In its present configuration, the King 8 has 230 slot and video poker machines, seven table games, 283 budget rooms and a coffee shop.
The Company intends to take over operations of the existing facility on July 1, pending Nevada Gaming Control Board approval, and continue to operate the facility in its existing configuration until such time that further development of the site is warranted.
"This lease allows us to secure an attractive piece of real estate to add to our Las Vegas portfolio, with limited up front capital and carrying costs," said Glenn C. Christenson, executive vice president and chief financial officer.
"Given some minor modifications to the existing facility, we believe
we can generate positive net cash flow while we evaluate our growth opportunities."
|Station Casinos, Inc. is a multi-jurisdictional gaming company that owns and operates the Palace Station Hotel Casino, the Boulder Station Hotel Casino, and Texas Station Gambling Hall Hotel in Las Vegas, Nev., Sunset Station Hotel Casino in Henderson, Nev., as well as slot machine route management services in Southern Nevada. Station Casinos, Inc. also owns and operates Station Casino St. Charles, a gaming and entertainment facility in St. Charles, Mo., and Station Casino Kansas City, a gaming and entertainment facility in Kansas City, Mo.|
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and expansion projects of STN and its subsidiaries which involve risks and uncertainties including, but not limited to, competition from other gaming operations, construction risks, and licensing and other regulatory risks. Further information on potential factors which could affect the financial condition, results of operations and expansion projects of STN and its subsidiaries are included in the filings of STN with the Securities and Exchange Commission, including, but not limited to STN's Annual Report on Form 10-K for the fiscal year ended March 31, 1997 and Registration Statement on Form S-4 File No. 333-30685.