In the latest sign of improvement for the Las Vegas gaming industry, Station Casinos Inc. on Monday reported a smaller first quarter loss as revenue held steady.
Station, which is working to emerge from bankruptcy, said net revenue of $247.7 million in the quarter ended March 31 was off just slightly from $249.4 million in the year-ago quarter.
The company's first quarter net revenue numbers compare to an 11 percent net revenue decline for all of 2010.
In the most recent quarter, the company lost $11.8 million vs. a loss a year earlier of $53.5 million.
The improvement came as the company reported lower expenses for depreciation and amortization, interest and bankruptcy reorganization costs.
Station posted higher slot machine revenue in the quarter (up 3.8 percent) thanks to aggressive marketing, though more volatile table game revenue fell 6.5 percent. Overall, casino revenue was up 1.7 percent to $183.4 million.
Food and beverage revenue increased 13.1 percent to $45.2 million. The number of restaurant guests served soared 43 percent while the average guest check decreased 16 percent because of reduced prices at buffets that drove traffic to those outlets.
Room revenue was up 1.7 percent to $19.2 million as occupancy improved from 79 percent to 84 percent and the average daily rate fell from $66 to $64.
The company said it earned nothing from its Green Valley Ranch and Aliante Station joint ventures vs. $1.7 million earned in the year-ago quarter.
Both of those properties – joint ventures with affiliates of the Greenspun family, owner of the Las Vegas Sun and VEGAS INC – are now operating in Chapter 11 bankruptcy reorganization.