Station Casinos Posts Bigger 4Q Loss On Charges

LAS VEGAS (AP) — Station Casinos Inc. said late Tuesday it posted a bigger fourth-quarter loss as results were hurt by lower casino revenue, hefty charges to write down assets and expenses to develop new gaming opportunities.

The casino operator posted a bigger loss of $3.19 billion, compared with a loss of $437.4 million a year earlier. Results in the most recent quarter included $3.39 billion in write-downs and other charges, including costs to write down assets, investments in joint ventures and land held for development to fair value.

Total operating expenses soared to $3.66 billion from $734.8 million, which included $1.3 million in costs to develop new gaming opportunities, $3.1 million in lease termination costs, and $2 million in severance expenses.

For the quarter ended Dec. 31, revenue declined 19 percent to $289.7 million from $357.5 million a year ago.

Casino revenue slipped to $206.4 million from $255.6 million, and food and beverage sales declined to $52.1 million from $63.8 million.

For the year, the company posted a wider loss of $3.27 billion, compared with a loss of $395.5 million.