Hotel Online Special Report Station Casinos Acquiring Kansas City Flamingo Hilton Riverboat Casino for $22.5 Million 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.
Contact: Glenn C. Christenson, Executive Vice President 702-367-2484, or Jack Taylor, Director of Public Relations, 702-221-6944, both of Station Casinos http://www.stationcasinos.com Also See: Station Casinos Announces $45 Million Master Plan Expansion at Sunset Station / April 1998