EX-99 3 pressrelease.htm SUN & STATION PARTNER IN ONLINE WAGERING VENTURE Sun International Press Release dated 02/15/02

Exhibit 99

FROM:

Sun International

 

The Bahamas

 

Contact: John Allison

 

Tel: +1.242.363.6016

FOR IMMEDIATE RELEASE


SUN AND STATION PARTNER IN ONLINE WAGERING VENTURE

PARADISE ISLAND, The Bahamas, February 15, 2002 – Sun International Hotels Limited (NYSE: SIH) (“Sun”) and Station Casinos, Inc. (NYSE: STN) (“Station”) today announced that Station will purchase a 50% interest in SunOnline Ltd (“SunOnline”), a wholly-owned subsidiary of Sun. Each company will have equal board representation and SunOnline will be the exclusive vehicle for both Sun and Station to pursue the Internet wagering business.

        In September 2001, SunOnline was awarded one of the first three online gaming licenses granted by the Isle of Man. In December 2001, SunOnline became the first Isle of Man licensee to commence operations when it launched www.CasinoAtlantis.com, its Internet wagering site. The site, operated under strict Isle of Man regulations, prohibits wagering from jurisdictions that do not permit Internet wagering including the United States.

        “Our strategy for the Internet gaming business is threefold: (1) create a convenient and entertaining wagering experience; (2) market the credibility of our land based operations; and (3) maintain the highest level of regulatory compliance. Sun has the same objectives,” stated Lorenzo Fertitta, President of Station. “The combination of Station and Sun will bring together complementary skills in both operating and marketing this business.”

        “We are very pleased to have Station as our partner in this business. Joining forces with Station enhances our effort to develop an outstanding Internet gaming platform,” stated Butch Kerzner, President of Sun.

        The purchase price will approximate $5 million. The transaction is subject to certain conditions, including Isle of Man regulatory approval, and is expected to close by the third quarter of calendar 2002. Because the venture is in its early stages, the companies have determined it is too early to provide any guidance regarding projected operating results.

About Sun International Hotels Limited

        Sun International Hotels Limited is a leading developer and operator of premier casinos, resorts and luxury hotels. Sun’s flagship destination is Atlantis, a 2,317 room, ocean-themed resort located on Paradise Island, The Bahamas. Atlantis is a unique destination casino resort featuring three interconnected hotel towers built around a 7-acre lagoon and a 34-acre marine environment that includes the world’s largest marine habitat. Sun also developed and receives certain revenue from the Mohegan Sun casino in Uncasville, Connecticut. The Native American-themed Mohegan Sun is one of the premier casino gaming properties in the United States. In their luxury resort hotel business, Sun operates eight beach resorts in Mauritius, Dubai, the Maldives and The Bahamas. For more information concerning Sun International Hotels Limited and its operating subsidiaries, visit Sun’s website at www.sunint.com.

        This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, which are described in the Sun’s public filings with the Securities Exchange Commission.

        For more information, please contact:

        John Allison, Executive Vice President - Chief Financial Officer
        +1.242.363.6016
        INVR@fll.sunint.com

About Station Casinos, Inc.

        Station Casinos, Inc. is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station’s properties 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 Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Santa Fe Station Hotel & Casino and Wild Wild West Gambling Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling Hall & Hotel and Fiesta Casino Hotel in North Las Vegas, Nevada, and Sunset Station Hotel & Casino and The Reserve Hotel & Casino in Henderson, Nevada. Station also owns a 50 percent interest in Barley’s Casino & Brewing Company and a 50 percent interest in Green Valley Ranch Station Casino, which opened in December 2001.