Station Casinos Announces Third Quarter Results
November 11, 2008
Station Casinos, Inc. recently announced the results of its operations for the third quarter ended September 30, 2008. Here is a summary of the results for the company for the Quarter:
-For the third quarter, the Company reported a net loss of $23.4 million as compared to net income of $3.7 million in the prior year’s third quarter.
-Net revenues for the third quarter saw a decrease of 10% compared to the prior year’s third quarter.
-Adjusted EBITDA for the quarter had a decrease of 13% compared to the prior year’s third quarter.
-Green Valley Ranch, just outside of Vegas, generated Adjusted EBITDA before management fees of $19.7 million, a decrease of 22% compared to the same period in the prior year.
-The Major Las Vegas Operations reported a net loss of $5.7 million for the third quarter as compared to net income of $17.8 million in the same period in the prior year.
At this point they seem to be looking for a bottoming out of the market so that things my pick up again, but the economic free fall gives them no relief in sight. They are probably looking at at least two more quarters of diminished performance due to the economy, possibly more. The performance of Station isn’t as closely tied to the Zuffa/UFC as in the past, but it is of interest to those that follow the sport. The excellent performance of Station in the ’90s and over the first half of the decade provided the Fertitta brothers a cash flush situation that allowed the underwriting of a fight promotion that lost upwards of forty million dollars.
