Gaming briefs for March 8, 2004

Monday, March 8, 2004 | 11:14 a.m.

Firm exercises purchase option for land on Boulder Highway

Station Casinos Inc. has purchased about 34 acres of vacant land along Boulder Highway for $8.9 million.

The company had an option on the land for several years and chose to buy it rather than let it expire, Station Casinos spokeswoman Lesley Pittman said. She said the company has no plans yet to develop the parcel, located south of Harmon Avenue and south of the Nevada Palace and Sam's Town casinos.

The parcel is one of several pieces of land Station Casinos either owns or controls across the Las Vegas Valley for future casino development or investment purposes.

Red Rock Station, an upscale hotel-casino for locals planned at Charleston Avenue and I-215, is next up on company's development horizon, Pittman said. After that, the company is eyeing the redevelopment of its Wild Wild West hotel-casino at Flamingo Road and I-1, she said.

S&P upgrades ratings

Ratings agency Standard & Poor's Ratings Services has revised its rating outlook on the United Auburn Indian Community to "positive" from "stable."

S&P also affirmed the tribe's BB- corporate credit and senior secured debt ratings.

The United Auburn Indian Community owns the Thunder Valley Casino near Sacramento and is managed by Station Casinos Inc. Thunder Valley opened last June.

"Despite the property being open for less than one year, its initial operating results have been solid, resulting in good credit measures for the rating," said Standard & Poor's credit analyst Michael Scerbo. "In addition, it is Standard & Poor's expectation that this trend is likely to continue in the near term."