<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
[X] For the fiscal year ended December 31, 1995.
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
[ ] For the transition period from _______to _______.
Commission file number: 000-21640
---------
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
STATION CASINOS, INC. 401(k) PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
STATION CASINOS, INC.
2411 WEST SAHARA AVENUE
LAS VEGAS, NV 89102
<PAGE>
STATION CASINOS, INC. 401(k) PLAN
INDEX TO FINANCIAL STATEMENTS
-----------------------------
Page
----
Report of Independent Public Accountants 2
Statements of Net Assets Available for Plan Benefits as
of December 31, 1995 and 1994 3-4
Statement of Changes in Net Assets Available for Plan
Benefits for the Year Ended December 31, 1995 5
Notes to Financial Statements 6-10
Schedules:
I. Schedule of Assets Held for Investment
Purposes as of December 31, 1995 11
II. Schedule of Reportable Transactions for the
Year Ended December 31, 1995 12
1
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To the Station Casinos, Inc. 401(k) Plan Administrator:
We have audited the accompanying statements of net assets available for plan
benefits of the Station Casinos, Inc. 401(k) Plan (the "Plan") as of December
31, 1995 and 1994, and the related statement of changes in net assets available
for plan benefits for the year ended December 31, 1995. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1995 and 1994, and the changes in net assets available for
plan benefits for the year ended December 31, 1995, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes as of December 31, 1995 and reportable
transactions for the year ended December 31, 1995 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statement
of net assets available for plan benefits and the statement of changes in net
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits
and changes in net assets available for plan benefits of each fund. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Las Vegas, Nevada
June 15, 1996
2
<PAGE>
STATION CASINOS, INC.
401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
GROWTH WORLD- CAPITAL
AND STRATEGIC STRATEGIC WIDE NEW OPPORT- PRESERV-
INCOME INCOME INVESTING DOLLAR LEADERS UNITY VALUE ATION
FUND FUND FUND FUND FUND FUND FUND FUND
------- ------- --------- ------- ------- ------ ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Dreyfus Growth and Income Fund $3,965,482 $ - $ - $ - $ - $ - $ - $ -
Dreyfus Strategic Income Fund - 461,618 - - - - - -
Dreyfus Strategic Investing Fund - - 1,726,666 - - - - -
Dreyfus Worldwide Dollar Fund - - - 3,727 - - - -
Dreyfus New Leaders Fund - - - - 920,301 - - -
Quest for Value Opportunity Fund - - - - - 217,160 - -
AIM Value Fund - - - - - - 172,701 -
LaSalle National Trust Capital Preservation Fund - - - - - - - 2,490,818
Station Casinos, Inc. Common Stock Fund - - - - - - - -
Loan Account - - - - - - - -
--------- ------- --------- ------- ------- ------- ------- ---------
Total Investments 3,965,482 461,618 1,726,666 3,727 920,301 217,160 172,701 2,490,818
--------- ------- --------- ------- ------- ------- ------- ---------
RECEIVABLES:
Employee Contributions 21,277 9,131 10,344 - 12,862 8,897 9,824 21,157
Employer Contributions 2,417 1,060 1,163 - 1,340 971 1,007 2,591
--------- ------- --------- ------- ------- ------- ------- ---------
23,694 10,191 11,507 - 14,202 9,868 10,831 23,748
--------- ------- --------- ------- ------- ------- ------- ---------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $3,989,176 $471,809 $1,738,173 $ 3,727 $934,503 $227,028 $183,532 $2,514,566
========== ======== ========== ======= ======== ======== ======== ==========
<CAPTION>
STCI
COMMON
STOCK LOAN
FUND ACCOUNT TOTAL
------ -------- -------
<S> <C> <C> <C>
INVESTMENTS, at fair market value:
Dreyfus Growth and Income Fund $ - $ - $3,965,482
Dreyfus Strategic Income Fund - - 461,618
Dreyfus Strategic Investing Fund - - 1,726,666
Dreyfus Worldwide Dollar Fund - - 3,727
Dreyfus New Leaders Fund - - 920,301
Quest for Value Opportunity Fund - - 217,160
AIM Value Fund - - 172,701
LaSalle National Trust Capital Preservation Fund - - 2,490,818
Station Casinos, Inc. Common Stock Fund 538,734 - 538,734
Loan Account - 611,558 611,558
-------- -------- ----------
Total Investments 538,734 611,558 11,108,765
-------- -------- ----------
RECEIVABLES:
Employee Contributions 8,750 - 102,242
Employer Contributions 1,000 - 11,549
-------- -------- ----------
9,750 - 113,791
-------- -------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $ 548,484 $ 611,558 $ 11,222,556
========= ========= ============
</TABLE>
The accompanying notes are an integral part of this statement.
3
<PAGE>
STATION CASINOS, INC.
401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
<TABLE>
<CAPTION>
STCI
GROWTH AND STRATEGIC STRATEGIC NEW CAPITAL COMMON
INCOME INCOME INVESTING LEADERS PRESERVATION STOCK LOAN
FUND FUND FUND FUND FUND FUND ACCOUNT TOTAL
---------- --------- --------- ------- ---------- ----- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, at fair market value:
Dreyfus Growth and Income Fund $3,050,839 $ - $ - $ - $ - $ - $ - $3,050,839
Dreyfus Strategic Income Fund - 215,928 - - - - - 215,928
Dreyfus Strategic Investing Fund - - 1,330,239 - - - - 1,330,239
Dreyfus New Leaders Fund - - - 447,311 - - - 447,311
LaSalle National Trust Capital Preservation Fund - - - - 1,922,488 - - 1,922,488
Station Casinos, Inc. Common Stock Fund - - - - - 327,000 - 327,000
Loan Account - - - - - - 385,026 385,026
---------- -------- --------- -------- --------- ------- ------- ----------
Total Investments 3,050,839 215,928 1,330,239 447,311 1,922,488 327,000 385,026 7,678,831
RECEIVABLES:
Employee Contributions 16,569 6,189 9,064 8,317 17,387 5,625 - 63,151
Employer Contributions 1,928 778 1,085 972 2,024 721 - 7,508
---------- ------ ------ ------- -------- ------- -------- ---------
18,497 6,967 10,149 9,289 19,411 6,346 - 70,659
---------- ------ ------ ------- -------- ------- -------- ---------
EXCESS CONTRIBUTIONS PAYABLE (1,334) (406) (1,011) (1,630) (462) (267) - (5,110)
---------- ------- ------- -------- --------- ------- -------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $3,068,002 $222,489 $1,339,377 $454,970 $1,941,437 $333,079 $385,026 $7,744,380
========== ======== ========== ======== ========== ======== ======== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
4
<PAGE>
STATION CASINOS, INC.
401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
GROWTH WORLD-
AND STRATEGIC STRATEGIC WIDE NEW OPPORT-
INCOME INCOME INVESTING DOLLAR LEADERS UNITY
FUND FUND FUND FUND FUND FUND
------ -------- -------- ------- --------- ------
<S> <C> <C> <C> <C> <C> <C>
CONTRIBUTIONS:
Employee Contributions $506,034 $217,173 $281,243 $ 2,969 $330,476 $112,085
Employer Contributions 56,853 23,894 30,406 - 33,100 11,065
-------- -------- -------- -------- -------- --------
562,887 241,067 311,649 2,969 363,576 123,150
-------- -------- -------- -------- -------- --------
INVESTMENT INCOME:
Net Unrealized Appreciation (Depreciation)
in Market Value of Investments 531,752 34,670 123,322 - 85,396 10,988
Net Realized Appreciation
in Market Value of Investments 53,277 5,113 24,216 - 14,905 1,306
Interest and Dividend Income 192,770 22,376 180,547 - 71,333 3,499
------- ------ ------- -------- ------- --------
777,799 62,159 328,085 - 171,634 15,793
------- ------ ------- -------- ------- --------
BENEFIT PAYMENTS (192,009) (23,162) (92,210) - (50,800) (2,291)
OTHER ACTIVITY:
Net Transfers (136,089) (18,717) (105,366) (629) 25,249 93,912
Loans (157,417) (25,214) (67,158) - (54,292) (7,276)
Loan Repayments 66,003 13,419 23,681 - 24,044 3,740
Other - (232) 115 1,387 122 -
--------- -------- -------- -------- -------- -------
NET INCREASE 921,174 249,320 398,796 3,727 479,533 227,028
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of Year 3,068,002 222,489 1,339,377 - 454,970 -
---------- -------- ---------- -------- -------- ---------
End of Year $3,989,176 $471,809 $1,738,173 $3,727 $934,503 $227,028
========== ======== ========== ======== ======== =========
<CAPTION>
CAPITAL STCI
PRESERV- COMMON
VALUE ATION STOCK LOAN
FUND FUND FUND ACCOUNT TOTAL
------ ------- ------ ------- -----
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS:
Employee Contributions $ 88,655 $ 532,198 $ 216,936 - $ 2,287,769
Employer Contributions 9,869 60,448 23,396 - 249,031
-------- ---------- --------- --------- -----------
98,524 592,646 240,332 - 2,536,800
-------- ---------- --------- --------- -----------
INVESTMENT INCOME:
Net Unrealized Appreciation (Depreciation)
in Market Value of Investments (4,052) - 38,861 - 820,937
Net Realized Appreciation
in Market Value of Investments 186 - 27,227 - 126,230
Interest and Dividend Income 9,645 126,290 423 33,010 639,893
-------- ---------- --------- --------- -----------
5,779 126,290 66,511 33,010 1,587,060
-------- ---------- --------- --------- -----------
BENEFIT PAYMENTS (891) (224,903) (29,394) (31,416) (647,076)
OTHER ACTIVITY:
Net Transfers 82,416 135,561 (76,337) - -
Loans (4,197) (105,812) - 421,366 -
Loan Repayments 1,901 49,347 14,293 (196,428) -
Other - - - - 1,392
-------- ---------- --------- --------- -----------
NET INCREASE 183,532 573,129 215,405 226,532 3,478,176
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of Year - 1,941,437 333,079 385,026 7,744,380
-------- ---------- -------- -------- -----------
End of Year $183,532 $2,514,566 $548,484 $611,558 $11,222,556
======== ========== ======== ======== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
5
<PAGE>
STATION CASINOS, INC.
401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
-----------------------
The following description of the Station Casinos, Inc. 401(k) Plan (the
"Plan") provides only general information of the Plan which has been
legally established through a formal retirement Plan Document and Trust
Agreement. Participants should refer to the Plan Document for a more
complete description of the Plan's provisions.
GENERAL
-------
The Plan is a qualified, contributory defined contribution plan covering
all non-bargaining unit employees of Station Casinos, Inc. (the "Company")
who have completed 1,000 hours of service during a single year and have
attained the age of 21.
CONTRIBUTIONS, VESTING AND ALLOCATION
-------------------------------------
Participants may make contributions to the Plan of any amount up to 15% of
their annual compensation, but not to exceed the maximum dollar limit set
by the Internal Revenue Service each year. Participants may make rollover
contributions to the Plan. All participant contributions are immediately
100% vested and are nonforfeitable. Subject to the limitations described
below, the Company makes matching contributions to the Plan on behalf of
each participant in an amount equal to 25% of the first 4% of compensation
which a participant contributes to the Plan as pre-tax contributions. A
participant is credited with a year of service for vesting purposes upon
completion of 1,000 hours of service during the Plan year. A participant
begins to vest in that portion of his or her account attributable to the
Company's matching contributions as follows:
<TABLE>
<CAPTION>
VESTING SERVICE VESTING %
--------------- ---------
<S> <C>
Less than 1 year 0
1 year 20
2 years 40
3 years 60
4 years 80
5 or more years 100
</TABLE>
Each year the Company may make an additional discretionary contribution to
the Plan. The discretionary contribution is allocated among the accounts
of eligible participants. Participants become 100% vested in the
discretionary contribution after five years of service. In the event of
termination of a participant by reason of death or disability, the full
value of the participant's account as of the immediately preceding
valuation date becomes vested.
6
<PAGE>
All contributions are invested in multiples of 1% as designated by the
participant. A participant, however, may only invest 20% of his or her
account balance in the Station Casinos, Inc. Common Stock Fund. Each day
the plan trustee will determine the value of all assets in each investment
fund. The daily net gain or loss on the assets in each investment fund is
determined and any such gain or loss is allocated to the accounts of
participants in proportion to the amount of each participant's investment
in the investment fund.
Nine separate elective investment funds are available for the purpose of
investing contributions. The funds are as follows:
a. DREYFUS GROWTH AND INCOME FUND
------------------------------
This investment fund's goal is to provide long term capital growth, current
income and growth of income, consistent with reasonable investment risk.
The Dreyfus Growth and Income Fund invests in equity and debt securities
and money market instruments of domestic and foreign issuers. The fund is
managed by The Dreyfus Corporation.
b. DREYFUS STRATEGIC INCOME FUND
-----------------------------
This investment fund's goal is to maximize current income by investing
principally in debt securities of domestic and foreign issuers. At least
65% of the funds total assets ordinarily will be invested in debt
securities, such as bonds, debentures, notes, mortgage-related securities,
convertible debt obligations and convertible preferred stocks, of domestic
and foreign issues. The fund is managed by The Dreyfus Corporation.
c. DREYFUS STRATEGIC INVESTING FUND
--------------------------------
This investment fund's goal is to provide capital growth. The Dreyfus
Strategic Investing Fund invests primarily in equity securities of domestic
and foreign issuers which would be characterized as "value" companies
according to the criteria established by The Dreyfus Corporation. The fund
is managed by The Dreyfus Corporation.
d. DREYFUS WORLDWIDE DOLLAR FUND
-----------------------------
This investment fund's goal is to provide as high a level of current income
as is consistent with the preservation of capital and the maintenance of
liquidity. The Dreyfus Worldwide Dollar Fund invests in short-term money
market obligations. This fund is managed by The Dreyfus Corporation.
e. DREYFUS NEW LEADERS FUND
------------------------
This investment fund's goal is to maximize capital appreciation. The
Dreyfus New Leaders Fund seeks out companies that the Dreyfus Corporation
believes have the potential for significant growth. The fund is managed by
The Dreyfus Corporation.
f. QUEST FOR VALUE OPPORTUNITY FUND
--------------------------------
This investment fund's goal is to obtain growth of capital over time
through investments in a diversified portfolio of common stocks, bonds and
cash equivalents, the
7
<PAGE>
proportions of which will vary based upon the investment advisor's
assessment of the relative values of each investment under prevailing
market conditions. The Quest for Value Opportunity Fund will invest
primarily in common stocks and securities convertible into common stock.
The fund is managed by Quest for Value Advisors.
g. AIM VALUE FUND
--------------
This investment fund's goal is to achieve long-term growth of capital by
investing primarily in equity securities judged by the fund's investment
advisor to be undervalued relative to the investment advisor's appraisal of
the current or projected earnings of the companies issuing the securities,
or relative to current market values of assets owned by the companies
issuing the securities or relative to the equity market generally. Income
is a secondary objective. This fund is managed by AIM Advisors, Inc.
h. LASALLE NATIONAL TRUST CAPITAL PRESERVATION FUND
------------------------------------------------
Assets in this investment fund are invested primarily in guaranteed
investment contracts and alternative investment contracts issued by various
insurance companies, commercial banks and investment banks. The fund is
managed by the LaSalle National Trust, N.A.
i. STATION CASINOS, INC. COMMON STOCK FUND
---------------------------------------
Amounts in this investment fund are invested in an unsegregated fund
holding shares of common stock of Station Casinos, Inc. Separate accounts
are established to record each participant's interest in this investment
fund. While awaiting settlement of investment transactions, the fund
invests amounts in Dreyfus Liquid Assets, Inc., a money market fund managed
by The Dreyfus Corporation. Dividends or other distributions to common
stock shareholders will be used by the plan trustee to acquire additional
shares of common stock for the participants of the Station Casinos, Inc.
Common Stock Fund. Any brokerage commissions or similar charges in
connection with the purchase or sale of shares of company stock under the
Station Casinos, Inc. Common Stock fund will be reflected in the number
of shares purchased or the proceeds from common stock sold.
PARTICIPANT ACCOUNTS
--------------------
The portion of a participant's account that is not vested is forfeited when
the participant terminates employment with the Company. Forfeitures shall
be first used to reinstate prior forfeitures of participants who return to
the employment of the employer and then are used to reduce future employer
contributions to the Plan. Forfeitures for the year ended December 31,
1995 were $19,791.
PAYMENT OF BENEFITS
-------------------
Upon normal retirement or death, vested benefits from the Plan may be made
in either the form of a lump sum distribution of the whole shares of common
stock credited to a participant's account and a lump sum cash payment of
the remainder of the participant's account or in a series of payments over
a period not to extend beyond the life expectancy of the participant or the
joint life expectancy of the participant and the participant's beneficiary.
8
<PAGE>
Any participant who terminates employment with the Company shall be
entitled to receive the value the vested portion of his or her account no
later than the sixtieth day after the close of the plan year in which the
participant terminates employment.
Participants may withdraw from their account once they have attained age
59 1/2. Participants may also withdraw from their account, without
regard to age, in the event of extreme hardship.
ADMINISTRATION
--------------
The Plan is administered by a committee designated by the Company's Board
of Directors (the "Administrative Committee").
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
------------------------------------------
a. BASIS OF PRESENTATION
---------------------
The financial statements of the Plan are maintained on an accrual
basis.
b. PLAN EXPENSES
-------------
Legal, management trust, administrative and accounting expenses are
paid by the Trust if not paid by the Company. Payment of such fees are
directed by the Administrative Committee.
c. INVESTMENTS
-----------
Investments are stated at their current market value measured by the
latest available quoted market prices in active markets. Investment income
is recorded as earned on a daily basis.
d. PARTICIPANT LOANS
-----------------
Subject to the rules and limitations contained in the Plan, a
participant is able to request a loan for an amount equal to as much as
$50,000, but not to exceed 50% of the vested amount credited to his or her
account. At December 31, 1995 and 1994 there were outstanding participant
loans in the amount of $611,558 and $385,026, respectively, which
approximates the fair value of the loans. The participant loans bear
interest at prime plus 1%, which for the year ended December 31, 1995
ranged from 9.25% to 10.00%. The loans require equal repayments of
principal and interest (with payments not less than quarterly) over a
period not to exceed five years.
3. BENEFITS PAYABLE
----------------
Benefits payable as of December 31, 1995 and December 31, 1994 were $5,062
and $40,459, respectively. These amounts are included in net assets
available for plan benefits in the accompanying statements of net assets
available for plan benefits.
4. TRUSTEE AND TRUST AGREEMENT
---------------------------
As of December 31, 1995, the assets of the Plan were held by the Dreyfus
Trust Company ("the Trustee") under a Trust Agreement. Among other duties,
the Trustee receives the employee's contributions, invests the trust funds,
and makes payments to
9
<PAGE>
plan participants as directed by the Administrative Committee. The
recordkeeping function of the Plan is performed by The Dreyfus Service
Corporation.
In February 1996, the Company changed the recordkeeping and trustee
functions to W.F. Corroon Corporation and The Riggs National Bank of
Washington, D.C., respectively. Several of the investment funds were also
changed. The new investment funds are similar to the investment funds
offered at December 31, 1995.
5. INCOME TAX STATUS OF THE PLAN
-----------------------------
The Internal Revenue Service has determined and informed the Company by a
letter dated February 10, 1995, that the Plan is qualified and the Trust
established under the Plan is tax-exempt, under the appropriate sections of
the Internal Revenue Code. The Plan has been amended since receiving the
determination letter. However, the Administrative Committee and the Plan's
tax counsel believe that the Plan is currently designed and being operated
in compliance with the applicable requirements of the Internal Revenue
Code. Therefore, they believe that the Plan was qualified and the related
trust was tax-exempt as of the financial statement date.
6. PLAN TERMINATION
----------------
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employee Retirement
Income Security Act of 1974. In the event of Plan termination,
participants will become 100% vested in their account balances.
10
<PAGE>
STATION CASINOS, INC.
401(k) Plan
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
EIN # 88-0231933
SCHEDULE I
<TABLE>
<CAPTION>
MARKET
DESCRIPTION OF UNITS COST VALUE
- - ----------- -------- ---- -------
<S> <C> <C> <C>
DREYFUS GROWTH AND INCOME FUND 213,773 $3,596,057 $3,965,482
The Dreyfus Corporation
DREYFUS STRATEGIC INCOME FUND 31,814 437,077 461,618
The Dreyfus Corporation
DREYFUS STRATEGIC INVESTING FUND 83,253 1,846,547 1,726,666
The Dreyfus Corporation
DREYFUS WORLDWIDE DOLLAR FUND 3,727 3,727 3,727
The Dreyfus Corporation
DREYFUS NEW LEADERS FUND 24,614 861,560 920,301
The Dreyfus Corporation
QUEST FOR VALUE OPPORTUNITY FUND 8,496 206,064 217,160
Quest for Value Advisors
AIM VALUE FUND 6,442 176,720 172,701
AIM Advisors, Inc.
LASALLE NATIONAL TRUST CAPITAL PRESERVATION FUND 2,490,818 2,490,818 2,490,818
La Salle National Trust, N.A.
STATION CASINOS, INC. COMMON STOCK FUND* 39,037 527,263 538,734
LOAN ACCOUNT 611,558 611,558 611,558
----------- -----------
$10,757,391 $11,108,765
=========== ===========
* Party in interest
</TABLE>
11
<PAGE>
STATION CASINOS, INC.
401(k) PLAN
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
EIN # 88-0231933
SCHEDULE II
<TABLE>
<CAPTION>
PURCHASES SALES
------------------------- ---------------------------------------------------
NUMBER OF NUMBER OF ORIGINAL
DESCRIPTION TRANSACTIONS COST TRANSACTIONS PROCEEDS COST GAIN (LOSS)
- - ----------- ------------ ---- ------------- -------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
DREYFUS GROWTH AND INCOME FUND 110 $875,628 122 $546,014 $520,168 $25,846
DREYFUS STRATEGIC INVESTING FUND 91 $530,463 - $ - $ - $ -
DREYFUS WORLDWIDE DOLLAR FUND 60 $1,985,821 80 $1,982,095 $1,982,095 $ -
DREYFUS NEW LEADERS FUND 121 $540,309 - $ - $ - $ -
LASALLE NATIONAL TRUST CAPITAL PRESERVATION FUND 151 $1,022,207 120 $ 454,220 $454,220 $ -
STATION CASINOS, INC. COMMON STOCK FUND 369 $882,537 178 $ 729,842 $713,578 $16,264
LOAN ACCOUNT 33 $421,366 - $ - $ - $ -
</TABLE>
12
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- - -------------- -----------
23.1 Consent Of Independent Public Accountants
<PAGE>
SIGNATURE
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Plan administrator has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: June 21,1996 STATION CASINOS, INC. 401(k)PLAN
By: /s/ Glenn C. Christenson
------------------------
Glenn C. Christenson
Executive Vice President, and
Chief Financial Officer
<PAGE>
Exhibit 23.1
Consent of Arthur Andersen LLP
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K, into the Company's previously filed
registration statements on Form S-8 (File No. 33-70342) and on Form S-8
(File No. 33-63752).
Arther Andersen LLP
Las Vegas, Nevada
June 21, 1996
