Station Casinos

These properties are plunging in revenue, and are down to about $1 billion in 2009. The $2.45 billion that Boyd Gaming offered for the entire company in December 2009 seems way too high.

Total Revenue
2009- $1,062,149
2008- $1,298,151
2007- $1,446,995

About 71% - 72% of the total revenue is gaming revenue. Hence 2009 total revenue is the same as 2007 gaming revenue.

Casino	Hotel	Slots	Gaming	Parking	Acreage
Properties	Rooms		Tables	Spaces
Palace Station	1,000	1,722	46	2,600	30
Boulder Station	300	2,749	41	4,800	54
Texas Station	200	1,994	31	5,900	47
Sunset Station	457	2,463	41	5,500	82
Santa Fe Station	200	2,825	47	5,200	38
Red Rock	815	2,989	64	6,800	64
Green Valley Ranch (50% owned)	490	2,392	55	3,900	40
Aliante Station (50% owned)	202	2,013	44	4,800	40
Fiesta Rancho	100	1,412	16	2,050	25
Fiesta Henderson	224	1,628	19	3,000	46
	3,988	22,187	404	44,550	466
Other Properties
Wild Wild West	262	200	6	600	19
Wildfire Rancho	—	194	—	265	5
Wildfire Boulder	—	172	—	230	2
Gold Rush	—	154	—	125	1
Lake Mead Casino	—	75	—	64	3
Barley's (50% owned)	—	199	—	—	—
The Greens (50% owned)	—	36	—	—	—
Wildfire Lanes (50% owned)	—	196	—	—	—
	262	1,226	6	1,284	30
Managed Properties
Thunder Valley (4)	—	2,426	102	4,500	49

I don't know if that figure is really out of line or not.
Those fifty percent owned properties are often thought of as "we can do better if we control the whole thing" but that would not add all that much.
Perhaps its an asset play... something off the books or someone just thinks the real estate is worth far more than current valuations.

You would think that Greenspun Corporation could somehow trade their 50% share in Aliante and the three small properties (possibly with some cash added) and give them 100% control of Green Valley Ranch. There corporate headquarters are right near Green Valley.

Michael Gaughan did something similar. He sold all of his properties to Boyd Gaming, and then decided he didn't like working for someone else. Instead of a cash settlement, they gave him 100% ownership of South Point casino.

The Fertitta brothers seem to want to keep Red Rock very badly. That's where there corporate headquarters are located and they all live in the n'hood. It is probably the nicest property in the group.

Hope the company makes a comeback, Stations provides a solid gaming value to the local community.