Wednesday, May 26, 1999 | 11:58 a.m.
Separately, the credit rating agency Standard & Poor's revised its outlook on Station from stable to negative. Ratings for the company's debt were affirmed at BB for corporate credit, BB+ for bank loans and B+ for subordinated debt.
"The increased risk associated with development and new property openings has passed, and Station is now focused on improving profitability and increasing market share," S&P said.
S&P noted Station's strong performance in Las Vegas, a stabilization at St. Charles, Mo., where Station is expected to generate annual cash flow of $15 million; and a dramatic improvement in Kansas City, where Station generated $11.3 million in cash flow during the first quarter, more than double the year-ago quarter's results.
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