Las Vegas locals casino operator Station Casinos reported a profit in the second quarter with net revenue increasing by 4.5 per cent on a year-over-year basis to US$ 312.2m.
The company earned a profit of US$ 7.5m in the second quarter ended June 30 although it is difficult to compare profit from the same period last year as the group was tied to the old Stations Casinos emerging from bankruptcy.
The company, which has 17 Las Vegas casinos, said that food and beverage, up 7.1 per cent, and hotel room revenue, up 9.1 per cent, also played their part.
Hotel occupancy was up from 88 to 90 per cent at hotel casinos such as Palace Station, Green Valley Ranch Resort and Red Rock Resort.
Marc Falcone, Executive Vice President and Chief Financial Officer, said: “We experienced continued improvements in our operating results during the second quarter. For the second consecutive quarter we experienced gains in both revenues and operating income in all of our major departments. We are pleased that we were able to bring 93 per cent of our revenue increase to the bottom line.”
Station continues to make significant progress on the Graton Tribe’s project in Sonoma County, California. The project is located 43 miles north of San Francisco on the Graton Tribe’s reservation, which was taken into trust by the federal government for the benefit of the Tribe in October 2010. The Graton Tribe’s Class-III gaming compact was approved by the United States Department of the Interior on July 12, 2012, allowing it to operate up to 3,000 Class III slot machines.