Hotels, Restaurants and Leisure
Company Overview of Station Casinos LLC
Station Casinos LLC engages in developing and operating casino entertainment properties in the United States. It operates in two segments, Las Vegas Operations and Native American Management. The company owns and operates 9 hotel/casino properties; and 10 smaller casino properties offering approximately 19,500 slot machines, 300 table games, and 4,000 hotel rooms located in the Las Vegas regional market. It also manages Graton Resort & Casino in Sonoma County, California; and Gun Lake Casino in Allegan County, Michigan. The company was founded in 1976 and is based in Las Vegas, Nevada. Station Casinos LLC operates as a subsidiary of Station Holdco LLC.
1505 South Pavilion Center Drive
Las Vegas, NV 89135
Founded in 1976
Key Executives for Station Casinos LLC
Chairman and Chief Executive Officer
Chief Financial Officer, Executive Vice President and Treasurer
Chief Operating Officer and Executive Vice President
Compensation as of Fiscal Year 2016.
Station Casinos LLC Key Developments
Station Casinos LLC Enters into New Credit Agreement
Jun 8 16
On June 8, 2016, Station Casinos LLC entered into a new credit agreement consisting of a term loan A facility with an outstanding principal amount of $225 million, a term loan B facility with an outstanding principal amount of $1.5 billion and a revolving credit facility with $685 million of borrowing availability. The revolving credit facility was undrawn as of the closing date of the New Credit Facility. The company's obligations under the Term A Facility and the revolving credit facility will mature on June 8, 2021. The company's obligations under the Term B Facility will mature on June 8, 2023. The company will be required to make quarterly principal payments in an amount equal to $2,812,500 on the Term A Facility and $3,750,000 on the Term B Facility, in each case on the last day of each fiscal quarter beginning on September 30, 2016. In addition, the company will be required to make mandatory payments of amounts outstanding under the New Credit Facility with the proceeds of certain casualty events, debt issuances, asset sales and equity issuances and, depending on its consolidated total leverage ratio, the company may be required to apply a portion of its excess cash flow to repay amounts outstanding under the New Credit Facility. The Term A Facility and debt incurred under the revolving credit facility will bear interest at a rate per annum equal, at the Company's option, to either (i) LIBOR plus an amount ranging from 1.75% to 2.75%, or (ii) an alternate base rate plus an amount ranging from 0.75% up to 1.75%, depending on the Company's consolidated total leverage ratio. The Term B Facility will bear interest at a rate per annum equal, at the company's option, to either (i) LIBOR plus 3.00%, or (ii) an alternate base rate plus 2.00%. The initial margin applicable to the Term A Facility and revolving credit facility for LIBOR loans and alternate base rate loans is expected to be 2.50% and 1.50%, respectively. Borrowings under the New Credit Facility are guaranteed by all of the company's existing and future material restricted subsidiaries and are secured by pledges of all of the equity interests in the company and its material restricted subsidiaries, a security interest in substantially all of the personal property of the company and the subsidiary guarantors, and mortgages on the real property and improvements owned or leased by certain of the company's subsidiaries.
Station Casinos Announces Second Amendment to its Credit Agreement Dated March 1, 2013, with Deutsche Bank AG
May 2 16
On April 26, 2016, Station Casinos LLC entered into the second amendment to its credit agreement dated March 1, 2013, with Deutsche Bank AG Cayman Islands Branch, as administrative agent, the lenders party thereto and the other parties party thereto, with such amendment effective as of May 2, 2016. The Second Amendment permits the consummation of (i) an initial public offering (the “IPO”) of Class A common stock, par value $0.01 per share (“Class A Common Stock”), of Red Rock Resorts Inc., a Delaware corporation (“RRR”), and certain restructuring transactions in contemplation of the IPO and (ii) the acquisition by the Company of all of the membership interests in Fertitta Entertainment LLC, a Delaware limited liability company (“Fertitta Entertainment” and, such transaction, the “FE Acquisition”). In connection with the Second Amendment, the newly-acquired Fertitta Entertainment and its subsidiaries (the “Fertitta Entities”) will also guarantee the Company’s obligations under the credit agreement.
Station Casinos Llc Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Asset Impairment for the Fourth Quarter Ended December 31, 2015
Feb 18 16
Station Casinos LLC reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net revenues of $347,951,000 compared to $333,736,000 a year ago. Operating income was $76,657,000 compared to $70,620,000 a year ago. Net income from continuing operations was $41,712,000 compared to $33,891,000 a year ago. Net income attributable to the company was $41,853,000 compared to $33,484,000 a year ago. Adjusted EBITDAM was $129,945,000 compared to $115,919,000 a year ago.
For the year, the company reported net revenues of $1,352,135,000 compared to $1,291,616,000 a year ago. Operating income was $274,617,000 compared to $219,842,000 a year ago. Net income from continuing operations was $132,504,000 compared to $114,736,000 a year ago. Net income attributable to the company was $126,744,000 compared to $83,281,000 a year ago. Adjusted EBITDAM was $472,231,000 compared to $420,689,000 a year ago.
For the quarter, the company reported asset impairment of $4,200,000.
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