September 30, 2021 Legal, Land Based, Partnerships

Station Casinos to redeem senior notes

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Las Vegas operator expects redemption of more than $280m.

Red Rock Resorts, Inc., on Thursday said Station Casinos LLC has issued a notice of redemption of 5% senior notes due 2025.

The company said it anticipates some $280.3m in principal amount of senior notes will be redeemed by the holders.

Red Rock’s legal department said in a statement the senior notes are fully and unconditionally guaranteed by certain of the company’s current and future domestic restricted subsidiaries.

Station Casinos added it intends to use cash on hand and borrowings under its revolving credit facility to pay the redemption premium, accrued and unpaid interest, and any fees or expenses related to the redemption.

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC. Station Casinos is a provider of gaming and entertainment to the residents of Las Vegas, Nevada.

Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and often referred to as “locals’ casinos.” They include various amenities, including restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo, and race and sports wagering.

Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wild Wild West Gambling Hall & Hotel, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem and Wildfire Lake Mead.

Station Casinos also owns Palms Casino Resort, Texas Station Gambling Hall & Hotel, Fiesta Ranch Casino Hotel and Fiesta Henderson Casino Hotel, which have been closed since March 2020, and it owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

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