July 25, 2014
LAS VEGAS (AP) - Station Casinos Inc. said yesterday it posted a bigger fourth-quarter loss as results were hurt by lower casino revenue, hefty charges to write down assets and expenses to develop new gambling opportunities.
The casino operator posted a bigger loss of $3.19 billion, compared with a loss of $437.4 million a year earlier. Results in the most recent quarter included $3.39 billion in write-downs and other charges, including costs to write down assets, investments in joint ventures and land held for development to fair value.
Total operating expenses soared to $3.66 billion from $734.8 million, which included $1.3 million in costs to develop new gambling opportunities, $3.1 million in lease termination costs, and $2 million in severance expenses.