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Station Casinos Reports Green Valley Ranch Station Expansion

LAS VEGAS -- (Press Release) -- Station Casinos, Inc. (NYSE: STN) today announced a $110 million expansion of Green Valley Ranch Station. The expansion will include 296 rooms, 25,500 square feet of additional meeting space and an expanded spa facility. Construction on the expansion project should begin in the fourth quarter of 2003 and is expected to be complete in the fourth quarter of 2004.

We expect that the expansion will be financed through a group of banks and Term B lenders. We expect that the expansion will result in a first year mid- teens return on investment to Green Valley Ranch Station and approximately $4 million to $5 million in combined earnings from joint venture and management fees ($.04 to $.05 earnings per share) to Station. "We look forward to expanding our Four Diamond property to meet the demand, which has been exceptional," state Glenn C. Christenson, executive vice president and chief financial officer. See Company Information and Forward Looking Statements for risks associated with this expansion project

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