STATION CASINOS, INC. ANNOUNCES MANAGEMENT CONTRACT WITH INDIAN TRIBE NEAR SAN DIEGO
LAS VEGAS, Sept. 20 /PRNewswire/ -- Station Casinos, Inc. (NASDAQ: STCI), announced today that it has signed a definite management and development agreement with the Jamul Indian Tribe for a planned gaming entertainment facility on the tribe's reservation approximately 12 miles southeast of San Diego. The seven-year agreement, subject to approval of the National Indian Gaming Commission, calls for Station Casinos to plan, finance, construct and manage the gaming complex. The proposed location is situated within San Diego County, with a population of more than 2.6 million, approximately 20 minutes from the downtown business district. Initially, the gaming and entertainment complex will offer Class II games, including high stakes bingo, non-banking card games, pull tabs and off-track betting. The complex will also offer other amenities, including restaurants, a gift shop and an entertainment lounge. Full casino style gaming currently is not permitted under California law.
The Jamul Indian Tribe intends to join negotiations currently being conducted between a number of Indian Tribes and the State of California concerning additional types of gaming. If successful in those negotiations, the Tribes will be allowed to operate additional types of gaming on their tribal lands. If such agreements are reached, the Company's agreement with the Jamul Indian Tribe provides that the project will be expanded. Station Casinos would continue to manage the expanded facility.
Under the agreements, Station Casinos, Inc. will receive 40 percent of the net profits from the operation. Station Casinos, Inc. is a multijurisdictional gaming corporation that owns and operates the Palace Station Hotel & Casino in Las Vegas, as well as slot machine route management and vending and pay phone businesses in southern Nevada and Louisiana. Station Casinos also owns St. Charles Riverfront Station, Inc., a riverboat gambling operation under development in St. Charles, Mo., and Boulder Station, a hotel and casino complex under construction in Las Vegas. -0- 9/20/93 /CONTACT: Joseph B. McNamara, VP-corporate communications, or Glenn C. Christenson, VP and chief financial officer, 800-544-2411/ (STCI)
CO: Station Casinos, Inc. ST: Nevada, California IN: CNO SU: CON
GK-EH -- LA032 -- 3758 09/20/93 14:46 EDT