Station Casinos continued to post quarterly losses because of a continued decline in revenue, costs associated with the company's bankruptcy and various interest expenses, a Monday filing with the Securities and Exchange Commission shows.
Station Casinos posted a net loss of $53.3 million for the first quarter ended March 31, a widening of the $33.7 million loss recorded at the same time last year.
Revenues declined 11.8 percent to $249.4 million, down from $282.7 million in 2009.
Casino revenues declined 11.2 percent, food and beverage revenues declined 25.2 percent and room revenues declined 13.7 percent.
Room occupancy decreased 6 points to 79 percent and the average daily room rate decreased 7 percent to $66 per night.
The company, however, was able to post an operating income, including joint ventures, of $25.1 million, a decrease of 14.4 percent from last year.
Cash flow from operations was $50.1 million, a sharp swing from the $53.6 million negative cash flow recorded in the first quarter of 2009.
The company was charged $19.7 million in professional fees and retainers in the quarter, $14.7 million of which were associated with the company's bankruptcy.
The fees included daily financial, legal and miscellaneous services associated with reorganization.
Station has paid $74.5 million in professional fees directly related to the bankruptcy, which was filed in late July, federal filings show.
The company and its creditors return to U.S. Bankruptcy Court in Reno on May 27 for two days of hearings on various motions. A ruling on the company's reorganization plan is likely during a hearing set for June 10.
Contact reporter Arnold M. Knightly at firstname.lastname@example.org or 702-477-3893.