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US – Station sets up Red Rock Resorts as holding company

By - 8 February 2016

Nevada gaming regulators have approved plans for Station Casinos to create a holding company called Red Rock Resorts as it looks to trade on the Nasdaq.

Station Casinos President Richard Haskins revealed that Red Rock Resorts would be a corporate name whilst Station Casinos, which includes 19 large and small casinos, would be the operating company under Red Rock Resorts.

He said: “We are not changing the Station name or brand name and we’re not changing our marketing or branding. Our properties’ names won’t change. It’s business as usual going forward.”

Since leaving its bankruptcy in June 2011, Station Casinos has reported 18 per cent revenue growth and cash flow increases of 50 per cent. It has reduced its debt by $400m and has invested $350m into improving its Southern Nevada resorts.

Station Casinos now has $2.1bn in long term debt, low by casino industry standards.

The operator will float on the Nasdaq in October.

“We’re trying to provide maximum flexibility and being a public company allows us to do that,” Mr. Haskins added.

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