Thursday, August 24, 2006

As reported by the Las Vegas Business Post: "Station Casinos has been
accused of attempting to 'hijack' an in-progress condominium project at Red
Rock Resort, Spa & Casino from minority partner Stephen Cloobeck.The
accusation, made by Cloobeck's attorney, Patricia Glaser, comes in the wake
of Station Casinos' recent revelation to investors that it had severed ties
between Cloobeck Molasky Partners and Station subsidiary SCRR Residential,
which holds 80 percent of the 400-unit condo development. "The disclosure,
in an Aug. 9 SEC filing, also revealed that Cloobeck is seeking damages via
binding arbitration. "Station, citing a corporate policy of not commenting
on pending litigation, did not reveal its reason for terminating the
Cloobeck/SCRR partnership..."