Station Casinos ends year with less debt, increased net revenues

By Lisa Kerner

Charlotte, N.C., March 29 - Station Casinos LLC ended 2011, a transitional year in which it completed its restructuring, with increased consolidated net revenues and EBITDAM, according to a company news release.

On Thursday, the Las Vegas-based casino company reported its fourth-quarter and year-end 2011 financial results.

The outstanding principal balance of the company's long-term debt was $2.4 billion on a consolidated basis, not including a nonrecourse land loan, and $1.7 billion for the guarantor group as of Dec. 31. Since June 17, 2011, when the company's assets were acquired from Station Casinos, Inc., the company has paid down $70 million of debt.

The company's consolidated net revenues for the fourth quarter ended Dec. 31 were about $303 million, an increase of 9.1% from the prior year. Station Casinos' consolidated net revenues for the fiscal year 2011 were up 5.7% from 2010, or about $1.18 billion.

Fourth-quarter EBITDAM was up 7.3% from the same period in 2010 at $82.2 million. The company reported EBITDAM for the year of $316 million, a decrease of 2% compared to the prior year.

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