Station Casinos LLC, the company that emerged from the Station Casinos bankruptcy in June, today said revenue and profit from operations improved for the second quarter ended June 30.
Operating income of $30.9 million was up from $20.5 million in 2010's second quarter.
Net revenue increased 8.5 percent to $299 million thanks to the aggressive "We Love Locals" casino marketing campaign, while hotel revenue grew thanks to improved occupancy levels.
Casino revenue was up 8.2 percent to $212.2 million, with Station posting a 7.4 percent increase in slot revenue and a 17.7 percent increase in table game revenue. Higher customer counts at the company's 17 Las Vegas-area locals casinos more than offset reduced spending per visit, the company said.
At the company’s hotels, occupancy of 88 percent improved from 81 percent in the year-ago quarter, with the average daily rate holding steady at $71.
Station said that because of the bankruptcy canceling most of its debt, its debt totaled $2.2 billion at June 30 vs. $6.7 billion owed prior to the restructuring. The new company has $3.275 billion in assets.
On a net income basis, Station earned $3.993 billion in the second quarter thanks to $3.9 billion in restructuring adjustments. That compares to a loss in the year-ago quarter of $76.5 million.