timing is everything

Implications: Aliante Station will present challenges for Stations but not any that they can't overcome.

Analysis: Aliante Station will open late this year and add another quality property to the Stations empire. My understanding is that Aliante will join Red Rock and Green Valley Ranch in the upper tier of the companys porfolio. The risk that Stations faces is that they are adding inventory into an already staggering market. The locals market has seen high single and low double digit declines over the past 4 months and it doesn't appear that that trend will soon reverse. The second issue for Stations, is that they will be in the Santa Fe Station market (at least partially) and how much will that cannibalize their business. Santa Fe Station has actually been one of the companies better performers over the past several years and it will be interesting to see how Aliante effects it. The broader picture is that Stations continues to implement their vegas strategy of circling Las Vegas. The next project on the board is Durango Station which will be located in the southwest quadrant of the city and should really complete the geographic locationing of Stations in the valley. I think short term, like everyone else, Stations will be challenged relative their numbers but long term they will be in a prime position to rebound quicker than most