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Exhibit 99.1
TUESDAY JUNE 13, 7:03 AM EASTERN TIME
COMPANY PRESS RELEASE
SOURCE: STATION CASINOS, INC.
STATION AGREES TO ACQUIRE SANTA FE HOTEL & CASINO
LAS VEGAS, June 13 /PRNewswire/ -- Station Casinos, Inc. ("Station" or "the
Company") (NYSE: STN - news) today announced it has entered into a definitive
agreement to acquire the Santa Fe Hotel & Casino in Las Vegas, Nevada, from
Santa Fe Hotel, Inc. (SFHI), a subsidiary of Santa Fe Gaming Corporation (OTC
Bulletin Board: SGMG news), ("SFGC"). The purchase price of $205 million
includes substantially all of the assets of the Santa Fe Hotel & Casino ("Santa
Fe"), an option to acquire an adjacent 21-acre parcel of real property, and a
non-compete agreement with SFGC and SFHI. In connection with the purchase
agreement, the Company has agreed to make a secured loan to Pioneer Hotel Inc.
("PHI"), owner and operator of the Pioneer Hotel & Gambling Hall in Laughlin,
Nevada, subject to receipt of certain consents and approvals, including
bankruptcy court approvals related to PHI. The amount loaned to PHI will be
credited against the purchase price of the Santa Fe. The all-cash transaction
has been approved by the boards of directors of both companies and is expected
to close in the fourth quarter of 2000. Completion of the acquisition is subject
to regulatory approvals.
The Santa Fe Hotel & Casino is located at the intersection of Interstate 95 and
Rancho Road, approximately five miles northwest of Texas Station Gambling Hall &
Hotel. Situated on 38 acres, the Santa Fe currently offers approximately 85,000
square feet of casino space featuring 1,675 gaming devices and 27 table games,
200 guest rooms, four full-service restaurants, a buffet, several fast-food
outlets, a 60-lane bowling center, a regulation-sized ice skating arena, and
10,000 square feet of meeting and banquet facilities. Upon completion of the
transaction, the property will be renamed "Santa Fe Station."
Frank Fertitta III, chairman, and chief executive officer of Station, stated,
"This is an important strategic transaction for our Company in strengthening our
Las Vegas franchise. The addition of the Santa Fe will allow us to further
capitalize on the continued growth of Las Vegas, create substantial revenue
synergies and realize additional cost savings across our entire Las Vegas
portfolio, all of which will be accelerated with the implementation of our
Boarding Pass player rewards program. The Santa Fe fits perfectly into our Las
Vegas locals' franchise. It adds further geographic diversity to our Las Vegas
brand in a distribution point with a very strong growth profile. Upon conversion
of this property to "Santa Fe Station," we will offer the same high quality
service, restaurants, gaming experience and entertainment that our customers
expect from a Station casino. We expect the addition of the Santa Fe to create
tremendous value and opportunity for our customers, team members, and
shareholders."
Photos and maps of the Santa Fe Hotel & Casino are available at
www.stationcasinos.com. Station Casinos, Inc. is a multi-jurisdictional
gaming company that owns and operates the Palace Station Hotel & Casino, the
Boulder Station Hotel & Casino, the Texas Station Gambling Hall &
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Hotel, and the Wild Wild West Gambling Hall & Hotel in Las Vegas, Nevada, Sunset
Station Hotel & Casino in Henderson, Nevada, as well as slot machine route
management services in Clark County, Nevada. Station Casinos, Inc. also owns and
operates Station Casino St. Charles, a gaming and entertainment facility in St.
Charles, Missouri, and Station Casino Kansas City, a gaming and entertainment
facility in Kansas City, Missouri.
This press release may be deemed to contain certain forward-looking statements
with respect to the financial condition, results of operations and expansion
projects of the Company and its subsidiaries which involve risks and
uncertainties including, but not limited to, competition from other gaming
operations, construction risks, and licensing and other regulatory risks.
Further information on potential factors which could affect the financial
condition, results of operations, and expansion projects of the Company and its
subsidiaries, 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, its quarterly report on Form
10-Q for the quarter ended March 31, 2000, and its Registration Statement on
Form S-4 File No. 333-71227. The Company's 1999 Annual Report is available to
view on its website at www.stationcasinos.com.
SOURCE: Station Casinos, Inc.
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