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CONTACT: Glenn C. Christenson, (702) 367-2411
Executive Vice President/Chief Financial Officer/
Chief Administrative Officer
Rod Atamian, (702) 367-2411
Vice President/Financial Services
Station Casinos, Inc.
Jack Taylor, (702) 221-6944
Director of Corporate Public Relations
Station Casinos, Inc.
FOR IMMEDIATE RELEASE: June 28, 2000
MISSOURI GAMING COMMISSION SETS HEARING
ST. CHARLES, MO. - Officials of Station Casinos, Inc. (NYSE:STN)
learned today that the Missouri Gaming Commission will hold a public fact
finding hearing on August 30, 2000 in Kansas City, Missouri. The decision
was announced at an unrelated meeting of the Missouri Gaming Commission held
today. At the August hearing, the Gaming Commission is expected to take
testimony relating to certain bonus payments the Company made between 1994
and 1996 to Michael Lazaroff, an outside attorney who worked on certain legal
matters for the Company in Missouri. Since late 1999, offices of the United
States Attorney in Missouri and the Missouri Gaming Commission have been
conducting investigations regarding the actions of Lazaroff, including, among
other things, his receipt of the bonus payments from the Company. Station
Casinos has received requests for information from these agencies and is
cooperating fully. Lazaroff recently pled guilty to three felony counts,
including (1) defrauding his law firm by failing to disclose the bonus
payments to the law firm, (2) defrauding clients of the law firm, which
included the Company, by charging them for false expenses and (3) causing
false statements to be made to the Federal Elections Commission concerning
the identity of persons at his law firm making political campaign
contributions. In connection with his plea agreement, Lazaroff agreed to
cooperate with the federal and state agencies, including the Missouri Gaming
Commission. Based on the Company's own internal review, the Company is
unaware of any improprieties on its part. However, due to the uncertainty
inherent in any investigation, the Company cannot predict the ultimate
outcome of these investigations.
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Station Casinos Statement - add one
This press release may be deemed to contain certain forward-looking
statements with respect to the business, financial condition and results of
operations of the Company which involve risks and uncertainties including,
but not limited to, licensing and other regulatory risks. In particular, if
the aforementioned investigations were to implicate the Company or its senior
executives in any wrongdoing, this could lead to further proceedings against
the Company or its executives, which could result in fines and other
penalties being imposed on them, restrict their ability to hold gaming
licenses or otherwise materially adversely affect the Company's business,
financial condition and results of operations. Further information on
potential factors which could affect the business, financial condition and
results of operations of the Company, are included in the filings of the
Company with the Securities and Exchange Commission, including, but not
limited to the Company's Annual Report on Form 10-K for the year ended
December 31, 1999, and its Registration Statement on Form S-4 File No.
333-71227.
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