Company purchases 50 acres near Reno

Wednesday, May 25, 2005 | 11:19 a.m.

Station Casinos Inc. said Tuesday that it is buying 50 acres of property south of Reno.

The company did not disclose in a form 8-K filed with the Securities and Exchange Commission the amount paid for the property near U.S. Highway 395 and Mt. Rose Highway.

The purchase and sale agreement, reached Friday, was with Reno Retail Co.

Reno Retail has an affiliate developing a lifestyle center on about 104 acres of property next to the 50-acre Station property.

The 50-acre parcel is near 96 acres of vacant land Station Casinos bought for $15 million to potentially develop a locals casino.

The 96-acre purchase, reported in March, was for land located at the intersection of Geiger Grade Road and South Virginia Street.

In a separate filing with the SEC, the company said Tuesday that Chairman and Chief Executive Frank J. Fertitta III will exercise options to sell up to 400,000 shares of company common stock.

Fertitta entered into the plan to diversify his financial holdings, although he will still have a significant company ownership interest, the filing said.

Fertitta will have no control over timing of the sales, which will take place anytime shares reach prearranged minimum prices, according to the filing.

The filing didn't specify the prearranged minimum prices.

Station Casinos owns or has interests in 13 casinos in Las Vegas and Henderson, and operates the Thunder Valley Casino for the United Auburn Indian Community in Lincoln, Calif.