Station Casinos Announces Expansion of Green Valley Ranch Station

Station Casinos, Inc. (“Station” or “the Company”) today announced a $110
million expansion of Green Valley Ranch Station. The expansion will
include 296 rooms, 25,500 square feet of additional meeting space and an
expanded spa facility. Construction on the expansion project should begin
in the fourth quarter of 2003 and is expected to be complete in the fourth
quarter of 2004. We expect that the expansion will be financed through a
group of banks and Term B lenders. We expect that the expansion will
result in a first year mid- teens return on investment to Green Valley
Ranch Station and approximately $4 million to $5 million in combined
earnings from joint venture and management fees ($.04 to $.05 earnings per
share) to Station.
“We look forward to expanding our Four Diamond property
to meet the demand, which has been exceptional,” state Glenn C.
Christenson, executive vice president and chief financial officer. See
Company Information and Forward Looking Statements for risks associated
with this expansion project.