LAS VEGAS— Station Casinos generated first-quarter increases in cash flow and earnings per share before one-time charges despite a decline in net revenue when compared with the same period a year ago, according to a report in the Las Vegas Review-Journal. The boost came from the regions rebounding economy, although the economic picture has not returned to pre-September levels, said officials. Station reported first-quarter profits of $13.05 million, or $0.22, before one-time charges tied to an accounting charge for the Fiesta in North Las Vegas and a decision to cancel an unspecified casino project. After charges the company reported a loss of $257,000, or zero cents a share. A year ago, Station reported first-quarter earnings of $11.4 million, or $0.19 a share, before one-time expenses. That was down from the first quarter of 2000 when the company reported profits of $22.3 million, or $0.35 a share. Most of the 12,000 to 15,000 casino workers who lost their jobs in last years final four months have returned to work, said Christenson. The company controls about half of the regions neighborhood casino market through its eight Station- and Fiesta-branded properties. Stations net revenue for the quarter fell to $204.9 million from $209.7 million following last years sale of the companys slot route operation to Blake Sartini, Stations former COO. The company also sold its two Missouri casinos in December 2000 after a series of regulatory troubles . Stations earnings before interest, taxes, deprecation and amortization, a commonly accepted measure of casino industry profitability, rose 10 percent to $63.9 million for the first quarter of this year with a boost from the December opening of the Green Valley Ranch gaming property in Henderson. The $300 million hotel-casino is a joint venture of Station and a subsidiary of Green Valley developer American Nevada Corp. SOURCE: Las Vegas Review-Journal
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