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Station Casinos Inc. of Las Vegas released their financials today and disclosed that its revenue fell in the fourth quarter of 2009. The company blames the recession for reduced spending at its hotels and casinos.
Station, which is currently operating while in bankruptcy, reported fourth quarter revenue of $256.5 million, up slightly from the third quarter but down from $289.8 million in 2008’s fourth quarter.
In 2009 as a hole, the casino reported net revenue of $1.062 billion, down from $1.298 billion in 2008.
According to Station’s annual report, the decrease in net revenue was caused by a continuing overall decrease in gaming revenue fueled by a weakening Las Vegas and U.S. economies.
Declining real estate values, the credit crisis, rise in unemployment are all contributing factors in their economic slowdown.
Station reported the value of its assets as $4.276 billion at the end of 2009, down from $5.831 billion at the end of 2008.
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