SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 16, 2005
STATION CASINOS, INC
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(Exact name of registrant as specified in its charter)
Nevada 88-0136443 000-21640
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
2411 West Sahara Avenue, Las Vegas, Nevada 89102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 367-2411
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N/A
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(Former name or former address, if changed since last report)
ITEM 8.01. OTHER EVENTS
On December 16, 2005, Station Casinos, Inc. (the "Company") entered
into a 50/50 joint venture with The Greenspun Corporation to develop Aliante
Station, a hotel and casino to be located in the Aliante master-planned
community in North Las Vegas, Nevada. The first phase of the project will
include 200 hotel rooms, approximately 2,000 slot machines, multiple
full-service restaurants and a multi-screen movie theater complex. The project
is expected to cost between $400 and $450 million. Construction on the project
is expected to commence in late 2006 or early 2007 with a projected opening in
mid 2008. It is anticipated that the initial phase of Aliante Station will
contain less than 25% of the hotel rooms and approximately 40% of the total
square footage of Red Rock Casino Resort and Spa.
The structure of the joint venture is similar to the Company's existing
agreement at Green Valley Ranch. The Company will receive a management fee of 2%
of revenues and approximately 5% of EBITDA. The Greenspun Corporation will
contribute a 40-acre parcel of land to the joint venture and the Company will
contribute a 55-acre parcel of land and approximately $2 million of cash. The
Company anticipates financing Aliante Station through its existing bank group.
The Company projects a first-year cash-on-cash return in the low to mid teens
and growing over time, similar to other Station projects. A copy of the related
press release is attached to this Current Report as Exhibit 99.1.
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Station Casinos, Inc.
Date: December 19, 2005 By:Glenn C. Christenson
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Glenn C. Christenson
Executive Vice President, Chief
Financial Officer, Chief Administrative
Officer and Treasurer