Station Casinos, a Las Vegas-based operator of 18 locals casinos in Southern Nevada, reported its fourth-quarter and year-end earnings today.
The company, which is not listed on a stock exchange but has publicly traded debt, had a strong showing in the fourth quarter, with profits of $33.8 million. But Station suffered a $104.4 million loss for 2013 as a whole.
Company: Station Casinos LLC
Revenue: $328.4 million (up 8.3 percent from the fourth quarter of 2012.)
Earnings: $33.8 million, up from a loss of $7.9 million in the fourth quarter of 2012. But the company lost $104.4 million for entire year of 2013, compared to a $13.3 million profit the year before.
What it means: The effects of the Affordable Care Act and soft consumer spending have kept gaming revenue flat, company officials said.
But officials pointed to several bright spots, including Station’s online gaming operation and The Graton, a recently opened Northern California property with more than 3,000 slot machines, 144 table games and 18 poker tables.
Station’s long-term debt sits at $2.16 billion.
Quote: “It’s been another dynamic year for Station Casinos...We delivered strong year-over-year financial results, opened Northern California’s premier casino resort... and launched online gaming in both Nevada and New Jersey.” — Marc Falcone, executive vice president and chief financial officer.