Station Casinos posts $1.213 billion operating loss for 2009

By Caroline Salls

Pittsburgh, March 31 - Station Casinos, Inc. reported a $1.213 billion operating loss for the year ended Dec. 31 on $1.154 billion in revenues, according to a 10-K filed Wednesday with the Securities and Exchange Commission.

In comparison, the company posted a $3.217 billion operating loss for the year ended Dec. 31, 2008 on $1.399 billion in revenues.

According to the 10-K, the decrease in revenues primarily resulted from a continuing overall decrease in gaming revenues across all properties as a result of weakening Las Vegas and U.S. economies.

The company said declining real estate values, the credit crisis, increased unemployment and a decrease in consumer confidence levels have all precipitated an economic slowdown which negatively impacted its operations during 2009 and 2008.

The net loss for 2009 was $1.68 billion, narrowing from a $3.269 billion 2008 net loss.

The company had $185.19 million at Dec. 31, down from $458.06 million at Dec. 31, 2008.

According to a company news release, the company recorded net reorganization items of $5.2 million in the fourth quarter, representing professional fees and other costs incurred as a direct result of its Chapter 11 cases.

Station, a Las Vegas-based casino company, filed for bankruptcy on July 28, 2009 in the U.S. Bankruptcy Court for the District of Nevada. Its Chapter 11 case number is 09-52470.

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