Station Casinos records narrower loss in first quarter

LAS VEGAS -- Station Casinos Inc. on Monday reported a smaller first-quarter loss compared with last year as revenues generated at the company's 18 local casinos remained stable.

Station, which is working to emerge from bankruptcy this year, said net revenues were $247.7 million, down 0.6 percent from $249.3 million for the same period last year.

In the latest quarter, ended March 31, the gaming company lost $11.8 million compared with $53.5 million last year.

Station posted a 3.8 percent increase in slot revenue in the first quarter, driven by an increase in marketing of the company's properties. The slot increase was offset by a 6.5 percent decrease in table game revenue.

Overall, casino revenues increased 1.7 percent to $183.4 million, the company said in a first-quarter earnings report.

Average daily room rate and occupancy for the first quarter were $64 and 84 percent, respectively, generating revenues per available room of $54, the company said.

Station said the average daily room rate decreased 3 percent from $66 in the first quarter of 2010. The company said the decline was "due to an overall decrease across all properties."

Food and beverage revenue increased 13.1 percent to $45.2 million. The number of restaurant guests served increased 42.8 percent while the average guest check decreased 15.9 percent.

The lower average check was attributed to a "significant decrease in our buffet prices, which drove increased traffic to our buffets," the company said.

Station said earnings "was approximately zero" from the joint ventures in Green Valley Ranch Resort, Aliante Station and a 6.7 percent interest in the ownership group of the Palms. The company earned $1.7 million from those ventures in the first quarter of 2010.