc.
                                Summary Information Tables
                (amounts in thousands, except occupancy percentage and ADR)
                                        (unaudited)
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001              2000
            Total Major Las Vegas Operations (a):
            Net revenues                            $197,272          $160,271
            Operating income                         $46,777           $47,903
            EBITDA (b)                               $63,100           $57,953
 
            Occupancy percentage                         91%               90%
            ADR                                          $60               $58
 
            Total Missouri Operations (a):
            Net revenues                                 $--           $82,477
            Operating income                             $--           $17,066
            EBITDA (b)                                   $--           $22,236
 
            Occupancy percentage                          --               81%
            ADR                                          $--              $103
 
            Other Operations and Corporate (a):
            Net revenues                             $12,450           $12,095
            Operating loss                           $(5,145)          $(6,663)
            EBITDA (b)                               $(4,281)          $(5,829)
 
            Total Station Casinos, Inc.:
            Net revenues                            $209,722          $254,843
            Operating income                         $41,632           $58,306
            EBITDA (b)                               $58,819           $74,360
 
      (a) The Major Las Vegas Operations include the accounts of: Palace
          Station, Boulder Station, Texas Station, Sunset Station, Santa Fe
          Station, Fiesta (from January 4, 2001) and The Reserve (from
          January 30, 2001).  The Missouri Operations include the accounts of:
          Station Casino St. Charles and Station Casino Kansas City.  On
          December 20, 2000, the Company completed the sale of substantially
          all of the assets of the Missouri Operations.  Other Operations and
          Corporate includes the operations of Wild Wild West, the Company's
          investment in Barley's, Southwest Gaming and Corporate expense.
 
      (b) EBITDA consists of operating income plus depreciation, amortization
          and preopening expenses.  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 interest, taxes, depreciation and
          amortization and preopening expenses, 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 principals
          ("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.
 
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 SOURCE  Station Casinos, Inc.