Nevada-based Station Casinos posted 18 straight months of revenue growth, with a 4.5 percent rise to 3.5 million during the third quarter of 2015.
Company officials reported the results during its quarterly conference call with investors and media, but they refused to discuss Station Casinos’ recently announced $100 million initial public offering.
“We are currently in the quiet period with respect to the offering and will not be commenting further about the IPO,” Station Casinos CFO Marc Falcone said during the conference call.
Station Casinos revealed its planned $100 million initial public offering to the Securities and Exchange Commission last month in its S-1 filing. Station Casinos currently has $2.1 billion in debt owned by the public.
Falcone told investors the company saw increases in gaming and non-gaming revenues at its 19 properties in Southern Nevada. He cited an increase in local economic activity in Las Vegas for helping to boost the company’s revenues and expects it to continue.
While revenues continue growing for Station Casinos, the Culinary Workers Union Local 226 is challenging Deutsche Bank’s potential handling of Station Casinos’ initial public offering.
The Culinary Workers Union says Deutsche Bank recently paid $2.5 billion to sell an investigation into interbank loan activity, and that isn’t listed on documents for the initial public offering.
The union wrote the Securities and Exchange Commission to express its concern over the non-reporting of Deutsche Bank’s payout in documentation supporting the proposed initial public offering, and says it’s troubling that the bank would handle the transaction.
