Station Casinos, Inc. (NYSE: STN - News; "Station" or the "Company") today announced the results of its operations for the fourth quarter ended December 31, 2005.


Highlights include:

-- Record fourth quarter EBITDA (1) of $123.9 million, an increase of 16% over the prior year's fourth quarter and record EBITDA for the year of $480.9 million, an increase of 25% over the prior year.

-- Adjusted for non-recurring items and development expense, diluted earnings per share ("EPS") of $0.69 compared to $0.58 in the prior year's fourth quarter, an increase of 19%. For the full year 2005, diluted earnings per share were $2.74 versus $2.10 in the prior year, an increase of 30%.

-- EBITDA margins for its Major Las Vegas Operations, including Green Valley Ranch, increased to 41.4% from 39.2% in the prior year's fourth quarter.

As previously announced, the next property the Company anticipates developing is Aliante Station, which will be located in the Aliante master-planned community in North Las Vegas, Nevada. This project is a 50/50 joint venture with an affiliate of the Greenspun Corporation, the Company's partner in Green Valley Ranch. The first phase of Aliante Station is expected to include 200 hotel rooms, approximately 2,000 slot machines, multiple full service restaurants and a multi-screen movie theater complex. Construction on this project is expected to commence in late 2006 or early 2007 with a projected opening date in mid 2008. The project is expected to cost between $400 million and $450 million. Similar to Green Valley Ranch, Station will manage the property and received a management fee of 2% of revenues and approximately 5% of EBITDA.

In addition to the development of Aliante Station, the Company owns or controls four undeveloped parcels of gaming-entitled property located in the Las Vegas valley, as well as two undeveloped parcels in Reno, Nevada. The Company also has numerous other development opportunities in the form of potential master-planned expansions of its existing properties. "The focus of our development program over the next few years will be the Las Vegas local's market and Reno. While we have also assembled 67 acres around the current Wild Wild West site for future development, we anticipate that such development will not proceed until after we further expand our local's franchise," said Lorenzo Fertitta.