Hotel and Casino in Aliante Master Planned Community
in North Las Vegas
|NORTH LAS VEGAS, Nev. - Dec. 20, 2005 -- Station Casinos, Inc. (NYSE:
STN--"Station") and The Greenspun Corporation today announced that they
have entered into an agreement to develop Aliante Station, a hotel and
casino in Aliante, a 1,905-acre master-planned community in North Las Vegas.
Station will develop and manage the facility, which will be located on
a gaming-entitled 40-acre site on the northeast corner of Interstate 215
and Aliante Parkway within the Aliante master-planned community. The agreement
calls for 50/50 ownership of the project, with Station receiving a management
"When we conceptualized and developed Aliante, we incorporated a hotel/casino as part of our overall master plan in order to provide the entertainment amenities that many residents are looking for," said Brian Greenspun, Chairman of the Board of The Greenspun Corporation. "We have a great relationship with the Fertittas and Station Casinos as a result of the success of Green Valley Ranch Resort and we are confident that they will develop and operate a high-quality project for our residents and the surrounding North Las Vegas community," Greenspun concluded.
"We are excited about the opportunity to develop and operate a hotel and casino in Aliante, the most successful master-planned community in North Las Vegas," said Lorenzo Fertitta, President of Station. "North Las Vegas is one of the fastest growing cities in the country and Aliante is the premiere location in North Las Vegas for a hotel and casino. We believe that market is ready for our product."
The master-planned community currently features a golf course, city parks and an extensive 24-mile trail system. Aliante is a partnership between American Nevada Corporation and Del Webb Communities.
According to City of North Las Vegas demographers, North Las Vegas' population is expected to continue to double every eight years with an average annual growth rate of 9.4%. This year, North Las Vegas' population exceeded 180,000 residents. The U.S. Census Bureau also named North Las Vegas the second fastest growing city in the country from 2000-2003 with a population increase of 25%.
Station will immediately begin designing the hotel and casino and anticipates breaking ground on the project by late 2006 or early 2007. "As the premiere provider of local's entertainment, we look forward to bringing hotel rooms, restaurants and entertainment such as gaming and movie theatres to an area we believe is hungry for these types of amenities," said Fertitta.
Subsidiaries of The Greenspun Corporation and Station are partners in Green Valley Ranch Resort and Casino, Barley's Casino & Brewing Company and The Greens Cafe, all of which are located in Henderson, Nevada.
About The Greenspun Corporation
The Greenspun Corporation (TGC) is a privately owned, family-run company that manages and oversees the financial interests of the Greenspun family of Las Vegas, Nevada. The company operates its own businesses and invests in public and private securities, primarily in the media, communications, travel and tourism, real estate and gaming industries. These businesses include the following:
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, and Sunset Station Hotel & Casino, Fiesta Henderson Casino Hotel, Magic Star Casino and Gold Rush Casino in Henderson, Nevada. Station also owns a 50% interest in Barley's Casino & Brewing Company, The Greens Cafe 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 manages the Thunder Valley Casino near Sacramento, California on behalf of the United Auburn Indian Community.
This press release contains certain forward-looking statements with respect to the business, joint ventures and expansion projects of Station and its subsidiaries which involve risks and uncertainties that cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied herein.
The Greenspun Corporation
Station Casinos, Inc.
|Also See:||The Red Rock Station, a 400 room $450 million Casino Breaks Ground in Las Vegas; Station Casinos Most Expensive Project / April 2004|
|Station Solidifies Growth of Las Vegas Franchise With Strategic Land Purchases / March 2000|