Station Casinos posts $7.5 million second quarter profit
Stations Casinos LLC posted back-to-back quarterly profits on Tuesday as the locals gaming company continues to benefit from increasing casino visitation resulting from its marketing efforts, including its "I Love Locals" campaign and Boarding Pass players club.
The Las Vegas-based company earned $7.5 million in the second quarter. A profit comparison with the second quarter of last year is not possible because of accounting adjustments associated with the company's exit from bankruptcy on June 17, 2011.
Net revenue rose 4.5 percent on a year-by-year basis, to $312.2 million. Station Casinos will host a conference call today to discuss its latest quarterly earnings.
The company said in its quarterly financial report that casino revenue rose 4.7 percent, to $222.3 million. Food and beverage revenues were $62.5 million, up 7.1 percent, and hotel room revenue was $28.2 million, up 9.1 percent.
Station Casinos earned $7.4 million in management fees in the second quarter.
The company posted an occupancy rate of 90 percent, up from 88 percent during the second quarter last year. The average daily room rate increased from $71 to $74.
Station Casinos operates 17 properties in Southern Nevada, including Palace Station, Green Valley Ranch Resorts and Red Rock Resort. The privately held company earned $6.8 million in the first quarter of the year on revenues of $318.2 million.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
