Station Casinos, Inc. Announces Partnership with the North Fork Rancheria of Mono Indians.
Business Editors
LAS VEGAS–(BUSINESS WIRE)–March 5, 2004
Station Casinos, Inc. (NYSE: STN; “Station” or “the Company”) today announced that it has entered into Development and Management Agreements with the North Fork Rancheria of Mono Indians (the “Tribe”), a federally recognized Indian tribe located in central California. Station will assist the Tribe in developing and operating a gaming and entertainment project to be located in Madera County, California (the “Project”). Station has secured for the benefit of the Tribe two parcels of land located on Highway 99 north of the city of Madera.
“We are excited about our partnership with Station Casinos and look forward to beginning the land in trust and compacting process that will set the Tribe on the path towards economic self-sufficiency,” said Elaine Bethel Fink, chairwoman, North Fork Rancheria of Mono Indians.
Under the terms of the Development Agreement, Station Casinos has agreed to arrange the financing for the ongoing development costs and construction of the Project. Although no firm construction budget has been established, the Company expects the total cost of the development and construction of the Project will be less than $225 million. Funds advanced by Station Casinos are expected to be repaid from the proceeds of the project financing or from the Tribe’s gaming revenues. The Management Agreement has a term of seven years and provides for a management fee of 24% of the Project’s net income. As currently contemplated, the Project will include approximately 2,000 slot machines, 70 table games and dining, hotel, and entertainment amenities.
“We are pleased that the North Fork Tribe has given us the opportunity to assist them with their economic development project,” said Frank Fertitta III, chairman of the board and chief executive officer of Station Casinos, Inc. “Without a doubt, this partnership demonstrates the growing strength of our tribal gaming management franchise,” said Fertitta.
Development of the gaming and entertainment project is subject to certain governmental and regulatory approvals, including, but not limited to, negotiating a gaming compact with the State of California, the United States Department of the Interior accepting land into trust on behalf of the Tribe, and approval of the Management Agreement by the National Indian Gaming Commission.
Company Information
Station Casinos, Inc. is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station’s properties are regional entertainment destinations and include various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station owns and operates Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Casino and Wild Wild West Gambling Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling Hall & Hotel and Fiesta Rancho Casino Hotel in North Las Vegas, Nevada, and Sunset Station Hotel & Casino and Fiesta Henderson Casino Hotel in Henderson, Nevada. Station also owns a 50% interest in both Barley’s Casino & Brewing Company and Green Valley Ranch Station Casino in Henderson, Nevada and a 6.7 % interest in the Palms Casino Resort in Las Vegas, Nevada.
In addition, Station Casinos manages the Thunder Valley Casino in Placer County, California which is owned by the United Auburn Indian Community. The Company has also entered into development and management agreements with the Federated Indians of the Graton Rancheria for a gaming and entertainment facility in Sonoma County, California, the Mechoopda Indian Tribe of Chico Rancheria for a facility in Chico, California and the Gun Lake Band of Pottawatomi Indians for a facility in Wayland Township, Michigan.
This press release contains certain forward-looking statements with respect to the business, financial condition, results of operations, dispositions, acquisitions and expansion projects of the Company and its subsidiaries which involve risks and uncertainties including, but not limited to: financial market risks, the ability to maintain existing management, integration of acquisitions, competition within the gaming industry, the cyclical nature of the hotel business and gaming business, economic conditions, regulatory matters and litigation and other risks described in the filings of the Company with the Securities and Exchange Commission, including, but not limited, to the Company’s Annual Report on Form 10-K for the year ending December 31, 2002, and its Registration Statement on Form S-4 File No. 333-66140. The development budget for the Northfork Rancheria project has not been finalized. Construction projects such as the Northfork Rancheria project entail significant risks, including shortages of materials or skilled labor, unforeseen regulatory problems, work stoppages, weather interference, floods and unanticipated cost increases. The anticipated costs and construction periods are based on budgets, conceptual design documents and construction schedule estimates. There can be no assurance that the budgeted costs or construction period will be met. All forward-looking statements are based on the Company’s current expectations and projections about future events. All forward-looking statements speak only as of the date hereof and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
The Company’s participation in the project is subject to the receipt of all required governmental approvals, and no assurances can be given that such approvals will be received. Prior to the receipt of such approvals, the Company likely will make significant investments in the project and, thereafter, will be required to provide significant credit support for the project. There can be no assurance that the Company will be able to recoup its investments. Additional information, including presentations from recent investor conferences and its Registration Statement, are available in the “Investors” section of the Company’s website at www.stationcasinos.com.
http://www.allbusiness.com/food-beverage/restaurants-food-service-restaurants/5571792-1.html
Caesars to Develop and Manage California Casino with Big Sandy Band of Western Mono Indians.
LAS VEGAS–(BUSINESS WIRE)–Feb. 18, 2004
The Big Sandy Band of Western Mono Indians has reached a preliminary agreement with Caesars Entertainment, Inc. (NYSE: CZR) to develop and manage a $200-million casino on tribal land near Fresno, California.
The Tribe and Caesars Entertainment recently signed a memorandum of understanding outlining the terms of the development and management agreements that will govern the construction and operation of the casino project. The final agreements are expected to be completed and signed in the next three months.
“It is a great opportunity for the Big Sandy Rancheria Tribal members to reach an agreement with such a bona fide and reputable entertainment management group,” said Tribal Chairperson Connie Lewis.
“This project creates a tremendous opportunity for the Big Sandy Tribe to realize its goal of job creation and economic development and affords our shareholders an additional opportunity to participate in the rapidly expanding gaming market in California,” said Caesars Entertainment President and Chief Executive Officer Wallace R. Barr. “All of us at Caesars look forward to a long and rewarding relationship with the Big Sandy Tribe.”
The company previously announced that it is negotiating development and management agreements with the Pauma-Yuima Band of Luiseno Mission Indians for a casino to be built on Pauma tribal lands in northern San Diego County in Southern California. The company and the Tribe expect to sign final agreements soon.
Preliminary plans for the Big Sandy project call for development of a casino on more than 215 acres 10 miles northeast of Fresno in the San Joaquin Valley in Central California. Included in the acreage is a 40-acre parcel of tribal land where the gaming portion of the facility will be located. The casino would become the second to directly serve the Fresno metropolitan area, which has a population of approximately 1.2 million.
The casino property would initially include 250 to 300 hotel rooms, more than 75,000 square feet of gaming space, at least 2,000 slot machines, approximately 20 gaming tables, restaurants, retail shops and meeting and entertainment facilities. The company and the Tribe are discussing an appropriate brand for the casino.
The Big Sandy Tribe currently operates the Mono Wind Casino in Auberry, California, about 15 miles northeast of the proposed Fresno-area casino.
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