Not too surprisingly, Station Casinos are falling right into the gaming trend in Nevada which has seen Strip properties stay even keel, while local casinos have flourished. Station couldn’t be much happier, with 2.8 million of revenue in the first quarter, which is up 5 percent from the previous year.
The earnings for the quarter were also very positive, at $37.8 million in net revenue, compared to $15.3 million from last year. Station credits strong consumer confidence and spending levels. Casino revenue grew 3.7 percent from last year, while food and beverage climbed 6.8 percent and hotel room revenue ballooned 10.6 percent.
Chief Financial Officer Marc Falcone said in a conference call with analysts, “The positive momentum experienced in the second half of 2014 continued in the first quarter, and our results clearly demonstrate that trend.” Falcone also expects the $4 billion Resorts World Las Vegas will bring in thousands of jobs, and more potential customers for Station Casinos.
The quarter marks the 16th consecutive quarter of increased cash flow for the company. Outside of Las Vegas, the company operates Gun Lake in Michigan and Graton in Northern California, which generated a 21 percent increase in management fees for the quarter.
