Company to purchase more land in Reno

Monday, Aug. 22, 2005 | 10:48 a.m.

Station Casinos Inc. has changed a purchase agreement with a Reno landowner to buy 33 more acres than originally stated. The company has decided to purchase 83 acres of land near the intersection of U.S. Highway 395 and Mt. Rose Highway from Reno Retail Co. II LLC. Station initially said it had agreed to buy 50 acres at that location. Station intends to build a casino on on the land, which is across the street from a 104-acre "lifestyle center" that will include residential, commercial and retail space. Reno Retail Co. has already broken ground on the center.

"Having a larger parcel to develop allows us to consider different types of amenities on it," Station Chief Financial Officer Glenn Christenson said today. "Fifty acres is large enough to develop on but this will be better for the long-term prospects of the project. And it's better to get the land up front than later on," he said.

Station has so far obtained rights to develop casinos on three separate parcels of land in Reno. The Reno suburbs have a strong growth outlook that is similar to the Las Vegas locals market, executives have said.

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