Members' Equity

12 Months Ended

Dec. 31, 2011

Equity [Abstract]

Members' Equity

Members' Equity

The Company has two classes of membership interests: (1) Voting Units and (2) Non-Voting Units. On the Effective Date, 100 Voting Units were issued to Station Voteco representing 100% of the Company's outstanding Voting Units and 100 Non-Voting Units were issued to Station Holdco representing 100% of the Company's outstanding Non-Voting Units. Station Voteco is the only member of the Company entitled to vote on any matters to be voted on by the members of the Company. Station Holdco, as the holder of the Company's issued and outstanding Non-Voting Units, is not entitled to vote on any matters to be voted on by the members of the Company, but is the only member of the Company entitled to receive distributions as determined by its board of managers out of funds legally available therefor and, in the event of liquidation, dissolution or winding up of the Company, is entitled to all of the Company's assets remaining after payment of liabilities.

Station Voteco is owned by (i) an entity owned by Frank J. Fertitta III and Lorenzo J. Fertitta, (ii) Robert A. Cashell Jr., who was designated as a member of Station Voteco by German American Capital Corporation, and (iii) Stephen J. Greathouse, who was designated as a member of Station Voteco by JPMorgan Chase Bank, N.A. Messrs. Cashell and Greathouse are also members of the Company's Board of Managers. Fertitta Station Voteco Member LLC, an entity owned by Frank J. Fertitta III and Lorenzo J. Fertitta, owns 49.9% of the equity interests in Station Voteco, and each of Messrs. Cashell and Greathouse own 31.35% and 18.75% respectively, of the voting equity interests in Station Voteco.

The equity interests of Station Holdco are owned by (i) FI Station Investor, LLC, an affiliate of Frank J. Fertitta III and Lorenzo J. Fertitta, (ii) German American Capital Corporation, one of the Mortgage Lenders and an indirect wholly owned subsidiary of Deutsche Bank AG, (iii) JPMorgan Chase Bank, N.A., one of the Mortgage Lenders and (iv) indirectly by certain former general unsecured creditors of STN. FI Station Investor owns approximately 45% of the units of Station Holdco, German American Capital Corporation owns approximately 25% of the units of Station Holdco, JPMorgan Chase Bank, N.A. owns approximately 15% of the units of Station Holdco and former unsecured creditors of STN indirectly own approximately 15% of the units of Station Holdco. In addition, the former mezzanine lenders of STN indirectly own warrants to purchase approximately 1.6% of the units of Station Holdco on a fully diluted basis, FI Investor owns warrants with rights to purchase approximately 1.07% of the units of Station Holdco on a fully diluted basis, the Mortgage Lenders own warrants to purchase approximately 0.53% of the units of Station Holdco on a fully diluted basis and former unsecured creditors of STN indirectly own warrants to purchase approximately 1.3% of the units of Station Holdco on a fully-diluted basis. The warrants held indirectly by the former mezzanine lenders and the former unsecured creditors of STN have an initial exercise price of $2.50 per unit that will increase by 15% on each of the third through seventh anniversaries of the Effective Date. The warrants held by FI Investor and the Mortgage Lenders have an initial exercise price equal of $3.00 per unit that will increase by 15% on each of the third through seventh anniversaries of the Effective Date. The warrants may only be exercised following the earlier of (i) the six and one-half year anniversary of the Effective Date and (ii) the occurrence of a capital raising transaction by Station Holdco that involves a determination of the equity value of Station Holdco (other than the transactions contemplated by the Plan) which expire on the seventh anniversary of the Effective Date.

On February 2, 2012, FI Station Investor entered into a purchase agreement to purchase all of the outstanding equity interests of Station Holdco held by JPMorgan Chase Bank N.A. for an aggregate purchase price of $73.0 million, subject to adjustment for exercises of rights of first refusal and tag-along sales pursuant to the terms of the Equityholders Agreement. It is expected that FI Station Investor will own approximately 58% of the equity interests in Station Holdco after completion of the purchase.

Other Comprehensive Income (Loss)

ASC Topic 220, Comprehensive Income requires companies to disclose other comprehensive income (loss) and the components of such income (loss). Comprehensive income (loss) is the total of net income (loss) and all other non-stockholder changes in equity. Comprehensive income (loss) was computed as follows (amounts in thousands):

	Successor			Predecessors
	Station Casinos LLC			Station Casinos, Inc.			Green Valley Ranch Gaming, LLC		Station Casinos, Inc.			Green Valley Ranch Gaming, LLC			Station Casinos, Inc.			Green Valley Ranch Gaming, LLC
	Period June 17, 2011 Through December 31, 2011			Period January 1, 2011 Through June 16, 2011					Year Ended December 31, 2010						Year Ended December 31, 2009
Net (loss) income	$	(20,138	)	$	3,357,474		$	626,364	$	(565,442	)	$	(91,640	)	$	(1,679,514	)	$	(17,542	)
Unrealized (loss) gain on interest rate swaps (a)	(25,546		)	—			—		—			—			1,286			—
Reclassification of unrealized gains and losses on interest rate swaps into operations (a)	5,499			—			—		1,985			6,108			5,143			6,522
Unrealized (loss) gain on available-for-sale securities (a)	(107		)	25			—		(80		)	—			123			—
Amortization of unrecognized pension and postretirement benefit plan liabilities (a)	—			(19		)	—		(940		)	—			816			—
Comprehensive (loss) income	$	(40,292	)	$	3,357,480		$	626,364	$	(564,477	)	$	(85,532	)	$	(1,672,146	)	$	(11,020	)

_____________________________________

(a) Amounts for Station Casinos, Inc. are net of tax

The components of accumulated other comprehensive income (loss) are as follows (amounts in thousands):

	Successor			Predecessors
	Station Casinos LLC			Station Casinos, Inc.			Green Valley Ranch Gaming, LLC
	December 31, 2011			December 31, 2010
Mark-to-market valuation of interest rate swaps (a)	$	(20,047	)	$	—		$	—
Unrealized loss on available-for-sale securities (a)	(107		)	(165		)	—
Amortization of unrecognized pension and postretirement benefit plan liabilities (a)	—			208			—
Accumulated other comprehensive (loss) income	$	(20,154	)	$	43		$	—

_____________________________________

(a) Amounts for Station Casinos, Inc. are net of tax

Noncontrolling Interest

Noncontrolling interest represents ownership interests in consolidated subsidiaries of Company that are held by owners other than the Company, which include a 50% ownership interest in MPM, and ownership interests of the former mezzanine lenders and former unsecured creditors of STN who hold warrants to purchase stock in CV Propco and NP Tropicana LLC. Noncontrolling interest is as follows (amounts in thousands):

	Successor			Predecessor
	Station Casinos LLC			Station Casinos, Inc.
	December 31, 2011			Period January 1, 2011 Through June 16, 2011			Year Ended December 31, 2010
Noncontrolling interest:
Beginning balance	$	43,551		$	(1,673	)	$	—
Fresh-start reporting adjustments	—			11,403			—
Issuance of CV PropCo, LLC and NP Tropicana LLC stock purchase warrants	—			9,500			—
Net income (loss)	4,955			24,321			(1,673		)
Distributions	(5,707		)	—			—
Ending balance	$	42,799		$	43,551		$	(1,673	)

No portion of other comprehensive income (loss) was attributable to noncontrolling interest.