Another losing quarter for Station
Station Casinos posted another quarterly loss because of a continued decline in revenue, and costs associated with the company's reorganization.
A Securities and Exchange Commission filing cited by the Las Vegas Review-Journal, shows Station Casinos posted a net loss of $53.3 million for the quarter ended March 31, a widening of the $33.7 million loss recorded in the same period in 2009.
Revenues declined 11.8 percent to $249.4 million, down from $282.7 million in 2009. Casino revenues declined 11.2 percent, food and beverage revenues declined 25.2 percent, and room revenues declined 13.7 percent.
Room occupancy was down six points to 79 percent, and the average daily room rate fell 7 percent to $66 per night.
However, cash flow from operations rebounded to $50.1 million from a $53.6 million negative cash flow recorded in 1Q09.
The company was charged $19.7 million in professional fees and retainers in the quarter, $14.7 million of which were associated with the company’s Chapter 11 reorganization. Station has paid $74.5 million in professional fees directly related to the reorganization, according to filings cited by the Review-Journal.
A ruling on the company's reorganization plan is likely during a hearing in U.S. Bankruptcy Court set for June 10.