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 NYSE See: New York Stock Exchange : STN (SuperTwisted Nematic) A passive matrix LCD technology that provides better contrast than twisted nematic (TN) by twisting the molecules from 180 to 270 degrees. See DSTN. ; "Station" or "the Company") today announced that it has entered into Development and Management Agreements with the North Fork Rancheria rancheria (ränchā`rēä), type of communal settlement formerly characteristic of the Yaqui Indians of Sonora, Mexico, and of various small Native American groups of the SW United States, especially in California. of Mono Indians (the "Tribe"), a federally recognized Indian tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national 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 Madera County is a county of the U.S. state of California, located in the Central Valley north of Fresno County. It is part of the Madera, California Metropolitan Statistical Area. As of the 2000 census the population was 123,109. The county seat is Madera. (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 Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. 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 Frank J. Fertitta III is current CEO, Chairman of the Board and Director of Station Casinos in Las Vegas, Nevada. He is also co-founder and co-owner of Zuffa, LLC, which owns UFC and WEC and also co-owner of PRIDE FC Worldwide Holdings, LLC, which owns PRIDE. , 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 The United States Department of the Interior (DOI) is a Cabinet department of the United States government that manages and conserves most federally owned land. These responsibilities are different from other countries' Interior Departments or ministries, which tend to focus 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 North Las Vegas is a city in Clark County, Nevada, United States. As of the 2000 census, the city had a total population of 115,488, with a Census Bureau estimate of 197,567 as of 2006, and a Clark County estimate of 202,520 as of July 1, 2006 [2]. , 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 Placer County is a county located in the Sierra Nevada of the U.S. state of California, in what is known as the Gold Country. It stretches from the suburbs of Sacramento to Lake Tahoe and the Nevada border. which is owned by the United Auburn Indian Community The United Auburn Indian Community (UAIC) is a Native American tribe comprised mostly of Miwok and Maidu Indians indigenous to the Sacramento Valley region. The historic Auburn Rancheria is located in the Sierra Nevada foothills near Auburn, California. . The Company has also entered into development and management agreements with the Federated Connected and treated as one. See federated database and federated directories. Indians of the Graton Rancheria for a gaming and entertainment facility in Sonoma County, California Sonoma County is on the northwest coast of California, one of the northernmost parts of the greater San Francisco Bay Area, U.S. Its population at the 2000 census was 458,614. Its largest city and county seat is Santa Rosa. , 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 Wayland Township is a township in Allegan County in the U.S. state of Michigan. The population was 3,013 at the 2000 census. Communities
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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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