Station Casinos reports big jump in profits

However, the company posted a us$ 52.3 million loss for the first six months, driven by an interest payment and other expenses tied to the company’s private equity in the first quarter. The increase in profits came even though quarterly revenue fell 6.5 percent, to us$ 339.1 million from us$ 362.9 million last year.

In the first six months of 2008, revenues slid 6 percent, to us$ 691.4 million from us$ 735.3 million last year. Quarterly cash flow fell 12.7 percent, to us$ 128.1 million from us$ 146.8 million last year, and dropped 12.4 percent for the first six months, to us$ 267.8 million from us$ 305.8 million in 2007.

The company has decreased quarterly operating costs and expenses by 5.7 percent in the casino, by 8.4 percent in food and beverage, and by 40.3 percent at the corporate level. The gaming company cut nearly 70 corporate-level workers in late April.

Station Casinos declines to discuss how many workers at the properties have been laid off or had their hours cut to combat the economic slowdown. The firm is privately held by a joint venture by the founding family, the Fertittas, and real estate investment company Colony Capital of Los Angeles.