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Exhibit 99.1
SANTA FE GAMING CORPORATION
4949 NO. RANCHO DR.
LAS VEGAS, NV 89130
FOR IMMEDIATE RELEASE:
Tuesday, June 13, 2000
SANTA FE GAMING CORPORATION ANNOUNCES AGREEMENT TO SELL
SANTA FE HOTEL & CASINO
LAS VEGAS, NEV., Santa Fe Gaming Corporation (the "Company") (OTCBB:SGMG),
announced today that its wholly owned subsidiary, Santa Fe Hotel Inc. ("SFHI")
has agreed to sell substantially all of the assets of the Santa Fe Hotel &
Casino in Las Vegas, Nevada (the "Hotel/Casino") to Station Casinos, Inc.,
(NYSE: STN)("STN"). Additionally, STN has agreed to lend up to $36 million to
the Company's wholly-owned subsidiary, Pioneer Hotel Inc. ("PHI). The sale
price for the Hotel/Casino is approximately $205 million in cash, with STN to
receive a credit against this price for the amount of its loan to PHI. Funds
received from these transactions will be used, in part, to retire indebtedness
of SFHI and substantially all of the indebtedness of the Company and its other
subsidiaries, including the PHI obligations under its confirmed Chapter 11 Plan
of Reorganization. In connection with these agreements, the Company will grant
STN an option to purchase the approximately 20 acres of undeveloped property
which is located near the Hotel/Casino. Additionally, the Company and its
affiliates will be subject to certain limited non-competition agreements with
STN. Consummation of the transactions are subject to satisfaction of various
conditions precedent, including approvals by Nevada state and local gaming
regulatory authorities for the sale of the Hotel/Casino.
The Company also owns and operates the Pioneer Hotel and Gambling Hall in
Laughlin, Nevada and owns property on Las Vegas Boulevard for possible future
development.
CONTACT: Thomas K. Land
Senior Vice President and
Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
