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Station Casinos reports $15.48 million second-quarter operating income
By Caroline Salls
Pittsburgh, Aug. 16 - Station Casinos, Inc. reported $15.48 million of operating income for the quarter ended June 30 on $251.23 million in revenues, according to a 10-Q filed Monday with the Securities and Exchange Commission.
The figures showed a decline from the $15.89 million of operating income posted for the quarter ended June 30, 2009 on $291.6 million in revenues.
According to the 10-Q, the decline in operating income primarily resulted from a decrease in revenues as a result of the continued economic slowdown, partially offset by decreases in operating expenses including casino expense, depreciation and amortization expense and corporate expense.
Station said the drop in revenues stems from an overall decrease in gaming revenues across all of its properties as a result of the weak Las Vegas and U.S. economies.
The net loss for the second quarter of 2010 was $69.62 million, widening from a $65.33 million net loss for the same period of 2009.
In addition, Station recorded $38.98 million of operating income for the first six months of this year on $518.33 million in revenues, compared with $43.62 million of operating income for the first half of last year on $599.2 million in revenues.
The net loss for the first half of 2010 was $123.15 million, widening from a $99.04 million net loss for the same period of 2009.
The company had $221.81 million in cash and cash equivalents at June 30, up from $185.19 million at Dec. 31, 2009.
Station Casinos, 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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