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Station Casinos Loses $69.6 Million in 2nd Quarter

LAS VEGAS -- Private casino operator Station Casinos Inc. says it lost $69.6 million during the second quarter as revenue dropped and it spent nearly $38 million on its bankruptcy reorganization.

The Las Vegas-based company with properties that cater mostly to locals here said Monday its loss was slightly wider than its $65.3 million loss during the same period one year ago.

Station says its revenue dropped 12.6 percent to $233.6 million. Gambling revenue dropped 12.3 percent to $167.1 million. Station says its total long-term debt as of June 30 was $5.9 billion.

Station is awaiting a hearing this month in Reno to determine whether its Chapter 11 plan will be approved by a federal bankruptcy judge.

(Copyright 2010 by The Associated Press. All Rights Reserved.)