Station Casinos was founded in Las Vegas, Nevada in 1976, and owns and operates 18 casinos in the Las Vegas area and operates a casino on behalf of a Native American community. In November 2007, Eurazeo bought a stake in Station Casinos, alongside Colony Capital and the founding family.

The growth strategy of Station Casinos includes the master-planned expansions of its existing gaming facilities, the development of new casinos in strategic realestate complexes held by the Group, the evaluation and continuation of additional acquisitions or development opportunities, and the signing of new agreements with the Native American community.

Station Casinos achieved revenues of $1,298 million in 2008, down by 10.3%. The net revenues from major Las Vegas operations plunged 10.2% and came off at $1,176 million, due to the sharp economic downturn and the adverse conditions in the local Las Vegas markets where the Group operates.

Adjusted EBITDA dipped 14.8% in 2008 ($471 million versus $553 million in 2007).

Despite the weakened economic conditions, Station Casinos continued to develop its operations in 2008 with the opening of Aliante Station in November.

Station Casinos also limited the impact of the economic downturn on its operating margins thanks to the implementation of a cost-cutting plan in 2008. Additional measures are expected to be taken in 2009.

In November 2008, Station Casinos launched an exchange offer on its listed bonds, which ended in December 2008, as certain conditions linked to the offering had not been met.

Station Casinos believes that the market conditions, the unemployment rate and consumers confidence level will continue to be challenging for a good part of 2009, which could lead to a drop in 2009 net revenues compared to 2008.

On February 3, 2009, Station Casinos announced its intention to implement a restructuring plan by commercing a voluntary care under chapter 11 of the US Bankruptcy Code, in order to significantly reduce the nominal amount of its financial interests.