Analysts have focused on increasing business for Las Vegas Strip casinos but Station Casinos LLC, operator of 18 so-called "locals" casinos say improving business helped it show increased revenues. However, the increased business did not prevent the company from incurring a loss during the fourth quarter that ended on Dec. 31, 2011.
Reporting last week, the company said revenues jumped to $303.5 million from the previous year’s $278.3 million. Net loss for the quarter fell to $4.2 million. The company said in the comparable quarter, it earned $74.2 million but that was before the bankruptcy court had approved a financial restructuring.
Helping the company’s financial improvement, said management, was the "We Love Locals" promotion that focused on attracting more customers to its Boarding Pass loyalty program.
Also boosting its finances was the opening of a Michigan casino that the company developed and is managing for a division of the Pottawatomi Indians.
The company said it also had paid $6.5 million as bonuses to employees and had reinstated its matching contributions to employee 401k retirement plans.
Also reporting financial results for the fourth quarter were two other gaming companies.
Canterbury Park Holding Corp. (CPHC) said revenues increased 11.9 percent to $9.7 million and that earnings had increased from last year’s $161,279 or $0.04 per share to $305.036 or $0.07 per share.
Gaming Partners International Corp. (GPIC) reported a decline in revenues to $14.6 million from last year’s $16.6 million. Earnings also fell to $600,000 or $0.07 per share from the $1 million or $0.12 per share reported in 2010.