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Station Casinos to Issue 400 Million Dollars


Station Casinos, Inc. (NYSE: STN - News) ("Station" or "the Company") today announced it has agreed to issue $400 million of 7 3/4% senior notes due August 15, 2016. Proceeds from the sale of the notes will be used to reduce a portion of the amounts outstanding on the Company's revolving credit facility. Such borrowings were used for capital expenditures and general corporate purposes, including the repurchase of shares of our common stock previously authorized for repurchase by the Company's Board of Directors.

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 Red Rock Casino

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Are prizes taxable?

In the IGRA, Congress included the definition of Class II gaming as follows: bingo; when played in the same location as bingo ¾ pull tabs, lotto, punch boards, tip jars, instant bingo, other games similar to bingo; and non-house banked card games authorized or not explicitly prohibited by the state in which the tribal operation is located. All other games are Class III, except for certain social or traditional forms of gaming. Class III games include, but are not limited to the following: baccarat, chemin de fer, blackjack, slot machines, and electronic or electromechanical facsimiles of any game of chance. The NIGC Office of General Counsel reviews games on request by a tribe or a game developer and issues advisory opinions on whether they are Class II or Class III. To facilitate distinguishing the classes of gaming, the NIGC plans to develop a regulation to establish technical classification standards.
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