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Nevada Regulators Approve License for Green Valley Ranch Hotel-Casino

LAS VEGAS, Nevada – Nov. 20, 2001 --The Nevada Gaming Commission issued a gaming license Monday for the $300 million Green Valley Ranch hotel-casino in Henderson, which is scheduled to open Dec. 18.

The new locals property owned by Station Casinos and the Greenspun family, developers of Green Valley and publishers of Showbiz Magazine and the Las Vegas Sun newspaper, plans to charge about $125 per night for its 201 hotel rooms, Green Valley Ranch executives said.

"This is a project, we think, that will set a standard for locals casinos," said Station Casinos General Counsel Scott Nielson.

The commission voted 5-0 to grant Green Valley Ranch a license, following the Nov. 7 recommendation of the state Gaming Control Board.

Station Casinos Chief Financial Officer Glenn Christenson said that his company initially expects Green Valley Ranch to cut into Sunset Station's market share, but that nearby population growth and the area's wealth will eventually allow both Henderson casino properties to prosper.

"Ultimately we think both Green Valley Ranch and Sunset Station will generate the same positive returns on investment our other properties have achieved," Christenson told the five-member panel.

Station Casinos shares rose 44 cents, or 4.4 percent, Monday, to close at $10.49.

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