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• Letter from the Chairman
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August 29, 2010

Dear Guests, Team Members, and Las Vegas Neighbors:

Today marks a new beginning for the Station Casinos' family—and we want to take this opportunity to say thank you to our guests, team members, and the Las Vegas community. Without you, we never would have made it. With you, Station Casinos’ best days are ahead of us.

On Friday, the U.S. Bankruptcy Court confirmed our plan of reorganization, enabling Station Casinos to emerge a much stronger company. This is exciting news—not just for us, but for the thousands of hardworking Nevadans who rely on us for quality jobs and entertainment. A stronger Station Casinos means a stronger local economy. As life-long residents of Las Vegas, we take the responsibility of investing in our community very seriously and you can hold us accountable to do our part for local families, workers, and the Las Vegas economy.

We take pride in what our father, Frank Fertitta Jr., created in 1976, when he pioneered the Las Vegas locals' gaming market. Because of our commitment to this community, and with the dedication of our team members, Station Casinos grew from one small casino with 90 employees to 18 casinos with over 12,000 employees. Throughout this growth, we have remained committed to the core values our father taught us of treating all of our guests and team members the way we would want to be treated, as well as offering great value to our guests, providing friendly service, and creating the very best entertainment experience possible.

During our restructuring we were guided by two priorities; First and foremost, protecting the jobs of the 12,000 team members who have worked so hard for our Company. Second, continuing to provide the "Beyond-the-Best" service and entertainment experience you, our guests and neighbors, have come to expect. The court’s approval of our reorganization plan marks the successful achievement of both of these priorities.

We believe in the future of Las Vegas and Station Casinos because we’ve witnessed, time and again, the resilience of the hardworking people of this community. That is why we are personally re-investing $150 million in the Company; because we firmly believe that we are all in this together. This investment will result in our being the largest shareholders in the Company, and our management team remaining in control of its leadership. We have also significantly reduced our Company’s debt, thereby positioning us to not just survive the economic storm, but to thrive in the future.

It is with deep sincerity that we thank each and every one of our team members and guests for sticking with us during this difficult time. We can't thank you enough for your patience, loyalty and support during this chapter in our Company’s history. You have our commitment that our entire team will work harder than ever to provide the friendly service, great value and great entertainment experience you have come to expect from Station Casinos. We want you to know we appreciate you and we are looking forward to showing you, once again, why Station Casinos is the "locals' favorite."

Sincerely,

Frank J. Fertitta, III
Chairman and Chief Executive Officer
Station Casinos, Inc.

Lorenzo J. Fertitta
Vice Chairman of the Board
Station Casinos, Inc.