LAS VEGAS -- Station Casinos Inc. posted a narrower first-quarter loss Thursday as the casino operator cut expenses and realized a gain by retiring some debt early.
The privately held company, which recently extended its deadline to work through a plan to restructure debt, lost $33.7 million for the period ended March 31. That compares with a loss of $70.9 million a year earlier.
The company is bankrolling plans to build a casino resort on the western edge of Rohnert Park with the Federated Indians of Graton Rancheria.
Station's results were lifted partly by a $40.3 million gain related to early debt retirement. Revenue fell 20 percent to $282.7 million from $352.3 million on declines in room, casino, food and beverage revenue.
Many casino operators have struggled during the recession as gamblers have decided to not only spend less on games, but have also pulled back on the amount they spend on hotels, entertaining and dining.
Occupancy slipped to 85 percent from 88 percent, while total costs and expenses dropped to $255 million from $292.4 million.
Las Vegas-based Station wants to swap high-cost debt for low-cost debt and a $244 million capital infusion through a prepackaged bankruptcy filing. In March, Station turned down an offer from Boyd Gaming Corp. to buy some or all of its assets.
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