Investments in Joint Ventures

3 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

The Company has various investments in 50% owned joint ventures in Las Vegas, Nevada, which are accounted for under the equity method. Under the equity method, original investments are initially recorded at cost and are adjusted by the investor's share of earnings, losses and distributions of the joint ventures. The carrying value of equity method investments may be reduced below zero, resulting in a deficit investment balance, when the investor is committed to provide further financial support for the investee.

Successor

The Company holds 50% equity investments in Barley's, The Greens and Wildfire Lanes, which are managed by the Company on behalf of the joint ventures. The Company also owns a 50% investment in Losee Elkhorn Properties, LLC which owns undeveloped land in North Las Vegas. These investments are not, in the aggregate, material in relation to the Company's financial position or results of operations. Operating earnings from joint ventures is shown as a separate line item after operating income, and interest and other expense from joint ventures is shown as a separate component under other expense on the Company's condensed consolidated statements of operations.

Predecessor

For the Predecessor Period, interest and other expense from joint ventures includes STN's 50% interest in the mark–to–market valuation of certain joint ventures' interest rate swaps that were not designated as hedging instruments for accounting purposes. The following table identifies STN's total equity earnings (loss) from joint ventures (amounts in thousands, unaudited):



	Predecessor
	Station Casinos, Inc.
	Three Months Ended March 31, 2011
Operating earnings from joint ventures	$	5
Interest and other expense from joint ventures	(10,441		)
Net loss from joint ventures	$	(10,436	)

The following table summarizes the results of operations for STN's joint ventures (amounts in thousands, unaudited):



	Predecessor
	Station Casinos, Inc.
	Three Months Ended March 31, 2011
Net revenues	$	107,961
Operating costs and expenses	104,113
Operating income	3,848
Interest and other expense, net	(39,807		)
Net loss	$	(35,959	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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