LAS VEGAS, Sept. 13, 1999 - Station Casinos, Inc. (NYSE:
STN) today announced it has entered into an agreement to acquire certain
assets of the Flamingo Hilton Riverboat Casino in Kansas City, Mo., from
Flamingo Hilton Riverboat Casino, L.P., a subsidiary of Hilton Hotel Corporation
(NYSE: HLT). Completion of the acquisition is subject to regulatory approvals.
The acquisition includes certain of the operation�s assets, including
a casino vessel, parking garage and all related gaming equipment. The purchase
price is $22.5 million.
�The strategic acquisition of the Flamingo Hilton in Kansas City allows
our company to expand its presence in the growing Kansas City market and
take advantage of economies of scale by combining the resources of the
Flamingo with Station Casino Kansas City. We look forward to including
the employees of the Flamingo as part of the Station Casinos� family. After
considering the synergies created between the two properties, we believe
that the transaction will be accretive to calendar 2000 earnings,� said
Glenn C. Christenson, executive vice president and chief financial officer
of Station Casinos, Inc.
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, Nevada, Sunset Station
Hotel and Casino in Henderson, Nevada, 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, the inherent uncertainty and cost of prolonged litigation,
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 year ended
December 31, 1998 and Registration Statement on Form S-4 File No. 333-30685.
SOURCE Station Casinos, Inc. |