UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 10-K/AAmendment No. 1

(Mark One)ý

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934for the fiscal year ended December 31, 2010ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934for the transition period
from                                    to    
                                .


Commission file number 000-21640



STATION CASINOS, INC.(Exact name of registrant as specified in its charter)

Nevada(State or other jurisdiction of
incorporation or organization)

88-0136443(I.R.S. Employer Identification No.)


1505 South Pavilion Center Drive, Las Vegas, Nevada 89135(Address of principal executive offices, Zip Code)

Registrant's
telephone number, including area code:(702) 495-3000

Securities
registered pursuant to Section 12(b) of the Act:None

Securities
registered pursuant to Section 12(g) of the Act:Common Stock, $0.01 par value

Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes o    No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes o    No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such
files). Yes o    No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to
the Form 10-K. ý

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer ý

Smaller reporting company o(Do not check if a smaller reporting company)


Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act). Yes o    No ý

The aggregate market value of the voting common stock held by non-affiliates (all other persons other than executive officers or directors) of the
registrant as of June 30, 2010 was $0.

As
of January 31, 2011, there were 41.7 shares outstanding of the registrant's voting common stock and 41,674,838 shares outstanding of the registrant's non-voting
common stock.

Documents Incorporated by ReferenceNone.



---





EXPLANATORY NOTE

The registrant filed with the Securities and Exchange Commission (the "SEC") an Annual Report on Form 10-K for the
year ended December 31, 2010 ("Form 10-K") on March 31, 2011, pursuant to which it incorporated by reference the information required by Part III thereof as an
amendment to such Form 10-K to be subsequently filed with the SEC. Accordingly, Part III, Items 10 through 14, on the Form 10-K are hereby amended
along with the cover page. In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), new certifications by our principal
executive office and principal financial officer are being filed or furnished as exhibits to this Amendment No. 1 on Form 10-K/A under Item 15 hereof.

No
attempt has been made in this Amendment No. 1 on Form 10-K/A to modify or update the other disclosures presented in the Form 10-K. This
Amendment No. 1 on Form 10-K/A does not reflect events occurring after the filing of the Form 10-K or modify or update those disclosures. Accordingly, this
Amendment No. 1 on Form 10-K/A should be read in conjunction with the Form 10-K and our other filings with the SEC.

---





PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

DIRECTORS AND EXECUTIVE OFFICERS

The Company's Amended and Restated Bylaws require that the number of directors on the Board of Directors be not less than one nor more
than ten. Currently, the Board of Directors has fixed the number of directors at five. All directors hold their positions until their terms expire and until their respective successors are elected and
qualified. Executive officers are elected by
and serve at the discretion of the Board of Directors. The following table sets forth the directors and executive officers of the Company as of March 31, 2011 and provides their respective ages
and positions with the Company.

Name

Age

PositionFrank J. Fertitta III (*)


49

Chairman of the Board, Chief Executive Officer and PresidentThomas M. Friel


47

Executive Vice President, Chief Accounting Officer and TreasurerRichard J. Haskins


47

Executive Vice President, General Counsel and SecretaryKevin L. Kelley (**)


53

Executive Vice President and Chief Operating OfficerScott M Nielson


53

Executive Vice President and Chief Development OfficerLorenzo J. Fertitta (*)


42

Vice Chairman of the BoardThomas J. Barrack, Jr.


63

DirectorJonathan H. Grunzweig


47

DirectorJames E. Nave, D.V.M.


66

Director


---

Set
forth below is a description of the backgrounds, including business experience, for each of our directors and executive officers as of December 31, 2010.

Frank J. Fertitta III.Mr. Fertitta has served as Chairman of the Board of the Company since February 1993, Chief Executive
Officer since July
1992 and President since July 2008. Mr. Fertitta also served as President of the Company from 1989 until July 2000. He has held senior management positions since 1985, when he was named General
Manager of Palace Station. He was elected a director of the Company in 1986, at which time he was also appointed Executive Vice President and Chief Operating Officer. Mr. Fertitta is a
co-owner of Zuffa, LLC which is the parent company of the Ultimate Fighting Championship. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on
Form 10-K for the year ended December 31, 2010 for a description of the Company's pending bankruptcy proceedings. The Company believes that Mr. Fertitta's experience
and business expertise in the gaming industry, as well as his position as a principal stockholder of the Company, give him the qualifications and skills to serve as a Director.

Thomas M. Friel.Mr. Friel was appointed Executive Vice President, Chief Accounting Officer and Treasurer of the Company in March
2007. He
served as Vice President of Finance and Corporate Controller from July 1999 to March 2007. Mr. Friel is a Certified Public Accountant. He is a member of the Board of Directors of Big Brothers
and Big Sisters of Southern Nevada. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2010
for a description of the Company's pending bankruptcy proceedings.

Richard J. Haskins.Mr. Haskins was appointed Executive Vice President and Secretary of the Company in July 2004 and has served as
General
Counsel of the Company since April 2002. He previously served as Assistant Secretary from September 2003 to July 2004, as Vice President and Associate General Counsel from November 1998 to March 2002
and as General Counsel of Midwest Operations from

1

---



November
1995 to October 1998. From 1990 to October 1995, Mr. Haskins was in private legal practice, most recently as a partner in the Kansas City, Missouri law firm of Rose
Brouillette & Shapiro P.C. Mr. Haskins is a member of the American Bar Association, Kansas Bar Association, Missouri Bar Association and Nevada Bar Association. See "Legal Proceedings"
in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2010 for a description of the Company's pending bankruptcy
proceedings.

Kevin L. Kelley.Mr. Kelley became Executive Vice President and Chief Operating Officer of the Company on January 7, 2008. He
was
previously employed as Senior Vice President for Las Vegas Sands Corp. From January 2003 to May 2006, he served as President and Chief Operating Officer of Hard Rock Hotel, Inc. Prior to
joining Hard Rock Hotel, Inc., Mr. Kelley served the Company in various capacities from August 1993 to January 2003, most recently as President of Westside Operations, where he oversaw
all operations of the Company's five west side properties. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended
December 31, 2010 for a description of the Company's pending bankruptcy proceedings.

Scott M Nielson.Mr. Nielson was appointed Chief Development Officer of the Company in July 2004 and has been an Executive Vice
President of
the Company since June 1994. He served as Chief Legal Officer from March 2002 to July 2004 and General Counsel from 1991 to March 2002. In 1992, he was appointed Secretary of the Company and served in
that position until July 2004. From 1991 through June 1994, he served as Vice President of the Company. From 1986 to 1991, Mr. Nielson was in private legal practice as a partner in the Las
Vegas firm of Schreck, Jones, Bernhard, Woloson & Godfrey (now Brownstein Hyatt Farber Schreck, LLP), where he specialized in gaming law and land use planning and zoning.
Mr. Nielson is a member of the American Bar Association, the Nevada Bar Association and the International Association of Gaming Attorneys. See "Legal Proceedings" in Item 3 of
Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2010 for a description of the Company's pending bankruptcy proceedings.

Lorenzo J. Fertitta.Mr. Fertitta was appointed Vice Chairman of the Board of the Company in December 2003 and has served as a
director since
1991. Mr. Fertitta also served as President of the Company from July 2000 until June 30, 2008. Mr. Fertitta is a co-owner of Zuffa, LLC
which is the parent company of the Ultimate Fighting Championship and has served as its chairman and chief executive officer since June 2008. From 1991 to 1993, he served as Vice President of the
Company. Mr. Fertitta served as President and Chief Executive Officer of Fertitta Enterprises, Inc. from June 1993 to July 2000, where he was responsible for managing an investment
portfolio consisting of marketable securities and real property. Mr. Fertitta served as a member of the Board of Directors of the Nevada Resort Association from 2001 to 2008.
Mr. Fertitta served as a director of the American Gaming Association from December 2005 to May 2008 and as a commissioner on the Nevada State Athletic Commission from November 1996 until July
2000. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended December 31, 2010 for a description of the
Company's pending bankruptcy proceedings. The Company believes that Mr. Fertitta's experience and business expertise in the gaming industry, as well as his position as a principal stockholder
of the Company, give him the qualifications and skills to serve as a Director.

Thomas J. Barrack, Jr.Mr. Barrack was appointed to the Board of Directors in connection with the going private transaction
consummated on
November 7, 2007 (the "Merger") sponsored by Frank J. Fertitta III, Lorenzo J. Fertitta and affiliates of Colony Capital, LLC ("Colony Capital"). Mr. Barrack is the Founder,
Chairman and Chief Executive Officer of Colony Capital. Colony Capital is the sole managing member of Colony Capital Acquisitions, LLC. During the past five years, Mr. Barrack has, in
such positions, provided overall strategic and investment direction and leadership to Colony Capital and its affiliates. Mr. Barrack is the executive chairman of Colony Financial, Inc.
and served as Chairman and Chief Executive Officer of each of Colony Capital and Colony Advisors, LLC ("Colony Advisors") since

2

---



their
organization in August 1992 and September 1991, respectively. Colony Capital and Colony Advisors are international real estate investment and management firms. Mr. Barrack was a director
of First Republic Bank from May 2001 to September 2007 and was reappointed to the Board in June 2010. Mr. Barrack is also a Director of Kerzner International Limited, a private developer of
resort and gaming properties worldwide. Mr. Barrack also serves as a Director of RIH Resorts, LLC., which owns and operates casino hotels in Atlantic City, New Jersey, and Tunica,
Mississippi. In addition, Mr. Barrack is currently a director of Colony Financial, Inc. and Accor S.A. Within the last five years, Mr. Barrack previously served as a
director of Continental Airlines, Inc., MegaWorld Corporation and Challenger Financial Services Group Limited. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual
Report on Form 10-K for the year ended December 31, 2010 for a description of the Company's pending bankruptcy proceedings. The Company believes that Mr. Barrack's
extensive business experience and expertise in the gaming industry give him the qualifications and skills to serve as a Director.

Jonathan H. Grunzweig.Mr. Grunzweig was appointed to the Board of Directors on December 19, 2007. He is currently a member of
the
Audit Committee. Mr. Grunzweig is a Principal and the Chief Investment Officer of Colony Capital. Prior to joining Colony Capital in 1999, Mr. Grunzweig was a Partner with the law firm
of Skadden, Arps, Slate, Meagher & Flom LLP, where he specialized in corporate finance and mergers and acquisitions. Mr. Grunzweig also served as General Counsel for
Colony Capital's global investment program for a period of time prior to a two-year relocation to London for Colony Capital. Mr. Grunzweig is a director of Challenger Limited and
Challenger Life No. 2 Limited. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended December 31,
2010 for a description of the Company's pending bankruptcy proceedings. The Company believes that Mr. Grunzweig's experience and expertise in corporate finance and legal matters give him the
qualifications and skills to serve as a Director.

James E. Nave, D.V.M.Dr. Nave served as a director of the Company from March 2001 until November 7, 2007 at which time he
voluntarily
resigned from the Board of Directors upon the consummation of the Merger. During that period, he was the Chairman of the Audit Committee and served on the Governance and Compensation Committee.
Dr. Nave was reappointed to the Board of Directors on December 19, 2007 and is currently the Chairman of the Audit Committee. Dr. Nave has been an owner of the Tropicana Animal
Hospital since 1974 and has been the owner and manager of multiple veterinary hospitals since 1976. Dr. Nave has also served on the Board of Directors of Bank of Nevada (formerly Bank West of
Nevada) since 1994. Dr. Nave has served on the Board of Directors of Western Alliance Bancorporation since 2003, where he also serves as a member of the Audit and Compensation Committees.
Dr. Nave is the Director of International Affairs for the American Veterinary Medical Association (the "AVMA"). Previously Dr. Nave served as the Globalization Liaison Agent for
Education and Licensing of the AVMA, and he was also the Chairperson of the AVMA's National Commission for Veterinary Economics Issues from 2001 through July 2007. In addition, Dr. Nave is a
member and past President of the Nevada Veterinary Medical Association, the Western Veterinary Conference and the American Veterinary Medical Association. He is also a member of the Clark County
Veterinary Medical Association, the National Academy of Practitioners, the American Animal Hospital Association and previously served on the Executive Board of the World Veterinary Association.
Dr. Nave was a member of the University of Missouri College of Veterinary Medicine Development Committee from 1984 to 1992. He was also a member of the Nevada State Athletic Commission from
1988 to 1999 and served as its chairman from 1989 to 1992 and from 1994 to 1996. See "Legal Proceedings" in Item 3 of Part I of the Company's Annual Report on
Form 10-K for the year ended December 31, 2010 for a description of the Company's pending bankruptcy proceedings. The Company believes that Dr. Nave's financial and
business expertise, including his diversified background of managing and directing a variety of public and private organizations, give him the qualifications and skills to serve as a Director.

3

---



SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Exchange Act requires the Company's executive officers and directors who own more than 10% of the Company's
common stock to file reports of ownerships on Forms 3, 4 and 5 with the Securities and Exchange Commission (the "SEC"). Executive officers, directors and 10% stockholders are required by the
SEC to furnish the Company with copies of all Forms 3, 4 and 5 they file. No such reports were required to be filed during 2010.

CODE OF ETHICS

The Company has adopted a Code of Business Conduct and Ethics (the "Code of Ethics") that applies to all of its directors, officers
(including its principal executive officer and principal financial officer) and employees. The Code of Ethics and any waivers or amendments to the Code of Ethics are available on the Company's website
at www.stationcasinos.com. Printed copies are also available to any person without charge, upon request directed to the Company's Corporate Secretary, 1505 South Pavilion Center Drive, Las Vegas,
Nevada 89135.

AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Directors has a separately designated standing Audit Committee, which is composed of Dr. James E. Nave, D.V.M. and
Jonathan H. Grunzweig. In light of the absence of a public trading market for our common stock, our Board has not designated any member of the Audit Committee as an "audit committee financial expert"
nor has it designated any member of the Board as a "lead independent director." We believe that Dr. Nave would be considered an independent director (as independence is defined in
Section 303A.02 of the listing standards of the New York Stock Exchange (the "NYSE"), the national securities exchange upon which our common stock was listed prior to the Merger). However, we
believe that Mr. Grunzweig would not be considered an independent director under such standards because of his relationship with Colony Capital, LLC and certain of its affiliates which
hold significant interests in Fertitta Colony Partners, LLC ("FCP") and FCP VoteCo, LLC ("FCP VoteCo"), which own 74.1% of our outstanding shares of non-voting common stock
and 100% of our outstanding shares of voting common stock, respectively.

BOARD LEADERSHIP STRUCTURE AND RISK OVERSIGHT

The Company does not have a formal policy regarding the separation of the roles of Chief Executive Officer and Chairman of the Board,
as it believes making that determination based on the position and direction of the Company and the membership of the Board is in the best interest of the Company. Frank J. Fertitta III serves
as the Chairman, Chief Executive Officer and President of the Company. The Board of Directors determined that the combination of these roles is in the best interest of the Company's stakeholders
because this structure makes the best use of Mr. Fertitta's extensive knowledge of the Company and its industry, as well as fostering greater communication between the Company's management and
the Board.

The
Board of Directors as a whole oversees the Company's risk management activities, and receives regular reports from the Company's risk management and compliance departments. In
addition, the Board of Directors has assigned the Audit Committee primary responsibility for the oversight of risk management activities related to financial risk.

The
Company does not currently have a formal policy with respect to the consideration of diversity in identifying director nominees.

4

---



ITEM 11.    EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

This section provides an overview and analysis of our compensation program and policies and the material compensation decisions we have
made under those programs
and policies. This section also discusses the material elements of the compensation of each of the executive officers as of December 31, 2010 identified below, whom we refer to as our "Named
Executive Officers":



This
section is intended to help you understand the detailed information provided in the compensation tables and related disclosures set forth below and to help you put that information
into context within our overall compensation program.

Compensation Philosophy and Objectives

The Company believes that it is necessary to establish compensation programs and related opportunities that are designed to attract and
retain those individuals needed to successfully implement the Company's strategy and motivate individuals with a long-term vision for the Company. These programs and opportunities have to
be balanced with the cost to the
Company and its stakeholders. In order to arrive at a proper balance, the Company has established the following compensation philosophy and guidelines:



Our
primary objectives in setting compensation policies are to develop a program designed to attract and retain those individuals needed to successfully implement the Company's strategy
and to reward them relative to the Company's performance. We set compensation policies to promote profitable growth and to retain highly talented, motivated individuals with a long-term
vision for the Company and we also seek to align the financial interest of the Company's executives with that of our stakeholders. To achieve this goal, we believe that a significant portion of the
Company's executives' compensation should be "at risk" and tied to the achievement of annual and long-term corporate performance criteria. We believe the Company's compensation policies
and practices for both executive officers and employees are balanced in such a way that they do not create risks that are reasonably likely to have a material adverse effect on the Company.

The
Company's executive compensation program is designed to achieve the following objectives:



5

---





These
objectives underlie our compensation philosophy and all compensation-related decisions.

Each
element of our compensation is intended to generally match, in cost and type, the corresponding component offered to executives in similar positions in similar organizations. Each
of the elements of the Company's compensation and benefit programs are discussed and illustrated below. Unless otherwise stated, all elements are accrued as an expense and are deductible to the
Company as compensation expense.

Compensation Program Design

The executive compensation program is designed with our executive compensation objectives in mind and is comprised of various cash and
equity compensation methods over a short-term and long-term payment structure in order to recognize and reward executives for their contributions to the Company today and in
the future.

There
is some variation in the overall mix of compensation paid directly to each Named Executive Officer. In order to determine the proper allocation and value, we use benchmarks to
provide guidance. In order to establish the benchmarks, each year we identify a group of casino and gaming companies (the "Peer Companies") that we believe are the Company's competition for executive
level employees. For the year ended December 31, 2010, the Peer Companies consisted of Harrah's Entertainment Inc., MGM Mirage, Boyd Gaming Corp., Las Vegas Sands Corp., Penn National
Gaming Inc., Trump Entertainment Resorts, Inc. and Wynn Resorts Ltd.

In
light of the Company's ongoing restructuring efforts, the base salaries and target bonuses for the Named Executive Officers for 2010 remained unchanged from 2009.

Steps
taken by the Board of Directors in shaping and maintaining the Company's compensation philosophy include:





Executive officers and other management play a significant role in the compensation-setting process. The Chief Executive Officer
annually reviews the performance of our senior executives and, based on these reviews, recommends compensation for all senior executives, other than his own. The Board of Directors, however, has the
discretion to modify the Chief Executive Officer's recommendations and make the final decisions regarding material compensation to senior executives, including base salary, annual bonuses and equity
awards. The Company's senior executives typically are invited to attend meetings of the Board of Directors, from time to time, except when their own compensation is being discussed or determined.

6

---





From time to time, the Company engages the services of independent legal counsel, consultants and subject matter experts in order to
analyze, review and recommend actions with regard to director compensation, executive officer compensation or general compensation and plan provisions, and appropriate funding is provided by the
Company for any such services. We retain a nationally recognized human resources consulting firm, Towers Watson, to assist with the design, implementation and communication of our compensation
program. We will continue to engage external consultants for the purposes of determining the Chief Executive Officer's and other senior executive officers' compensation. Certain compensation
consultants also provide other services to the Company, and during 2010 none of these consultants nor their affiliates were paid total fees in excess of $120,000.

The
Company utilizes outside consultants, such as Towers Watson, to facilitate gathering data regarding our Peer Companies from published executive compensation surveys and proxy
statements filed with the SEC and to review the external competitiveness of the Company's executive compensation program. Data compiled by Towers Watson regarding the Peer Companies is used to
benchmark senior executive compensation, including base salary, bonus and long-term incentive pay. Due to the highly competitive nature of the gaming industry, the Company targets the
higher end of the Peer Companies' compensation practices in order to attract and retain the most talented executives.

Elements of Compensation Program

The Company's executive compensation program consists of the following components: base salary, senior executive annual bonus plan,
long-term incentives (including equity awards and participation in long-term stay-on incentive plans), retirement and other benefits and perquisites.

The
Company targets overall compensation levels competitive with our Peer Companies. The various components of executive compensation reflect the following elements:



As part of our strategy to attract and retain high quality executive employees, we have established a policy to pay executive base
salaries based on competitive base salaries paid by the Peer Companies, with the Company's salaries being at or near the high end of the range. Actual salaries are determined based upon an assessment
of the individual's contribution and value to the organization and the competitive market for that position. The annual base salary for each Named Executive Officer is set forth in his employment
agreement with the Company. Base salaries are reviewed annually and may be adjusted (for increase but not for decrease) based on an evaluation of the executive's performance in conjunction with a
review of compensation received by individuals holding similar positions at the Peer Companies.

Adjustments
in base salary may be attributable to any of the following factors:



The
amount of a Named Executive Officer's base salary is the reference point for determining the other elements of his compensation package. For example, the relative range of potential
annual incentive awards to each Named Executive Officer is based on a percentage of such Named Executive Officer's base

7

---



salary.
In addition, base salary is a component of the contribution formula under the Company's retirement plans and is the key component in determining
change-in-control-related payments under the Named Executive Officers' employment agreements.

Effective
November 7, 2007, the base salaries under their respective employment agreements were $2,500,000 for Frank J. Fertitta III, $500,000 for Mr. Friel, $660,000 for
Mr. Haskins and $960,000 for Mr. Nielson. Effective January 1, 2008, the Named Executive Officers voluntarily reduced their annual base salary by 10%. As a result, the current
base salaries for the Named Executive Officers are as follows: $2,250,000 for Frank J. Fertitta III, $450,000 for Mr. Friel, $594,000 for Mr. Haskins and $864,000 for Mr. Nielson.
Mr. Kelley was appointed Executive Vice President and Chief Operating Officer effective January 7, 2008 with a base salary of $1,000,000. In accordance with Frank J. Fertitta III's
employment agreement he was entitled to receive increases in his base salary to $2,750,000 effective November 7, 2008, $3,000,000 effective November 7, 2009, and $3,250,000 effective
November 7, 2010, all of which he postponed.



The Senior Executive Annual Bonus Plan was approved by the Company's stockholders in 2004 to provide participating executive officers
incentive compensation, through additional cash or equity, for their significant contributions toward improved profitability and growth of the Company as determined by the achievement of
pre-established performance goals. The Senior Executive Annual Bonus Plan was designed to ensure that annual incentive awards paid to participating executive officers would be fully
taxable as performance based compensation, as defined
by the regulations under Section 162(m) of the Internal Revenue Code of 1986, as amended. Each year, the Board of Directors approves which executive officers will participate in the Senior
Executive Annual Bonus Plan prior to, or at the time of, the establishment of the Company's performance goals for the year. In 2010, each of the Named Executive Officers was a participant in the
Senior Executive Annual Bonus Plan.

The
purpose of the Senior Executive Annual Bonus Plan is to focus each executive on the attainment of financial objectives that we believe are primary determinants of the Company's
performance over time. Each year specific goals based on objectives contained in the Senior Executive Annual Bonus Plan are approved by the Board of Directors. The actual award may vary from zero to
233% of each Named Executive Officer's base salary; provided, however, that Frank J. Fertitta III is eligible to receive a minimum annual bonus pursuant to the terms of his employment agreement.

For
the year ended December 31, 2010, the Board of Directors awarded no bonuses to the Chief Executive Officer and other Named Executive Officers.



Long-term incentive compensation is provided to senior management in the form of non-voting limited liability
company membership interests in FCP and Fertitta Partners pursuant to the Second Amended and Restated Operating Agreement of FCP and the Amended and Restated Operating Agreement of Fertitta Partners,
respectively (collectively the "Operating Agreements"). The Operating Agreements allow certain officers and members of management of the Company to participate in the long-term growth and
financial success of the Company through indirect ownership of Class B Units and direct ownership of Class C Units in FCP and Fertitta Partners. The purpose is to promote the Company's
long-term growth and profitability by aligning the interests of the Company's management with the interests of the owners of the Company and by encouraging retention. Upon the consummation
of the Merger, each Named Executive Officer (with the exception of Mr. Kelley) or, in certain cases, a family trust that benefits only the Named Executive Officer and specified family members,
was awarded indirect interests in Class B Units of each of FCP and Fertitta Partners. In addition, each Named Executive Officer (with the exception of Messrs. Frank J. Fertitta III and
Kevin L. Kelley) or, in certain cases, a family trust

8

---



that
benefits only the Named Executive Officer and specified family members, was awarded Class C Units in each of FCP and Fertitta Partners upon consummation of the Merger.

During
the year ended December 31, 2008, indirect interests in Class B Units of each of FCP and Fertitta Partners that were previously issued upon consummation of the
Merger were transferred to certain officers and management of the Company. During the year ended December 31, 2008, additional Class C Units in each of FCP and Fertitta Partners were
issued to certain management of the Company. Pursuant to Mr. Kelley's employment agreement, he was awarded indirect interests in Class B Units of each FCP and Fertitta Partners and
Class C Units in each of FCP and Fertitta Partners. During the years ended December 31, 2010 and 2009, respectively, none of the Named Executive Officers were awarded additional direct
or indirect interests in Class B Units or Class C Units of either FCP or Fertitta Partners.

The
Class B Units represent fifteen percent (15%) of the total outstanding Class A Units and Class B Units (pro forma for the issuance of the Class A Units
and Class B Units) of FCP and Fertitta Partners, respectively. The Class C Units may be issued from time to time by each of FCP and Fertitta Partners to members of Station's management
and may represent in the aggregate up to five percent (5%) of the outstanding Class A Units and Class B Units of FCP and Fertitta Partners, respectively. The indirect interests in the
Class B Units held by Named Executive Officers (other than Frank J. Fertitta III) and the Class C Units shall vest ratably over the first five (5) anniversaries following
the date of grant, and any unvested units shall vest immediately upon a Change in Control. The indirect interests in Class B Units issued to Frank J. Fertitta III vested immediately upon grant.

The
Class C Units include call and put rights, such that under certain circumstances, within ninety days after termination of the Class C Unit holder's employment with the
Company, FCP and Fertitta Partners can call the Class C Units and the employee that holds the Class C Units can put the Class C Units back to FCP and Fertitta Partners.

As
holders of Class B Units and Class C Units in FCP and Fertitta Partners, the Named Executive Officers are entitled to certain distributions, which are made firstpro rata to holders of the
Class A Units until such holders have received distributions in an amount per unit equal to $90.00 (the "Initial
Cost Basis"),secondpro rata to the holders of Class B Units until such members have received distributions in an amount per Unit equal to the
Initial Cost Basis, and thereafter to all respective holders of Class A Units, Class B Units and Class C Units in proportion to their respective percentage interests.

As
a result of the Company's bankruptcy proceedings, all Class B Units and Class C Units in FCP and Fertitta Partners are expected to be cancelled during 2011.



The Company has also entered into long-term stay-on performance incentive agreements with certain Named
Executive Officers, which are intended to assist the Company in attracting, retaining and motivating these Named Executive Officers through the use of compensation that rewards long-term
performance. The Company provides executive officers with long-term cash-based incentive awards in order to promote our long-term objectives and motivate eligible
employees to achieve critical operating and financial objectives and to produce positive returns for the Company, as well as our retention objectives.

Mr. Friel
entered into a Long-Term Stay-On Performance Incentive Agreement dated June 1, 2004, whereby the Company will pay him $125,000 in cash on
each of June 1, 2006, 2008, 2010 and 2012, provided that he will have been continuously employed with the Company through those respective dates. Mr. Haskins entered into a
Long-Term Stay-On Performance Incentive Agreement dated April 1, 2002, whereby the Company paid him $125,000 in cash on each of April 1, 2003, 2005, 2007 and
2009.

All
payments to Named Executive Officers under Long-Term Stay-On Performance Incentive Agreements were suspended effective July 28, 2009 as a result of the
Chapter 11 Case.

9

---





We provide each of our Named Executive Officers with perquisites and other personal benefits such as club memberships, tax planning
advice, retirement benefits and life and disability insurance. In addition, Frank J. Fertitta III receives personal security services. In 2008 and 2009, Mr. Kelley was also entitled, under his
employment agreement, to receive reimbursement for all reasonable out-of-pocket expenses incurred by him in relocating to Las Vegas, Nevada. When determining which perquisites
and other personal benefits to provide to our Named Executive Officers, we take into account the levels of salary and other compensation given to the Chief Executive Officer and other Named Executive
Officers and the value of such benefits given
to such officers in past years. We do not view perquisites as a significant element of our comprehensive compensation structure; however, we believe that they can serve, along with other forms of
compensation, to attract and retain talented individuals.

We
offer a number of health and welfare and retirement programs to all eligible employees. All of our Named Executive Officers are eligible to participate in our employee benefit plans,
including medical, dental, life insurance and 401(k) plans. The Named Executive Officers also receive group health insurance coverage through the Company's Exec-U-Care Medical
Plan, and under the Company's group life insurance program, they are eligible for supplemental life insurance in the following amounts: not less than $70 million aggregate coverage for Frank J.
Fertitta III, $4 million for Mr. Friel, $4 million for Mr. Haskins, $4 million for Mr. Kelley and $7.5 million for Mr. Nielson.

In
addition to the standard group long-term disability benefit, each Named Executive Officer that is employed by the Company is eligible to participate in the Special
Long-Term Disability Plan, which is a Company-paid individual long-term disability insurance policy paying an additional monthly benefit equal to a combined monthly
benefit amount of 66% of the average of base salary plus bonus for the two plan years immediately preceding (but not including) the plan year in which the participant's employment is terminated due to
disability divided by twelve; provided, however, that the monthly benefit will be reduced by any benefit the participant receives from all other disability plans sponsored by the Company, if any.
Benefits begin on the first day of the second month succeeding the month in which the participant's termination of employment due to disability occurs. The Board of Directors chooses those individuals
that are eligible to participate in the plan from key executives nominated by the Chief Executive Officer. As of December 31, 2010, Messrs. Nielson, Kelley and Friel were participants in
the plan. The Board of Directors may, in its sole discretion, terminate the participation of any participant prior to the disability of such participant.

During
2010, Frank J. Fertitta III was eligible to participate in the Supplemental Executive Retirement Plan (the "SERP"), while the other Named Executive Officers were eligible to
participate in the Supplemental Management Retirement Plan (the "SMRP"). Each Named Executive Officer was also eligible to participate in the Deferred Compensation Plan For Management (the "DCPM"),
which is described in more detail under the Discussion of Pension Benefits Table.

Tax and Accounting Considerations

The Company takes into consideration tax and accounting implications in the design of its compensation programs. In the selection of
long-term incentives, we review the projected expense amounts and expense timing associated with alternative types of awards. We also calculate and monitor the accounting expense related
to equity-based compensation in accordance with the accounting guidance for share-based payments. To date, the accounting expense
related to equity-based compensation has not been a significant factor in setting or changing equity compensation grant practices.

Section 162(m)
of the Internal Revenue Code of 1986, as amended (the "Code"), prevents publicly traded companies from receiving a tax deduction on compensation paid to the Named
Executive Officers in excess of $1 million in any taxable year, effective for compensation paid after 1993. We are not subject to the provisions of Section 162(m) as we are currently not
a publicly traded company. We may, in the future,

10

---



become
subject to Section 162(m). While we are mindful of the provisions of Section 162(m), we have the discretion to grant non-deductible compensation to Named Executive
Officers, depending upon the circumstances. We believe that in certain circumstances, achieving our compensation objectives set forth above might be more important than the benefit of tax
deductibility under Section 162(m).

Sections 280G
and 4999 of the Code limit our ability to take a tax deduction for certain "excess parachute payments" (as defined in Sections 280G and 4999) and impose
excise taxes on each executive that receives "excess parachute payments" in connection with his or her severance from the Company in connection with a change of control. We consider the adverse tax
liabilities imposed by Sections 280G and 4999, as well as other competitive factors, when we structure certain post-termination compensation payable to our Named Executive Officers.
The potential adverse tax consequences to us and/or the Named Executive Officers, however, are not necessarily determinative factors in such decisions. Our agreements with our Named Executive Officers
relating to their employment require us to make a gross-up payment to compensate them for any excise taxes that they incur as a result of these provisions.

Stock Ownership Guidelines

Because our stock is owned by only FCP, Fertitta Partners and FCP VoteCo, we do not have a policy of stock ownership requirements for
our Named Executive Officers or directors.

Employment Agreements

The employment agreements for the Named Executive Officers contain provisions that we consider appropriate for executives at the
respective level while providing the Company with the necessary protections. The employment agreements are described in more detail in the sections entitled "Summary Compensation
TableDiscussion of Summary Compensation Table and Grants of Plan-Based Awards in 2010 Table" and "Potential Payments Upon Termination of Employment or Change of Control"
below. In connection with the consummation of the Merger, we entered into new employment agreements with each of our Named Executive Officers (with the exception of the employment agreement of
Mr. Kelley, which was entered into on December 14, 2007).

COMPENSATION COMMITTEE REPORT

We do not have a separate compensation committee. We, as the Board of Directors, have reviewed and discussed the forgoing Compensation
Discussion and Analysis with management. Based on this review and discussion with management, we have recommended that the Compensation Discussion and Analysis be included in this Annual Report on
Form 10-K for the year ended December 31, 2010.

Respectfully
Submitted,

Frank
J. Fertitta III
Lorenzo J. Fertitta
Thomas J. Barrack, Jr.
Jonathan H. Grunzweig
James E. Nave, D.V.M.

11

---





SUMMARY COMPENSATION TABLE

The following table sets forth information regarding compensation for our Named Executive Officers for services rendered to the Company
in all capacities during the years ended December 31, 2010, 2009 and 2008.

Name and Principal Position

Year

Salary
($) (a)

Bonus
($) (b)

Stock
Awards
($) (c)

Option
Awards
($) (d)

Non-Equity
Incentive
Plan
Compensation
($) (e)

Change
in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($) (f)

All Other
Compensation
($) (g)

Total
($)Frank J. Fertitta III


2010


2,250,000

















277,723


2,527,723Chairman of the Board


2009


2,250,000

















312,263


2,562,263and Chief Executive


2008


2,250,000

















1,128,231


3,378,231OfficerThomas M. Friel


2010


450,000

















30,366


480,366Executive Vice President,


2009


450,000














63,939


18,990


532,929Chief Accounting Officer


2008


450,000





64,232





125,000


25,108


35,250


699,590and TreasurerRichard J. Haskins


2010


594,000

















29,952


623,952Executive Vice President,


2009


594,000











125,000


71,209


22,092


812,301General Counsel and


2008


594,000





1,812,223











36,855


2,443,078TreasurerKevin L. Kelley


2010


1,000,000

















36,393


1,036,393Executive Vice President


2009


1,000,000














281,152


61,436


1,342,588and Chief Operating


2008


1,000,000


500,000


11,881,572








250,180


158,967


13,790,719OfficerScott M Nielson


2010


864,000

















52,230


916,230Executive Vice President


2009


864,000














134,975


65,424


1,064,399and Chief Development


2008


864,000





1,812,223











111,470


2,787,693Officer


(a)Amounts
shown are the salary amounts earned without consideration as to the year of payment.(b)2008
amount represents a one-time supplemental bonus.(c)The
amounts reported for Stock Awards for each Named Executive Officer represent the aggregate grant date fair values for equity awards granted during the
year ended December 31, 2008. No Stock Awards were granted during the years ended December 31, 2010 and 2009. The grant date fair values of equity awards were measured in accordance with
the accounting guidance for share-based payments. The assumptions used by the Company in determining the fair value of equity awards are discussed in footnote 16 of our consolidated financial
statements in this Annual Report on Form 10-K.(d)No
Option Awards were granted during the years ended December 31, 2010, 2009 or 2008.(e)Non-Equity
Incentive Plan Compensation amounts for 2009 and 2008 represent payments under the respective Named Executive Officer's
Long-Term Stay-On Performance Incentive Agreement. There were no amounts earned under the Senior Executive Annual Bonus Plan in 2010, 2009 or 2008.(f)Amounts
reflect increases in actuarial values of benefits accrued under defined benefit plans, which are calculated by determining the difference between
the aggregate value of benefits accrued under all defined benefit plans as of December 31, 2010 and December 31, 2009 for 2010, December 31, 2009 and December 31, 2008 for
2009, and December 31, 2008 and December 31, 2007 for 2008, the relevant measurement dates used for the related SERP and SMRP. The amounts set forth in this column relate only to the
above mentioned benefit accruals as there are no above-market or preferential earnings on deferred compensation accounts. The amounts shown do not reflect decreases in the actuarial present value of
the accumulated benefits under the defined benefit plans for Mr. Fertitta of $(3,339,421), $(542,835) and $(3,658,135) for 2010, 2009 and 2008, respectively, Mr. Friel of $(147,939) for
2010, Mr. Haskins of $(308,302) and $(49,926) for 2010 and 2008, respectively, Mr. Kelley of $(531,332) for 2010, and Mr. Nielson of $(1,589,269) and $(635,560) for 2010 and 2008,
respectively. The 2010 decreases in the actuarial present value of the accumulated benefits under the defined benefit plans are based on the assumption that the SERP and SMRP will be terminated during
2011 in connection with the consummation of the plan of reorganization pursuant to the pending bankruptcy cases.


12

---



Benefits and Perquisites ($)

Frank J.
Fertitta III

Thomas M.
Friel

Richard J.
Haskins

Kevin L.
Kelley

Scott M
NielsonExecutive security (i)

$
44,850

$


$


$


$
Life insurance


216,890


3,965


2,700


6,860


6,993Supplemental long-term disability





8,771





10,186


21,679Executive medical


15,983


6,112


12,949


4,256


1,158Tax services





1,000


3,500





17,900Club membership & dues





10,518


10,803


9,391


Fitness training











5,700


4,500Total

$
277,723

$
30,366

$
29,952

$
36,393

$
52,230


(i)During
2010, the Company provided personal security services for Frank J. Fertitta III and his family. The decision to provide such personal security
services was prompted by the results of an analysis provided by an independent professional consulting firm specializing in executive safety and security. Based on these results, the Board of
Directors approved personal security services to be paid by the Company for Frank J. Fertitta III and his family. Compensation reported for personal security services represents the aggregate
incremental cost incurred by the Company for security personnel and security equipment-related costs.


GRANTS OF PLAN-BASED AWARDS IN 2010

There were no grants of plan-based awards in 2010 to any Named Executive Officers.

Discussion of Summary Compensation Table and Grants of Plan-Based Awards in 2010 Table



As described in the "Compensation Discussion and Analysis" section above, the annual base salary for each Named Executive Officer is
set forth in his employment agreement with the Company, and is reviewed on an annual basis and is subject to adjustment (for increase but not for decrease) based on an evaluation of the executive's
performance in conjunction with a review of compensation received by individuals holding similar positions at the Peer Companies. Actual base salary amounts, stock awards, cash bonus awards and other
compensation for 2010 were determined by the Board of Directors, subject to certain limitations. The base salaries, stock awards, option awards, cash bonus awards and other compensation that were
awarded to each Named Executive Officer in 2010, 2009 and 2008 are detailed in the above tables. For a more detailed discussion of how actual base salaries, cash bonus awards, stock awards, option
awards and other compensation amounts are determined, as well as the performance-based conditions, vesting schedule, and dividends pertaining to such compensation, see "Compensation Discussion and
AnalysisElements of Compensation." A description of the material terms of the Named Executive Officers' employment agreements is set forth below.

The
Company entered into employment agreements with Frank J. Fertitta III, Thomas M. Friel, Richard J. Haskins and Scott M Nielson dated as of November 7, 2007 in connection with
the consummation of the Merger and entered into an employment agreement dated as of December 14, 2007 with Kevin L. Kelley (collectively, the "Employment Agreements"). Pursuant to the terms of
the Employment Agreements, Frank J. Fertitta III has agreed to serve as the Chief Executive Officer of the Company and Chairman of the Board, Mr. Friel has agreed to serve as the Executive Vice
President, Chief Accounting Officer and Treasurer of the Company, Mr. Haskins has agreed to serve as Executive Vice President, General Counsel and Secretary of the Company, Mr. Kelley
has agreed to serve as Executive Vice President and Chief Operating Officer of the Company and Mr. Nielson has agreed to serve as Executive Vice President and Chief Development Officer of the
Company. All of the Employment Agreements terminate on November 6, 2012 other than Mr. Kelley's employment agreement, which terminates on January 6, 2013, but are subject to
automatic 5-year extensions unless the Company or the Named Executive Officer who is party thereto gives notice at least six months prior to the end of the

13

---



then-current
term or unless the employment agreement is otherwise terminated pursuant to the terms of such agreement; provided, however, that in the case of Frank J. Fertitta III only, as
long as such Named Executive Officer maintains, in the aggregate, agreed upon minimum levels of direct or indirect ownership of the outstanding Class A Units and Class B Units in FCP,
the Company shall have no right to notify Frank J. Fertitta III that the term of his employment agreement may not be extended. The employment agreement of Frank J. Fertitta III provides that he shall
devote reasonable time and attention to the business and affairs of the Company. The employment agreements of the remaining Named Executive Officers provide that each such Named Executive Officer
shall devote his full time and attention to the business and affairs of the Company. The Employment Agreements do not prohibit the Named Executive Officers from engaging in charitable and community
affairs or managing personal investments during the term of their employment.

Each
employment agreement provides for a base salary (to be reviewed annually for increase but not decrease), an annual cash bonus to be based on the Named Executive Officer's
performance and to be determined by the Company's Board of Directors, participation in the Company's Deferred Compensation Plan, and the inclusion of the Named Executive Officer in all benefit plans
and programs of the Company made available to the Company's executive officers or salaried employees generally. Frank J. Fertitta III shall also have the right to receive a minimum annual cash bonus
of no less than 50% of 200% of his then current base salary, and a supplemental performance bonus to be paid if the Company and its subsidiaries exceed, by 10% or more, certain target financial
performance benchmarks established by the Board of Directors of the Company. Frank J. Fertitta III's annual base salary for the first year of his employment with the Company was $2,500,000. The annual
base salary for the first year of each other Named Executive Officer's employment with the Company as provided by their respective employment agreements is as follows: Mr. Friel shall receive
$500,000, Mr. Haskins shall receive $660,000, Mr. Kelley shall receive $1,000,000 and Mr. Nielson shall receive $960,000. Effective January 1, 2008, the Named Executive
Officers voluntarily reduced their annual base salary by 10%, and during the period January 1, 2008 through December 31, 2010, none of the Named Executive Officers annual base salaries
were increased. As a result, the current base salaries for the Named Executive Officers are as follows: $2,250,000 for Frank J. Fertitta III, $450,000 for Mr. Friel, $594,000 for
Mr. Haskins, and $864,000 for Mr. Nielson. In accordance with Frank J. Fertitta's employment agreement he was entitled to receive increases in his base salary to $2,750,000
effective November 7, 2008, $3,000,000 effective November 7, 2009, and $3,250,000 effective November 7, 2010, all of which he postponed.

The
employment agreement of Frank J. Fertitta III also provides that he shall not be entitled to receive any equity-based compensation without the approval of a majority of the Company's
Board of Directors, including the members of the Board designated by affiliates of Colony Capital.

Each
Named Executive Officer also is entitled to certain other benefits and perquisites in addition to those made available to the Company's management generally. These other benefits
include participation in the SERP or the SMRP, as applicable, participation in the Company's Special Long-Term Disability Plan, group health insurance coverage through such executive group
health insurance plan as the Company may select, and supplemental life insurance in the amount of not less than $70.0 million aggregate coverage for Frank J. Fertitta III, $4.0 million
aggregate coverage for each of Mr. Friel, Mr. Haskins and Mr. Kelley and $7.5 million aggregate coverage for Mr. Nielson. Perquisites include, but are not limited
to, payment or reimbursement for the cost of an annual physical examination, four weeks of vacation per year, and payment or reimbursement of initiation and annual membership fees for a country club,
lunch club or fitness club.

For
a discussion of the benefits to be paid to the Named Executive Officers upon termination of their Employment Agreements, please see the section entitled "Potential Payments Upon
Termination of Employment or Change of Control", below.

14

---





Following the Merger, long-term incentive compensation is now provided to senior management in the form of
non-voting limited liability company membership interests in FCP and Fertitta Partners pursuant to the Second Amended and Restated Operating Agreement of FCP and the Amended and Restated
Operating Agreement of Fertitta Partners, respectively (collectively "the Operating Agreements"). The Operating Agreements allow certain officers and members of management of the Company to
participate in the long-term growth and financial success of the Company through indirect ownership of Class B Units and direct ownership of Class C Units in FCP and Fertitta
Partners. The purpose is to promote the Company's long-term growth and profitability by aligning the interests of the Company's management with the interests of the owners of the Company
and by encouraging retention. Upon the consummation of the Merger, each Named Executive Officer (with the exception of Mr. Kelley) or, in certain cases, a family trust that benefits only the
Named Executive Officer and specified family members, was awarded indirect interests in Class B Units of each of FCP and Fertitta Partners. In addition, each Named Executive Officer (with the
exception of Messrs. Frank J. Fertitta III
and Kevin L. Kelley) or, in certain cases, a family trust that benefits only the Named Executive Officer and specified family members, was awarded Class C Units in each of FCP and Fertitta
Partners upon consummation of the Merger.

During
the year ended December 31, 2008, indirect interests in Class B Units, of each of FCP and Fertitta Partners, that were previously issued upon consummation of the
Merger were transferred to certain officers and management of the Company. During the year ended December 31, 2008, additional Class C Units in each of FCP and Fertitta Partners were
issued to certain management of the Company. Pursuant to Mr. Kelley's employment agreement, he was awarded indirect interests in Class B Units of each FCP and Fertitta Partners and
Class C Units in each of FCP and Fertitta Partners during 2008.

For
a more detailed discussion of these equity awards, see "Compensation Discussion and AnalysisElements of CompensationEquity-Based Compensation."

15

---





OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2010

The following table sets forth information concerning all unvested equity-based awards for the Named Executive Officers as of
December 31, 2010.

Stock AwardsName

Number of Shares
or Units of Stock
That Have Not Vested
(#) (a)

Market Value of Shares
or Units of Stock
That Have Not Vested
($) (b)Current Officers:Frank J. Fertitta III




Thomas M. Friel (1)

68,642B


48,930C


Richard J. Haskins (2)

107,867B


48,930C


Kevin L. Kelley (3)

147,091B


73,394C


Scott M Nielson (4)

107,867B


48,930C





---

9,807
B Units will vest on August 1, 2011 and each anniversary thereafter until 29,419 units are fully vested; 19,611 B Units will vest on November 7, 2011 and each anniversary
thereafter until 39,222 units are fully vested; 24,465 C Units will vest on November 7, 2011 and each anniversary thereafter until 48,930 units are fully vested.

9,807
B Units will vest on August 1, 2011 and each anniversary thereafter until 29,419 units are fully vested; 39,224 B Units will vest on November 7, 2011 and each anniversary
thereafter until 78,448 units are fully vested; 24,465 C Units will vest on November 7, 2011 and each anniversary thereafter until 48,930 units are fully vested.

49,030
B Units will vest on January 7, 2011 and each anniversary thereafter until 147,091 units are fully vested; 24,465 C Units will vest on January 7, 2011 and each anniversary
thereafter until 73,394 units are fully vested.

9,807
B Units will vest on August 1, 2011 and each anniversary thereafter until 29,419 units are fully vested; 39,224 B Units will vest on November 7, 2011 and each anniversary
thereafter until 78,448 units are fully vested; 24,465 C Units will vest on November 7, 2011 and each anniversary thereafter until 48,930 units are fully vested.

All
vesting is conditioned upon such named executive officer being an employee of the Company on the vesting date, except as discussed under "Compensation Discussion and AnalysisElements
of CompensationEquity-Based Compensation."

16

---



OPTION EXERCISES AND STOCK VESTED DURING 2010

The following table sets forth information concerning the vesting of the Class B Units and Class C Units in FCP and
Fertitta Partners for the Named Executive Officers for the year ended December 31, 2010.

Option Awards

Stock AwardsName

Number of Shares
Acquired on Exercise
(#)

Value Realized
on Exercise
($)

Number of Shares
Acquired on Vesting
(#) (a)

Value Realized
on Vesting
($) (b)Frank J. Fertitta III











Thomas M. Friel








53,882


Richard J. Haskins








73,495


Kevin L. Kelley








73,495


Scott M Nielson








73,495





(a)Represents
the vesting of Class B Units and Class C Units in FCP and Fertitta Partners.(b)The
market value of the Class B Units and Class C Units is estimated to equal zero as the units represent equity interests in private limited
liability companies that are Debtors in the Chapter 11 Case, and the units are expected to be cancelled in connection with the bankruptcy proceedings. None of the Named Executive Officers has
received any payments in connection with such units and neither the Company nor its subsidiaries are obligated, nor do they expect, to pay any amounts in respect of such units.


PENSION BENEFITS AT DECEMBER 31, 2010

The following table provides information as of December 31, 2010 with respect to the Supplemental Executive Retirement Plan (the
"SERP") and the Supplemental Management Retirement Plan (the "SMRP") for each of the Named Executive Officers.

Name

Plan
Name
(a)

Number of Years
Credited Service
(#) (b)

Present Value of
Accumulated Benefit
($) (c)

Payments During
Last Fiscal Year
($)Current Officers:Frank J. Fertitta III

SERP


16





Thomas M. Friel

SMRP


4





Richard J. Haskins

SMRP


6





Kevin L. Kelley

SMRP


3





Scott M Nielson

SMRP


16








(a)The
Company adopted the SERP, effective November 30, 1994 and amended on January 21, 2005, November 7, 2007 and April 17, 2008
with the Chief Executive Officer and President as the sole participant. The remaining Named Executive Officers are participants in the SMRP which was also effective November 30, 1994 and
amended on November 7, 2007 and April 17, 2008.(b)Number
of years of credited service is calculated from the later of the adoption of the SERP and SMRP or the date the Named Executive Officer became a
participant in the SERP or SMRP, as applicable, and does not reflect the Named Executive Officers' actual years of service with the Company.


17

---



(c)As
of December 31, 2010, the SERP and SMRP were expected to be terminated as a result of the Company's Chapter 11 Case and as a result, the
present value of accumulated pension benefits at December 31, 2010 is zero.


Discussion of Pension Benefits Table



The Company maintains two defined benefit plans for its Named Executive Officers: the SERP, in which Frank J. Fertitta III was a
participant during 2010, and the SMRP, in which the other Named Executive Officers were participants during 2010.



Effective as of November 30, 1994, the Company adopted the SERP, which is a defined benefit plan. On January 21, 2005,
the Company amended the SERP to (i) increase the Early Retirement Date (as defined in the SERP) for participants from age 45 to age 50, (ii) increase the Normal Retirement Date (as
defined in the SERP) for participants from age 55 to age 60, (iii) add the President of the Company as a participant, and (iv) include the average annual bonus (in addition to base
salary) earned by participants for the three most recent fiscal years in determining Final Annual Compensation (as defined in the SERP). On November 7, 2007, the Company also amended the SERP
for the purpose of updating the "Change of Control" definition under the plan and confirming that the Merger would not constitute a "Change of Control" for purposes of the plan. On April 17,
2008, the Company further amended the SERP for the purpose of increasing the Early Retirement Date (as defined in the SERP) for participants from age 50 to age 60 and increasing the Normal Retirement
Date (as defined in the SERP) for participants from age 60 to age 65.

Table I
below sets forth the total benefits payable to the Chief Executive Officer and President as the sole participant in the SERP (the "SERP Participant"). Amounts shown in
Table I represent the annual benefits to which the SERP Participant is entitled under the SERP, and do not reflect the impact of the expected termination of the plan in connection with the
consummation of the plan of reorganization pursuant to the pending bankruptcy cases.

TABLE I*

Remuneration ($)

At Least 65 Years
Old and 10 or More
Years of Service ($)2,250,000


1,125,0002,500,000


1,250,0002,750,000


1,375,0003,000,000


1,500,0003,250,000


1,625,0003,500,000


1,750,000


*Assumes
normal retirement, which at December 31, 2010 means retirement at age 65.


Subject
to the limitations set forth below, the SERP provides a monthly supplemental retirement benefit (the "SERP SRB"), in addition to any other qualified or non-qualified
retirement plan of the Company, equal to one-twelfth of the product of (a) 50% and (b) the average monthly regular base salary paid to the SERP Participant for the
36 months immediately preceding (but not including) the month in which the SERP Participant's retirement or other termination of employment occurred, multiplied by twelve), as determined under
the SERP, as amended; provided, however, that the average annual bonus shall be limited to a maximum amount equal to 100% of the product of (i) the average monthly regular

18

---



base
salary paid to the SERP Participant for the 36 months immediately preceding (but not including) the month in which the SERP Participant's retirement or other termination of employment
occurred), multiplied by (ii) twelve. Amounts shown in Table I represent the annual benefits to which the SERP Participant is entitled under the SERP, as amended, which amounts are then
reduced by monthly benefits payable under all qualified and non-qualified defined benefit retirement plans of the Company. The amounts listed in Table I are not currently subject to
any deductions for social security because the Company currently has no other defined benefit plans. The SERP Participant will become vested in accrued SERP SRBs upon the later of (a) the
attainment of age 65 and (b) the completion of ten years of service after the effective date of the plan, or, if a Change of Control (as defined in the SERP) occurs, the SERP Participant will
become fully vested in the SERP SRB.

The
SERP SRB is payable upon the later of the date on which the SERP Participant attains age 65 or the SERP Participant's termination of employment. Alternatively, the SERP Participant
may elect to commence receiving the SERP SRB upon the later of the date on which the SERP Participant attains age 65 or the SERP Participant's termination of employment. In the event of such an early
retirement election, the SERP SRB shall be reduced by 6% of such otherwise payable benefit for each year that the SERP Participant is less than age 65.

The
SERP SRB payments will be made for no less than 15 years after the date on which the SERP Participant begins to receive payments; provided, however, that in the event of a
Change in Control (as defined in the employment agreement of the SERP Participant), the SERP Participant will be entitled to receive, in lieu of any other payments under the SERP, a
lump-sum payment of the economic equivalent of the SERP Participant receiving payments under the SERP for a period of 15 years (with such amount determined as if the SERP
Participant were immediately eligible for retirement under the SERP without penalty for early retirement). If the SERP Participant dies after he becomes vested and prior to the date on which the SERP
Participant begins to receive SERP SRB payments, the Company will pay a survivors benefit to the SERP Participant's spouse equal to the amount that would have been payable to such spouse if the SERP
Participant had commenced receiving the SERP SRB at age 65 in the form of a joint and 50% survivor annuity. The Company has no duty to set aside or invest any amounts under or in respect to the SERP.



Effective November 30, 1994, the Company adopted the SMRP, which is a defined benefit plan. On November 7, 2007, the
Company amended the SMRP for the purpose of updating the "Change of Control" definition under the plan and confirming that the Merger would not constitute a "Change of Control" for purposes of the
plan, while on April 17, 2008, the Company further amended the SMRP for the purpose of increasing the Early Retirement Date (as defined in the SMRP) for participants from age 55 to age 60 and
increasing the Normal Retirement Date (as defined in the SMRP) for participants from age 60 to age 65. Table II below sets forth the total benefits payable to the Named Executive Officers
(other than the Chief Executive Officer and President) selected by the Board of Directors to participate in the SMRP. Amounts shown in Table II represent the annual benefits to which the
covered Named Executive Officers are entitled under the SMRP, and do not reflect the impact of the expected termination of the plan in connection with the consummation of the plan of reorganization
pursuant to the pending bankruptcy cases.

19

---



TABLE II*

Remuneration ($)

At Least 65 Years
Old and 10 or More
Years of Service
($)450,000


180,000600,000


240,000750,000


300,000900,000


360,0001,050,000


420,0001,200,000


480,000


*Assumes
normal retirement, which at December 31, 2010 means retirement at age 65.


The
SMRP provides a monthly supplemental retirement benefit (the "SMRP SRB"), in addition to any other qualified or non-qualified retirement plan of the Company, equal to
one-twelfth of the product of (a) 40% and (b) the Named Executive Officer's final annual compensation, as determined under the SMRP, which amounts are then reduced by monthly
benefits payable under all qualified and non-qualified defined benefit retirement plans of the Company. The amounts shown in Table II are not currently subject to any deductions for
social security or other offset amounts because the Company currently has no other defined benefit plans. The Named
Executive Officers will become vested in the accrued SMRP SRBs upon the later of (a) the attainment of age 65 and (b) the completion of ten years of service after the effective date of
the plan, or, if a Change of Control (as defined in the SMRP) occurs, the Named Executive Officer will become fully vested in the SMRP SRB.

The
SMRP SRB is payable upon the later of the date on which the Named Executive Officer attains age 65 or the Named Executive Officer's termination of employment. Alternatively, the
Named Executive Officer may elect to commence receiving the SMRP SRB upon the later of the date on which the Named Executive Officer attains age 65 or the Named Executive Officer's termination of
employment. In the event of an early retirement election, the SMRP SRB shall be reduced by 6% of such otherwise payable benefit for each year that the Named Executive Officer is younger than age 65.

The
SMRP SRB payments will be made for no less than 15 years after the date on which the Named Executive Officer begins to receive payments. If the Named Executive Officer dies
after becoming vested and prior to the date on which the Named Executive Officer begins to receive SMRP SRB payments, the Company will pay a survivor's benefit to the Named Executive Officer's spouse
equal to the amount that would have been payable to such spouse if the Named Executive Officer had commenced receiving the SMRP SRB at age 65 in the form of a joint and 50% survivor annuity. The
Company has no duty whatsoever to set aside or invest any amounts under or in respect to the SMRP.



The present value of accumulated benefits as of December 31, 2010 was based on the assumption that the plans will be terminated
during 2011 in connection with the consummation of the plan of reorganization pursuant to the pending bankruptcy cases.

20

---





NONQUALIFIED DEFERRED COMPENSATION IN 2010

Name

Executive
Contributions
in Last FY
($) (a)

Company
Contributions
in Last FY
($) (b)

Aggregate
Earnings
(Loss) in
Last FY
($) (c)

Aggregate
Withdrawals/
Distributions ($)

Aggregate
Balance at
Last FYE ($)Scott M Nielson








8,458





55,404


(a)No
contributions to the deferred compensation plan were made by any Named Executive Officer during the year ended December 31, 2010.(b)Effective
January 1, 2009, the Company elected to suspend its contributions to the deferred compensation plan.(c)Amount
represents change in market value for investments. The amount included in this column is not included in the Summary Compensation Table.


Discussion of Nonqualified Deferred Compensation Table

In addition to the defined benefit plans that it maintains for its executives, the Company also maintains the Deferred Compensation
Plan For Management (the "DCPM") in which the Named Executive Officers were eligible to participate in 2010.

The
DCPM, in effect as of November 30, 1994, as amended and restated as of January 1, 2001, as amended as of August 13, 2007, and as further amended as of
November 11, 2007, is a deferred compensation plan for a select group of management and highly compensated employees who are selected for participation by the Board of Directors. Participants
may defer up to 90% of their regular base salary and 100% of any special and/or discretionary bonuses and receive a Company match of up to 5% of any base salary and bonus deferred under the DCPM.
Effective January 1, 2009, the Company elected to suspend the employer matching contributions to the DCPM. If the Named Executive Officer is terminated, any accrued balance existing under the
matching and supplemental accounts shall be paid to the Named Executive Officer as soon as practicable after such termination. Hardship distributions are permitted under the plan in the event of an
unforeseeable emergency, and will be limited to the amount shown to be necessary to meet the emergency. All contributions to the DCPM are invested in multiples of 1% as designated by the participant.
A participant may direct his or her contributions into a select group of investment options.

21

---



POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT OR CHANGE OF CONTROL

The following tables set forth the estimated current value of benefits that could be paid to each of our Named Executive Officers upon
the occurrence of various termination events. The tables reflect the amounts that would be payable under the various arrangements if the event in question occurred as of December 31, 2010.
Actual amounts payable upon a triggering event could differ materially from the amounts reported in the following table.

Frank J. Fertitta III

Executive Benefits and
Payments Upon Termination

Retirement
($) (a)

Death
($)

Disability
($)

Terminated
without Cause
prior to
Change in
Control
($)

Change in
ControlNo
Termination
($)

Change in
Control
Termination
without
Cause
($) (b)

Change in
Control
Termination
by Executive
without Good
Reason
($) (c)Salary (d)





4,500,000


4,500,000


19,800,000





19,800,000


15,840,000Bonus














2,700,000





Benefits and PerquisitesPost-employment Health Care (e)








24,300


24,300





24,300


24,300Supplemental Executive Retirement Plan (f)




















Life Insurance (g)





70,000,000








216,900


216,900





(a)Frank
J. Fertitta III was not eligible to receive any retirement benefits as of December 31, 2010.(b)Benefits
are payable if at any time subsequent to a Change in Control, Frank J. Fertitta III's employment is terminated by the Company without Cause or by
Frank J. Fertitta III for Good Reason (as each term is defined in his employment agreement).(c)If
the termination by Frank J. Fertitta III without Good Reason (as defined in his employment agreement) occurred any time after the first twelve months
following a Change in Control, he would be entitled to a lump-sum payment of $19.8 million.(d)In
the event of death or disability, Frank J. Fertitta III or beneficiary would receive his current monthly salary for a period of 24 months. Amounts
for death or disability represent Frank J. Fertitta III's monthly salary for the entire 24-month period. In the event of termination without Cause, Frank J. Fertitta III would receive a
lump sum payment equal to four times 220% of his base salary at the time of termination of his employment. In the event of termination by Frank J. Fertitta III without Good Reason within one year
following a Change a Control, he would receive a lump sum payment equal to 80% of four times 220% of his base salary at the time of termination of his employment.(e)Frank
J. Fertitta III is entitled to continuation of benefits for a period of 60 months or a value-equivalent lump-sum payment. Amount is
estimated based on 2010 costs and represents the estimated annual cost.(f)Amount
represents the unreduced annual payment to be paid to Frank J. Fertitta III. The SERP supplemental retirement benefit payments will be made for no
less than 15 years after the date on which Frank J. Fertitta III begins to receive payments; provided, however, that in the event of a Change in Control (as defined in his employment
agreement), Frank J. Fertitta III will be entitled to receive a lump-sum payment of the economic equivalent of Frank J. Fertitta III receiving payments under the SERP for a period of
15 years.(g)In
the event of death, a payment of $70.0 million will be made to the designated beneficiary under a third party insurance policy. Amounts for
benefits provided in the case of a Change in Control are estimated based on 2010 premiums paid by the Company and represent the annual costs.


22

---






Thomas M. Friel

Executive Benefits and
Payments Upon Termination

Retirement
($) (a)

Death
($)

Disability
($)

Terminated
without Cause
prior to
Change in
Control
($)

Change in
ControlNo
Termination
($)

Change in
Control
Termination
without
Cause
($) (b)

Change in
Control
Termination
by Executive
without Good
Reason
($) (c)Salary (d)











2,160,000





2,160,000


2,160,000Bonus




















Class B Units and Class C Units:Vesting Accelerated (e)




















Benefits and PerquisitesPost-employment Health Care (f)











11,500





11,500


11,500Supplemental Management Retirement Plan (g)




















Long-Term Stay-On Performance Incentive Plan

















250,000


Life Insurance (h)





4,000,000











4,000


4,000


(a)Mr. Friel
was not eligible to receive any retirement benefits as of December 31, 2010.(b)Benefits
are payable if within five years following a Change in Control, Mr. Friel's employment is terminated by the Company without Cause or by
Mr. Friel for Good Reason (as each term is defined in his employment agreement).(c)Benefits
are payable if Mr. Friel terminates his employment without Good Reason within 90 days following the first anniversary of a Change in
Control.(d)In
the event of termination after a Change in Control, Mr. Friel would receive a lump sum payment equal to the greater of (i) three times 160%
of his base salary at the time of the Change in Control or (ii) three times 160% of his base salary at the time of termination of his employment.(e)Upon
the occurrence of a Change in Control, all unvested Class B Units and Class C Units shall immediately vest. The market value of the
Class B Units and Class C Units is not readily determinable as they represent equity interests in private limited liability companies.(f)Mr. Friel
is entitled to continuation of medical insurance for a period of 36 months or a value-equivalent lump-sum payment.
Amount is estimated based on 2010 costs and represents the estimated annual cost.(g)Amount
represents unreduced annual benefit payable as a single life annuity with 15 years of guaranteed payments beginning at age 65.(h)In
the event of death, a payment of $4.0 million will be made to the designated beneficiary under a third party insurance policy. Amounts for
benefits provided in the case of a Change in Control are estimated based on 2010 premiums paid by the Company and represent the annual costs.


23

---






Richard J. Haskins

Executive Benefits and
Payments Upon Termination

Retirement
($) (a)

Death
($)

Disability
($)

Terminated
without Cause
prior to
Change in
Control
($)

Change in
ControlNo
Termination
($)

Change in
Control
Termination
without
Cause
($) (b)

Change in
Control
Termination
by Executive
without Good
Reason
($) (c)Salary (d)











2,851,200





2,851,200


2,851,200Bonus




















Class B Units and Class C Units:Vesting Accelerated (e)




















Benefits and PerquisitesPost-employment Health Care (f)











15,300





15,300


15,300Supplemental Management Retirement Plan (g)




















Life Insurance (h)





4,000,000











2,700


2,700


(a)Mr. Haskins
was not eligible to receive any retirement benefits as of December 31, 2010.(b)Benefits
are payable if within five years following a Change in Control, Mr. Haskins' employment is terminated by the Company without Cause or by
Mr. Haskins for Good Reason (as each term is defined in his employment agreement).(c)Benefits
are payable if Mr. Haskins terminates his employment without Good Reason within 90 days following the first anniversary of a Change
in Control.(d)In
the event of termination after a Change in Control, Mr. Haskins would receive a lump sum payment equal to the greater of (i) three times
160% of his base salary at the time of the Change in Control or (ii) three times 160% of his base salary at the time of termination of his employment.(e)Upon
the occurrence of a Change in Control, all unvested Class B Units and Class C Units shall immediately vest. The market value of the
Class B Units and Class C Units is not readily determinable as they represent equity interests in private limited liability companies.(f)Mr. Haskins
is entitled to continuation of benefits for a period of 36 months or a value-equivalent lump-sum payment. Amount is
estimated based on 2010 costs and represents the estimated annual cost.(g)Amount
represents unreduced annual benefit payable as a 50% joint and survivor annuity with 15 years of guaranteed payments beginning at age 65.(h)In
the event of death, a payment of $4.0 million will be made to the designated beneficiary under a third party insurance policy. Amounts for
benefits provided in the case of a Change in Control are estimated based on 2010 premiums paid by the Company and represent the annual costs.


24

---






Kevin L. Kelley

Executive Benefits and
Payments Upon Termination

Retirement
($) (a)

Death
($)

Disability
($)

Terminated
without Cause
prior to
Change in
Control
($)

Change in
ControlNo
Termination
($)

Change in
Control
Termination
without
Cause
($) (b)

Change in
Control
Termination
by Executive
without Good
Reason
($) (c)Salary (d)











4,800,000





4,800,000


4,800,000Bonus




















Class B Units and Class C Units:Vesting Accelerated (e)




















Benefits and PerquisitesPost-employment Health Care (f)











9,600





9,600


9,600Supplemental Management Retirement Plan (g)




















Life Insurance (h)





4,000,000











6,900


6,900


(a)Mr. Kelley
was not eligible to receive any retirement benefits as of December 31, 2010.(b)Benefits
are payable if within five years following a Change in Control, Mr. Kelley's employment is terminated by the Company without Cause or by
Mr. Kelley for Good Reason (as each term is defined in his employment agreement).(c)Benefits
are payable if Mr. Kelley his employment without Good Reason within 90 days following the first anniversary of a Change in Control.(d)In
the event of termination after a Change in Control, Mr. Kelley would receive a lump sum payment equal to the greater of (i) three times
160% of his base salary at the time of the Change in Control or (ii) three times 160% of his base salary at the time of termination of his employment.(e)Upon
the occurrence of a Change in Control, all unvested Class B Units and Class C Units shall immediately vest. The market value of the
Class B Units and Class C Units is not readily determinable as they represent equity interests in private limited liability companies.(f)Mr. Kelley
is entitled to continuation of benefits for a period of 36 months or a value-equivalent lump-sum payment. Amount is
estimated based on 2010 costs and represents the estimated annual cost.(g)Amount
represents unreduced annual benefit payable as a 50% joint and survivor annuity with 15 years of guaranteed payments beginning at age 65.(h)In
the event of death, a payment of $4.0 million will be made to the designated beneficiary under a third party insurance policy. Amounts for
benefits provided in the case of a Change in Control are estimated based on 2010 premiums paid by the Company and represent the annual costs.


25

---






Scott M Nielson

Executive Benefits and
Payments Upon Termination

Retirement
($) (a)

Death
($)

Disability
($)

Terminated
without Cause
prior to
Change in
Control
($)

Change in
ControlNo
Termination
($)

Change in
Control
Termination
without
Cause
($) (b)

Change in
Control
Termination
by Executive
without Good
Reason
($) (c)Salary (d)











4,147,200





4,147,200


4,147,200Bonus




















Class B Units and Class C Units:Vesting Accelerated (e)




















Benefits and PerquisitesPost-employment Health Care (f)











9,500





9,500


9,500Supplemental Management Retirement Plan (g)




















Special Long-Term Disability Plan (h)








778,800











Life Insurance (i)





7,500,000











7,000


7,000


(a)Mr. Nielson
was not eligible to receive any retirement benefits as of December 31, 2010.(b)Benefits
are payable if within five years following a Change in Control, Mr. Nielson's employment is terminated by the Company without Cause or by
Mr. Nielson for Good Reason (as each term is defined in his employment agreement).(c)Benefits
are payable if Mr. Nielson terminates his employment without Good Reason within 90 days following the first anniversary of a Change
in Control.(d)In
the event of termination after a Change in Control, Mr. Nielson would receive a lump sum payment equal to the greater of (i) three times
160% of his base salary at the time of the Change in Control or (ii) three times 160% of his base salary at the time of termination of his employment.(e)Upon
the occurrence of a Change in Control, all unvested Class B Units and Class C Units shall immediately vest. The market value of the
Class B Units and Class C Units is not readily determinable as they represent equity interests in private limited liability companies.(f)Mr. Nielson
is entitled to continuation of benefits for a period of 36 months or a value-equivalent lump-sum payment. Amount is
estimated based on 2010 costs and represents the estimated annual cost.(g)Amount
represents unreduced annual benefit payable as a 50% joint and survivor annuity with 15 years of guaranteed payments beginning at age 65.(h)Amount
represents 66% of the average base salary and bonus for the two plan years immediately preceding (but not including) the year in which
Mr. Nielson's employment is terminated due to disability. Benefit will be reduced by any benefit Mr. Nielson receives from all other disability plans sponsored by the Company, if any.(i)In
the event of death, a payment of $7.5 million will be made to the designated beneficiary under a third party insurance policy. Amounts for
benefits provided in the case of a Change in Control are estimated based on 2010 premiums paid by the Company and represent the annual costs.


26

---



Change in Control Events Under The Employment Agreements

As described in "Compensation Discussion and AnalysisEmployment Agreements", each of the Company's Named Executive
Officers is party to an employment agreement that requires us to make payments and provide benefits to such Named Executive Officer upon the termination of his employment with us under various
scenarios. The Employment Agreements do not provide for any additional payments or benefits under a voluntary termination of employment by the Named Executive Officer or involuntary termination by the
Company for Cause (as defined in the Employment Agreements). Under those scenarios, the Named Executive Officers are only entitled to their accrued and unpaid obligations, such as salary and unused
vacation.

A
description of the payments and benefits that we are required to provide to the Named Executive Officers under their Employment Agreements upon various termination events is set forth
below.

"Change
in Control" is defined under the Employment Agreements as any event in which:



No
Change of Control shall be deemed to have occurred as a result of any reorganization of or similar transaction engaged in by the Company or any subsidiary of the Company (including an
initial public offering). "Beneficial ownership" shall have the same meaning as defined in Rules 13d-3 and 13d-5 under the Exchange Act.

"Cause"
is defined under the employment agreements of the Named Executive Officers (other than Frank J. Fertitta III) as any event in which the Named Executive
Officer:



27

---



"Cause"
is defined under the employment agreement of Frank J. Fertitta III as any event in which the Named Executive Officer has been found unsuitable to hold a gaming license by final,
non-appealable decision of the Nevada Gaming Commission.

"Good
Reason" is defined under the employment agreements of the Named Executive Officers (other than Frank J. Fertitta III) as the occurrence of one or more of the following
events without the Named Executive Officer's prior written consent following a Change in Control:



"Good
Reason" is defined under the employment agreement of Frank J. Fertitta III as the occurrence of one or more of the following events without the Named Executive Officer's prior
written consent:



28

---







In the event that a Named Executive Officer is terminated as a result of his death or Disability, he or his legal representative will
receive all salary due to the Named Executive Officer under his employment agreement as of the date of his death or Disability, and, in the case of Frank J. Fertitta III, his then current salary for
24 months. In addition, each Named Executive Officer will receive any awarded but unpaid annual and supplemental bonus and a pro-rated bonus for the year of death or Disability,
plus payment of any deferred compensation or bonuses, and in the case of Frank J. Fertitta III, immediate vesting of restricted stock and unvested stock options and continuation of health and welfare
benefits for 60 months (or, at such Named Executive Officer's option, a lump-sum payment of the economic equivalent thereof).



In the event a Named Executive Officer (other than Frank J. Fertitta III) is terminated without Cause, other than due to death
or Disability, prior to a Change in Control, the Named Executive Officer will receive a payment equal to three times 160% of such Named Executive Officer's base salary, a portion of which is
conditioned upon the Named Executive Officer's entrance into a general release of any claims against the Company and its affiliates and subsidiaries, and each of their agents, employees, managers,
representatives, officers, directors, advisors, successors and assigns, relating to his employment with the Company or the termination of his employment with the Company. In the event of Frank J.
Fertitta III's termination without Cause or for Good Reason prior to a Change in Control, he will receive a payment equal to four times 220% of his base salary. If any Named Executive Officer (other
than Frank J. Fertitta III) is terminated without Cause, other than due to death or Disability, prior a Change in Control, he will also receive any bonus awarded but not yet paid,
immediate vesting of any deferred compensation or bonuses, 180 days to exercise all vested options, and continuation of medical insurance for 36 months. If the employment of Frank J.
Fertitta III is terminated without Cause or for Good Reason prior to a Change in Control, he will also receive any bonus awarded but not yet paid, a pro-rated bonus for the year of
termination, any deferred compensation or bonus, continuation of health and welfare benefits for 60 months (or, at such Named Executive Officer's option, a lump-sum payment of the
economic equivalent

29

---



thereof)
and immediate vesting of all restricted stock and unvested stock options and the ability to exercise the vested options for the remaining term of such stock options.



Immediately upon the occurrence of a Change in Control, the Named Executive Officers will be entitled to immediate vesting of all
restricted stock, stock options, phantom stock units and stock appreciation rights, immediate vesting of any deferred compensation or bonus, and Frank J. Fertitta III will also be entitled to
(i) annual bonuses of at least 120% of base salary, (ii) a lump-sum payment equal to the economic equivalent of such Named Executive Officer receiving payments under the SERP
for a period of fifteen years (with such amount determined as if the Named Executive Officer were immediately eligible for early retirement under the SERP as of the termination date without penalty
for early retirement), and (iii) continued funding of life insurance policies.



Additionally, if the employment of any Named Executive Officer (other than Frank J. Fertitta III) is terminated following a
Change in Control by the Named Executive Officer without Good Reason within 90 days following the first anniversary of a Change in Control, the Named Executive Officer will be entitled to a
payment equal to the greater of three times 160% of his base salary at the time of the Change in Control or at the time of termination, a pro-rata bonus, immediate vesting of his
supplemental retirement benefits under the SMRP, continued funding of life insurance policies, and continuation of medical insurance for 36 months (or, at such Named Executive Officer's option,
a lump-sum payment of the economic equivalent thereof). If the employment of any Named Executive Officer (other than Frank J. Fertitta III) is terminated within five years following
a Change in Control, either by the Company without Cause or by the Named Executive Officer for Good Reason, the Named Executive Officer will be entitled to the benefits described in the preceding
sentence and immediate vesting and pay-out of all amounts set forth in his Long-Term Stay-On Agreement, if applicable. In the event that Frank J. Fertitta III's
employment is terminated following a Change in Control, either by the Company without Cause, by such Named Executive Officer with Good Reason, or by such Named Executive Officer without Good Reason
after one year of such Change of Control, such Named Executive Officer will be entitled to receive, a payment equal to four times 220% of his base salary, a pro-rata bonus and continuation
of medical insurance for 60 months. In the event that Frank J. Fertitta III's employment is terminated by such Named Executive Officer without Good Reason within one year following a Change in
Control, such Named Executive Officer will be entitled to receive, a payment equal to 80% of four times 220% of his base salary.



If any payment or benefit paid or payable, or received or to be received, by or on behalf of the Named Executive Officer in connection
with a Change in Control or the termination of the Named Executive Officer's employment following a Change in Control, will be subject to the excise tax imposed by Section 4999 of the Code, the
Employment Agreements provide that the Company will pay the Named Executive Officer an additional amount such that, after payment by the Named Executive Officer of all taxes, the Named Executive
Officer retains an amount of such additional payment equal to the excise tax imposed on such payments and benefits paid or payable or received or to be received.

30

---





DIRECTOR COMPENSATION FOR 2010

The following table discloses the compensation for our directors for the year ended December 31, 2010.

Name

Fees Earned or
Paid in Cash
($)

All Other
Compensation
($)

Total
($)Lorenzo J. Fertitta

$


$
22,905

$
22,905James E. Nave, D.V.M.


162,375





162,375


Discussion of Director Compensation Table

Dr. Nave's annual compensation for his services to the Company as a member of the Board of Directors (including all committees
thereof) is set by the Board of Directors and equals $75,000 per year. In addition, during 2010 Dr. Nave was paid additional fees totaling $87,375 for services performed in connection with the
Company's Special Litigation Committee. Lorenzo J. Fertitta's other compensation represents $22,905 in medical benefits. No other directors receive cash or non-cash compensation for their
services to the Company as members of the Board of Directors.

GOVERNANCE AND COMPENSATION COMMITTEE  INTERLOCKS AND INSIDER PARTICIPATION

Since we currently do not have a standing compensation committee, the functions that were performed by the Governance and Compensation
Committee prior to the Merger are now performed by the Board of Directors as a whole. The members of our Board of Directors are
Frank J. Fertitta III, Lorenzo J. Fertitta, Thomas J. Barrack, Jr., Jonathan H. Grunzweig and Dr. James E. Nave, D.V.M. Frank J. Fertitta III is a current officer and employee of
the Company and officer of certain of our subsidiaries. During 2010, none of our executive officers served as a director or member of a compensation committee (or other committee serving an equivalent
function) of any other entity whose executive officers served as a director or member of our Board of Directors.

31

---



ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

PRINCIPAL STOCKHOLDERS OF THE COMPANY

The following table sets forth, as of April 30, 2011, certain information regarding the shares of voting common stock
beneficially owned by each stockholder who is known by the Company to beneficially own in excess of 5% of the outstanding shares of common stock (solely based on information reported on
Forms 13D filed with the SEC), by each director and Named Executive Officer and by all Named Executive Officers and directors as a group.

Amount and Nature
of Beneficial OwnershipName and Address of Beneficial Owner

Currently
Owned (4)

Acquirable
Within
60 days

Percent
of ClassFCP VoteCo, LLC (1)


41.7





100.0Frank J. Fertitta III (2)


13.9





33.3Lorenzo J. Fertitta (2)


13.9





33.3Thomas J. Barrack, Jr. (3)


13.9





33.3Named Executive Officers and Directors as a Group(3 persons)


41.7





100.0


(1)All
of the voting common stock of Station Casinos, Inc. is owned by FCP VoteCo, LLC ("FCP VoteCo"). Frank J. Fertitta III, Lorenzo J. Fertitta
and Thomas J. Barrack, Jr. are the managers of FCP VoteCo and each holds a 33.3% interest in FCP VoteCo. The address of FCP VoteCo is 1999 Avenue of the Stars, Suite 1200, Los Angeles,
California 90067.(2)The
address of each of Mr. Frank J. Fertitta III and Mr. Lorenzo J. Fertitta is 1505 South Pavilion Center Drive, Las Vegas, Nevada 89135.(3)The
address of Mr. Thomas J. Barrack, Jr. is 1999 Avenue of the Stars, Suite 1200, Los Angeles, California 90067.(4)All
of the shares of voting common stock of the Company were pledged to Deutsche Bank Trust Company Americas, as collateral agent under the Company's senior
secured credit facilities (the "Collateral Agent"), as collateral security for all obligations under the senior secured credit facilities. The Collateral Agent may acquire ownership of such shares if
the Company defaults under the senior secured credit facilities.


32

---



PRINCIPAL STOCKHOLDERS OF FERTITTA PARTNERS LLC

The following table sets forth, as of April 30, 2011, certain information regarding the membership interests beneficially owned
by each person who is known by the Company to beneficially own in excess of 5% of the outstanding units of Fertitta Partners LLC, by each director and Named Executive Officer, and by all Named
Executive Officers and directors as a group.

Name and Address of Beneficial Owner (1)

Class A
Units (2)

% of
Class A
Units

Class B
Units

% of
Class B
Units

Class C
Units

% of
Class C
UnitsFCP Class B Holdco, LLC (3)








1,769,479


100.0
%




Frank J. Fertitta III


3,979,884


39.7
%

741,050


41.9
%




Lorenzo J. Fertitta


4,038,153


40.3
%

741,050


41.9
%




Blake L. Sartini & Delise F. Sartini (4)


1,653,984


16.5
%










Scott M Nielson


222,223


2.2
%

58,984


3.3
%

29,431


9.2
%Richard J. Haskins


33,334


*


58,984


3.3
%

29,431


9.2
%Kevin L. Kelley








58,984


3.3
%

29,431


9.2
%Thomas M. Friel


5,556


*


35,389


2.0
%

29,431


9.2
%Named Executive Officers and Directors as a Group (5)


8,279,150


82.6
%

1,694,441


95.7
%

117,724


36.8
%


*Less
than 1%(1)The
address of each of the stockholders in this table other than Blake L. Sartini and Delise F. Sartini is: c/o Station Casinos, Inc., 1505 South
Pavilion Center Drive, Las Vegas, Nevada 89135.(2)In
connection with the Merger, Class A Units in Fertitta Partners LLC were issued to the investors, including members of senior management who
directly or indirectly reinvested all or a portion of their Station Casinos, Inc. equity and/or cash, in respect of their capital contributions to Fertitta Partners LLC. As of
December 31, 2010, Fertitta Partners LLC had 10,027,049 Class A Units issued and outstanding.(3)The
members of FCP Class B Holdco, LLC include Frank J. Fertitta III, Lorenzo J. Fertitta, Scott M Nielson, Richard J. Haskins, Kevin L.
Kelley, Thomas M. Friel and other members of management.(4)Neither
Blake L. Sartini nor Delise F. Sartini is currently a director or officer of Station Casinos, Inc. Delise F. Sartini is a former director of
Station, is the sister of Frank J. Fertitta III and Lorenzo J. Fertitta and is married to Blake L. Sartini. In addition to being the brother-in-law of Frank J. Fertitta III and
Lorenzo J. Fertitta, Blake L. Sartini is a former director and a former executive officer of Station and is married to Delise F. Sartini. The address for Blake L. Sartini and Delise F. Sartini is 6595
South Jones Blvd., Las Vegas, Nevada 89118.(5)Named
Executive Officers and Directors as a Group consist of 5 persons for Class A Units, 6 persons for Class B Units and 4 persons for
Class C Units.


33

---



PRINCIPAL STOCKHOLDERS OF FERTITTA COLONY PARTNERS LLC

The following table sets forth, as of April 30, 2011, certain information regarding the membership interests beneficially owned
by each member who is known by the Company to beneficially own in excess of 5% of the outstanding units of Fertitta Colony Partners LLC, by each director and Named Executive Officer and by all
Named Executive Officers and directors as a group.

Name and Address of Beneficial Owner (1)

Class A
Units

% of
Class A
Units

Class B
Units (2)

% of
Class B
Units

Class C
Units (3)

% of
Class C
UnitsFC Investor, LLC (4)


31,647,789


100.0
%










FCP Class B Holdco, LLC (5)








5,584,904


100.0
%




Frank J. Fertitta III








2,338,934


41.9
%




Lorenzo J. Fertitta








2,338,934


41.9
%




Scott M Nielson








186,167


3.3
%

92,893


9.2
%Richard J. Haskins








186,167


3.3
%

92,893


9.2
%Kevin L. Kelley








186,167


3.3
%

92,893


9.2
%Thomas M. Friel








111,699


2.0
%

92,893


9.2
%Named Executive Officers and Directors as a Group (6)








5,348,068


95.7
%

371,572


36.8
%


(1)The
address of each of the stockholders in this table other than FC Investor, LLC is: c/o Station Casinos, Inc., 1505 South Pavilion Center
Drive, Las Vegas, Nevada 89135.(2)The
Class B Units vest equally over five years with the exception of Frank J. Fertitta III and Lorenzo J. Fertitta which are fully vested.(3)The
Class C Units vest equally over five years.(4)Thomas
J. Barrack, Jr., a director of Station Casinos, Inc. is the Chairman and Chief Executive Officer of FC Investor, LLC. The address for
FC Investor, LLC is: 1999 Avenue of the Stars, Suite 1200, Los Angeles, California 90067.(5)The
members of FCP Class B Holdco, LLC include Frank J. Fertitta III, Lorenzo J. Fertitta, Scott M Nielson, Richard J. Haskins, Kevin L.
Kelley, Thomas M. Friel and members of management.(6)Named
Executive Officers and Directors as Group consist of 6 persons for Class B Units and 4 persons for Class C Units.


34

---



ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Potential Purchase of Assets of the Company

On August 27, 2010, the United States Bankruptcy Court for the District of Nevada in Reno, Nevada (the "Bankruptcy Court")
entered an order confirming the joint plan of reorganization (the "Plan") of the Company and certain of its affiliates. Under the Plan, Station Casinos LLC ("New Station"), a designee of German
American Capital Corporation and JP Morgan Chase Bank, N.A., as holders of $1.8 billion in CMBS loans (the "Mortgage Lenders"), is expected to acquire the Propco Properties and certain related
assets in satisfaction of the Mortgage Lenders' existing secured claims against Propco. In conjunction with these transfers to the Company, under the Plan: (i) New Station's voting units are
expected to be issued to Station VoteCo, which is expected to be owned by designees of the Mortgage Lenders and an entity owned by Frank J. Fertitta III, our Chief Executive Officer, President and a
member of our Board of Directors, and Lorenzo J. Fertitta, a member of our Board of Directors, (ii) New Station's non-voting units are expected to be issued to Station
Holdco LLC ("Station Holdco"), which is expected to be owned by the Mortgage Lenders, FI Station Investor LLC, a newly formed limited liability company owned by affiliates of Frank J.
Fertitta III and Lorenzo J. Fertitta ("FI Station Investor"), and the holders of the our outstanding senior and senior subordinated notes; and (iii) New Station is expected to enter into a new
credit agreement (the "Propco Credit Agreement") with the Mortgage Lenders consisting of a term loan facility in the principal amount of $1.6 billion and a revolving credit facility in the
amount of $100 million, which revolving credit facility will increase to $150 million upon the prepayment of $50 million of outstanding principal amount under the term loan. In
addition, Station Holdco will issue two classes of warrants to the Mortgage Lenders permitting the Mortgage Lenders to purchase a total of up to 5% of the non-voting equity of Station
Holdco at exercise prices based upon a multiple of the share value of Station Holdco on the effective of the Plan (the "Mortgage Lender Warrants"). The Mortgage Lenders will sell to FI Station
Investor one of the classes of warrants with the right to purchase up to 2.5% of the non-voting equity. FI Station Investor is expected to assign the Fertitta Warrants to an affiliate of
Colony Capital.

In
addition, pursuant to the terms of the Plan, the Company and certain of its subsidiaries have entered into an Asset Purchase Agreement dated as of June 7, 2010, as amended (the
"Asset Purchase Agreement") with FG Opco Acquisitions LLC, an entity that is currently owned in whole or in part by Fertitta Entertainment LLC, which is owned by affiliates of Frank J.
Fertitta III and Lorenzo J. Fertitta and the Mortgage Lenders and will be owned by the New Station upon consummation of the transactions contemplated by the Asset Purchase Agreement (the "Opco
Purchaser"). Pursuant to the terms of the Asset Purchase Agreement, the Opco Purchaser will acquire substantially all of the assets of the Company and certain of its subsidiaries, including Santa Fe
Station, Texas Station, Fiesta Henderson, Fiesta Rancho and interests in certain Native American gaming projects, for a purchase price of $772 million, consisting of the following:
(i) an amount in cash equal to $317 million, subject to adjustment pursuant to the terms of the Asset Purchase Agreement; and (ii) $455 million in aggregate principal
amount of term loans, subject to adjustment pursuant to the terms of the Asset Purchase Agreement.

On
March 9, 2011, Station GVR Acquisition, LLC (the "GVR Purchaser"), an indirect subsidiary of New Station, and Green Valley Ranch Gaming, LLC (the "GVR Seller")
entered into an Asset Purchase Agreement (the "GVR Asset Purchase Agreement"), pursuant to which the GVR Purchaser will purchase substantially all of the assets and assume certain specified
liabilities of the GVR Seller for $500 million through a prepackaged plan of reorganization (the "GVR Acquisition"). The consummation of the transactions contemplated by the GVR Asset Purchase
Agreement is subject to, among other things, the bankruptcy court entering a confirmation order confirming the chapter 11 plan of reorganization of the GVR Seller.

35

---



Boulder Station Lease

The Company entered into a ground lease for 27 acres of land on which Boulder Station is located. The Company leases this land from KB
Enterprises, a company owned by the Frank J. Fertitta, Jr. and Victoria K. Fertitta Revocable Family Trust (the "Related Lessor"). Frank J. Fertitta, Jr. and Victoria K. Fertitta are the parents of
Frank J. Fertitta III, Chairman of the Board, Chief Executive Officer and President of the Company and Lorenzo J. Fertitta, Vice Chairman of the Board. The lease has a maximum term of 65 years,
ending in June 2058. The lease provides for monthly payments of $222,933 through May 2018. In June 2013, and every ten years thereafter, the rent will be adjusted to the product of the fair market
value of the land and the greater of (i) the then prevailing annual rate of return for comparably situated property or (ii) 8% per year. In June 2018, and every ten years thereafter, the
rent will be adjusted by a cost of living factor. In no event will the rent for any period be less than the immediately preceding period. Pursuant to the ground lease, the Company has an option,
exercisable at five-year intervals with the next option in June 2013, to purchase the land at fair market value. In connection with the CMBS Loans, the Boulder Station ground lease is
subleased back to Boulder Station by the Company. The CMBS Loans are secured by,
among other things, a perfected first priority leasehold deed of trust on the leasehold estate of the tenant (previously Boulder Station but now FCP PropCo, LLC) under the Boulder Ground Lease.
The Company believes that the terms of the ground lease are as fair to the Company as could be obtained from an independent third party.

Texas Station Lease

The Company entered into a ground lease for 47 acres of land on which Texas Station is located. The Company leases this land from Texas
Gambling Hall & Hotel, Inc., a company owned by the Related Lessor. The lease has a maximum term of 65 years, ending in July 2060. The lease provides for monthly rental payments
of $337,417 through June 2010 with scheduled adjustments in July 2010 and every ten years thereafter, to the product of the fair market value of the land and the greater of (i) the then
prevailing annual rate of return being realized for owners of comparable land in Clark County or (ii) 8% per year. The July 2010 adjustment was deferred. In July 2015, and every ten years
thereafter, the rent will be adjusted by a cost of living factor. In no event will the rent for any period be less than the immediately preceding period. Pursuant to the ground lease, the Company has
an option, exercisable at five-year intervals with the next option in May 2015, to purchase the land at fair market value. The Company's obligations under the Credit Agreement are secured
by, among other things, a leasehold deed of trust on the leasehold estate of Texas Station under this ground lease. The Company believes that the terms of the ground lease are as fair to the Company
as could be obtained from an independent third party.

The
ground lease contains a change of control provision that requires the lessee (Texas Station, LLC) to purchase the ground lease property upon a change of control (the "Texas Put
Right") if the lessor elects to exercise the Texas Put Right. The lessor has one year from the change of control to exercise the Texas Put Right. The ground lease provides that the purchase price
would be calculated based upon a net present value calculation of the remaining rent due under the ground lease. Upon consummation of the transactions contemplated by the Asset Purchase Agreement, the
Texas Put Right will be extinguished and no longer exercisable.

Zuffa, LLC

The Company has purchased tickets to events held by Zuffa, LLC ("Zuffa") which is the parent company of the Ultimate Fighting
Championship ("UFC") and is owned by Frank J. Fertitta III and Lorenzo J. Fertitta. For the years ended December 31, 2010, 2009 and 2008, the Company made payments to Zuffa totaling
approximately $0.5 million, $0.7 million, and $0.7 million, respectively, for ticket purchases to, and closed circuit viewing fess of, UFC events. In addition, in September 2008
Zuffa and a wholly-owned subsidiary of the Company entered into a month-to-month license agreement whereby Zuffa has the rights to a previously unused portion of Palace Station
for general office and administrative use.

36

---



Payments
received by the Company related to this license agreement totaled approximately $22,000 and $21,000 for the years ended December 31, 2009 and 2008, respectively. There were no payments
received from Zuffa under this license agreement during the year ended December 31, 2010. In January 2009, the Company subleased its leased aircraft to Zuffa for a period of six months.
Payments received by the Company in connection with this sublease during 2009 approximated the amount the Company paid for leasing the aircraft, which totaled approximately $0.8 million.

PROCEDURES FOR REVIEW, APPROVAL OR RATIFICATION  OF TRANSACTIONS WITH RELATED PERSONS

Our Board of Directors has approved the related party transaction policy and procedures which give our Audit Committee the power to
approve or disapprove potential related party transactions of our directors and executive officers, and their immediate family members. The Audit Committee is charged with reviewing all relevant facts
and circumstances of a related party transaction, including if the transaction is on terms comparable to those that could be obtained in arm's length dealings with an unrelated third party and the
extent of the person's interest in the transaction.

DIRECTOR INDEPENDENCE

Our Board of Directors is composed of Frank J. Fertitta III, Lorenzo J. Fertitta, Thomas J. Barrack, Jr., Jonathan H.
Grunzweig and Dr. James E. Nave, D.V.M. Our Board of Directors currently has one standing committee, the Audit Committee.

Though
not formally considered by our Board because our common stock is no longer traded on any national securities exchange, based upon the listing standards of the NYSE, the national
securities exchange upon which our common stock was traded prior to the Merger, we do not believe that any of our directors other than Dr. Nave would be considered "independent" because of
their relationships with the entities which hold significant interests in FCP, Fertitta Partners and FCP VoteCo, which collectively hold all of our outstanding common stock, and other relationships
with us. Accordingly, we do not believe that any of Messrs. Frank J. Fertitta III, Lorenzo J. Fertitta, Barrack or Grunzweig would meet the independence requirements of
Rule 10A-1 of the Exchange Act or the NYSE listing standards. We do not have standing nominating, corporate governance or compensation committees, or committees that serve similar
purposes.

ITEM 14.    PRINCIPAL ACCOUNTING FEES AND SERVICES

AUDITOR FEES AND SERVICES

In addition to performing the audit of the Company's consolidated financial statements for the years ended December 31, 2010 and
2009, Ernst & Young LLP also performed quarterly reviews of the Company's consolidated financial statements and various other services during 2010 and 2009 (including services incurred
under Section 404 of the Sarbanes-Oxley Act of 2002) which are included in audit fees below. The aggregate fees billed or accrued for 2010 and 2009 for each of the following categories of
services are set forth below:

2010

2009Audit fees

$
811,946

$
1,028,872Audit-related fees


30,449


41,944Tax fees


700,323


80,838All other fees


61,422


118,651


Ernst &
Young LLP did not provide any services related to financial information systems design and implementation during 2010 or 2009. The fees paid for tax services were
primarily related to reviews of the

37

---



Company's
tax returns, bankruptcy and tax restructuring advisory services, and technical services. Audit-related fees include fees paid for audits of employee benefit plans. All other fees include
services related to the Chapter 11 Case and the 2009 exchange offer.

PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee has adopted a policy that requires advance approval of all audit, audit-related, tax and other services performed
by the independent auditors. The policy provides for pre-approval by the Audit Committee of specifically defined audit and non-audit services. Unless the specific service has
been previously pre-approved with respect to that year, the Audit Committee must approve the permitted service before the independent auditor is engaged to perform it.

The
Audit Committee approved all services provided by Ernst & Young LLP.

CERTIFICATIONS

The Chief Executive Officer and the Chief Accounting Officer certifications required by Section 302 of the Sarbanes-Oxley Act of
2002 are filed as exhibits to this Amendment No. 1 to Annual Report on Form 10-K for the year ended December 31, 2010.

PART IV

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The
following exhibits are being filed herewith:

Exhibit Number

Description31.1

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


(b)None(c)None


38

---





SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

STATION CASINOS, INC.Dated: April 30, 2011

By:

/s/ FRANK J. FERTITTA III Frank J. Fertitta III Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer)


Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on
the dates indicated.

Signature

Title

Date/s/ FRANK J. FERTITTA III Frank J. Fertitta III

Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer)

April 30, 2011/s/ LORENZO J. FERTITTA Lorenzo J. Fertitta

Vice Chairman and Director

April 30, 2011/s/ THOMAS M. FRIEL Thomas M. Friel

Executive Vice President, Chief Accounting Officer and Treasurer (Principal Financial and Accounting Officer)

April 30, 2011/s/ THOMAS J. BARRACK, JR. Thomas J. Barrack, Jr.

Director

April 30, 2011/s/ JAMES E. NAVE James E. Nave

Director

April 30, 2011/s/ JONATHAN H. GRUNZWEIG Jonathan H. Grunzweig

Director

April 30, 2011


39

---



QuickLinks