Exhibit 99.1

Station Casinos Announces First Quarter 2012 Results

LAS VEGAS--(BUSINESS WIRE)--May 15, 2012--Station Casinos LLC ("Station" or the “Company") today announced the results of its operations for the first quarter ended March 31, 2012.

“As we highlighted in our year-end financial results, 2011 marked a transition year for the Company as we completed our $2.8 billion restructuring on June 17, 2011. Throughout 2011, Station Casinos focused on rebuilding its brand and image with our team members and guests, and we expected 2012 to show improvements in our operating results and financial performance with a focus on margin improvement and flow through,” stated Marc Falcone, Executive Vice President and Chief Financial Officer. “During the first quarter, we experienced gains in revenue and operating income in all of our major departments,” said Falcone.

Consolidated Results of Operations

The Company's consolidated net revenues for the first quarter ended March 31, 2012 were approximately $318 million, an increase of 8.4% compared to the prior year of $293 million. Consolidated EBITDAM for the first quarter was $97.8 million, an increase of 20.9% compared to the prior year of $80.8 million. As a result, the Company posted an EBITDAM operating margin of 31.1% as compared to 27.8% in the prior year first quarter, a 330 basis point increase. “Our first quarter results were the best quarterly results we have achieved in three years. In addition to being able to drive significant revenue growth during the quarter, we were also able to bring 73% of the revenue increase to the bottom line,” said Falcone.

Guarantor Group Results of Operations

The net revenues for Station Casinos LLC and the subsidiaries that own Red Rock, Palace Station, Boulder Station and Sunset Station (the “Guarantor Group”) for the first quarter ended March 31, 2012 were approximately $171.5 million, an increase of 9.6% compared to the prior year. The Company reported EBITDAM for the Guarantor Group for the quarter of $55.9 million, an increase of 28.1% compared to the prior year. The EBITDAM operating margin for the Guarantor Group was 32.6% as compared to 27.9% in the prior year first quarter.

EBITDAM is not a generally accepted accounting principle (“GAAP”) measurement and is presented solely as a supplemental disclosure because the Company believes that it is a widely used measure of operating performance in the gaming industry and is a principal basis for valuation of gaming companies. EBITDAM is further defined in footnote 1.

Balance Sheet Items and Capital Expenditures

The outstanding principal balance of long-term debt was $2.3 billion on a consolidated basis (excluding a nonrecourse land loan of $107 million) and $1.65 billion for the Guarantor Group as of March 31, 2012. In the first quarter, the Company repaid approximately $44 million of debt. From June 17, 2011, the date the Company acquired assets from Station Casinos, Inc., on a consolidated basis, the Company has repaid over $110 million of debt.

For the quarter, total consolidated capital expenditures were $12.4 million, of which $6.5 million were for the Guarantor Group.

Graton

The Company continues to make significant progress on the Federated Indians of Graton Rancheria’s (the “Tribe”) project in Sonoma County California. The project is located 43 miles north of San Francisco on the Tribe’s reservation, which was taken into trust by the federal government in October 2010. On March 27, 2012, Governor Brown, on behalf of the State of California, signed a Class-III gaming compact with the Tribe, which was then ratified by both houses of the California legislature last week. The compact allows the Tribe to operate up to 3,000 slot machines and provides for not more than 15 percent of slot revenue to be shared with the State, local communities, and California’s non-gaming and limited-gaming tribes. The compact will be submitted to the Department of the Interior and the Secretary will have 45 days in which to approve, reject or allow the compact to become effective by operation of law. We anticipate starting construction on the project this summer and opening by the end of 2013.

Conference Call Information

The Company will host a conference call on, Tuesday, May 15, 2012 at 1:30 p.m. (PDT) to discuss its first quarter financial results. The conference call will consist of prepared remarks from the Company and will include a question and answer session. Those interested in participating in the call should dial (888) 544-7920 or (518) 444-0708 for international callers, approximately 15 minutes before the call start time. A replay of the call will be available from 5:30 p.m. (PDT) on May 15, 2012, until 11:59 p.m. (PDT) on May 22, 2012 at (855) 859-2056. The reservation number is 79771979.

Company Information and Forward Looking Statements

Station Casinos LLC is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station's properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station owns and operates Red Rock Casino Resort Spa, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Green Valley Ranch Resort Casino Spa, Santa Fe Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Fiesta Rancho Casino Hotel, Fiesta Henderson Casino Hotel, Wildfire Rancho, Wildfire Boulder, Wild Wild West Gambling Hall & Hotel, Gold Rush Casino and Lake Mead Casino. Station also owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Lanes and Casinos and The Greens. In addition, Station owns a 50% interest in MPM Enterprises, LLC, which is the manager of the Gun Lake Casino in southwestern Michigan.

This press release contains certain forward-looking statements with respect to the Company and its subsidiaries which involve risks and uncertainties that cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied herein. Such risks and uncertainties include, but are not limited to the economic downturn, and in particular the economic downturn in Nevada, and its effect on consumer spending and our business; the effects of intense competition that exists in the gaming industry; the risk that new gaming licenses or gaming activities, such as internet gaming, are approved and result in additional competition; our substantial outstanding indebtedness and the effect of our significant debt service requirements on our operations and ability to compete; the risk that we will not be able to finance our development and investment projects or refinance our outstanding indebtedness; the impact of extensive regulation from gaming and other government authorities on our ability to operate our business and the risk that regulatory authorities may revoke, suspend, condition or limit our gaming or other licenses, impose substantial fines or take other actions that adversely affect us; risks associated with changes to applicable gaming and tax laws that could have a material adverse effect on our financial condition; general business conditions including competitive practices, changes in customer demand and the cyclical nature of the gaming and hospitality business in general, and general economic conditions, including interest rates, on our business and results of operations; adverse outcomes of legal proceedings and the development of, and changes in, claims or litigation reserves; risks associated with development, construction and management of new projects or the expansion of existing facilities, including cost overruns and construction delays; and other risks described in the filings of the Company with the Securities and Exchange Commission.

(1) EBITDAM consists of net income plus interest and other expense, net, loss on early retirement of debt, loss or gain on asset disposals, net, preopening expenses, lease termination costs, other non-recurring costs, depreciation, amortization and management fee expense. EBITDAM is presented solely as a supplemental disclosure because the Company believes that it is a widely used measure of operating performance in the gaming industry and as a principal basis for valuation of gaming companies. The Company believes that in addition to cash flows and net income, EBITDAM is a useful financial performance measurement for assessing the operating performance of the Company. Together with net income and cash flows, EBITDAM provides investors with an additional basis to evaluate the ability of the Company to incur and service debt and incur capital expenditures. To evaluate EBITDAM and the trends it depicts, the components should be considered. The impact of interest and other expense, net, loss on early retirement of debt, loss or gain on asset disposals, net, preopening expenses, lease termination costs, other non-recurring costs, depreciation, amortization and management fee expense, each of which can significantly affect the Company’s results of operations and liquidity and should be considered in evaluating the Company’s operating performance, cannot be determined from EBITDAM. Further, EBITDAM does not represent net income or cash flows from operating, financing and investing activities as defined by generally accepted accounting principles (“GAAP”) and does not necessarily indicate cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income, as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. In addition, it should be noted that not all gaming companies that report EBITDAM or adjustments to such measures may calculate EBITDAM or such adjustments in the same manner as the Company, and therefore, the Company’s measure of EBITDAM may not be comparable to similarly titled measures used by other gaming companies. A reconciliation of EBITDAM to net income is included in the financial schedules accompanying this release.

CONTACT:
Station Casinos LLC
Marc J. Falcone
Executive Vice President and Chief Financial Officer
(702) 495-3600
or
Thomas M. Friel
Executive Vice President, Chief Accounting Officer and Treasurer
(702) 495-4210
or
Lori B. Nelson
Vice President of Corporate Communications
(702) 495-4248