The unveiling will come several seeks before guests will be allowed to stay in the hotel rooms, which will range from 400- to 1,500 sf and include 42-inch plasma TVs, CD players with iPod jacks and high-speed Internet. The first day that reservations will be honored is Jan. 1, 2009, according to company officials. Room rates start at $60 a night.
Aliante Station is a 50-50 partnership with Greenspun Corp., which owns the Las Vegas Sun and is the developer of the 1,905-acre Aliante planned community. For its 50% stake in Aliante Station, Greenspun donated to the JV the development site, a gaming-entitled 40-acre property on the northeast corner of Interstate 215 and Aliante Parkway.
Station Casinos, for its 50% stake, contributed to the JV a 54-acre site located on Losee Road in North Las Vegas as well as approximately $2.2 million. Beyond its 50% ownership stake Station Casinos will receive a management fee equal to 2% of the property's revenues and approximately 5% of EBITDA.
Greenspun Corp.'s Aliante community abuts Park Highlands, a 2,600-acre planned community by Olympia Group, which previously developed Southern Highlands, a master planned community located south of the Strip at I-15 and Saint Rose Parkway.
Aliante Station's unveiling will come approximately two-and-a-half years after Station Casinos opened its $925-million, 68-acre Red Rock resort. Located in the Summerlin master-planned community, it was the most expensive off-Strip casino resort ever built and the largest development ever undertaken by Station Casinos.
All told, Station Casinos owns and operates 15 resorts in Southern Nevada. Traditionally focused on the residents of Las Vegas more so than the visitors, Station Casinos officially reached out for more tourists in 2001 when it opened Green Valley Ranch, a 500-room resort located near the airport in Henderson, NV. Red Rock was its second such offering.
That having been said, Red Rock and Green Valley Ranch still get the bulk of their revenue from locals playing slot machines and then going home without ever staying in the hotel rooms. In support of that, Red Rock has a separate hotel entrance that allows guests to access their rooms without having to cross the casino floor.
Station Casinos net revenues for the first quarter ended March 31, 2008 were approximately $352.3 million, a decrease of 5% compared to the prior year's first quarter. EBITDA for the quarter was $136.2 million, a decrease of 11% compared to the prior year's first quarter. The company reported a net loss of $29.7 million.
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