he operator said the write-downs cost us$ 1.29 billion, including us$ 125.1 million at its joint ventures and us$ 500,000 for developing new gambling opportunities. The loss compared with a loss of us$ 3.37 billion in the fourth quarter of 2008, when the casino operator had one-time charges of us$ 3.4 billion.
Station, which filed for bankruptcy protection in July, said its net revenues dropped to us$ 256.5 million in the fourth quarter, compared with us$ 289.8 million in the fourth quarter a year earlier. Gambling, food and beverage and room revenues all declined, the company said.
The company's occupancy rate was 78 % during the fourth quarter of 2009, compared with 83 % during the fourth quarter of 2008, despite lower nightly room rates. Rooms cost us$ 67 per night on average during the three months that ended December 31, compared with us$ 76 per night the prior year. Station said its loss for all of 2009 was us$ 1.68 billion, compared with us$ 3.27 billion in 2008. The company reported us$ 5.2 million in costs associated with its bankruptcy case, which was filed last July in Reno.
Station recently proposed a reorganization plan that would call for owners Frank Fertitta III and Lorenzo Fertitta plan to buy a 46 % stake in four of its biggest casinos and sell Station's remaining assets through a bankruptcy sale. The Fertittas have said they would aggressively pursue buying back the casinos if a judge approves the plan.
Station has been struggling since it was taken private in a deal that closed in November 2007. Since then, people have spent significantly less money gambling — reducing Station's revenues and hurting its ability to refinance its debt. The company said its long-term debt was us$ 5.92 billion as of December 31.