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, 2009ORo

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. o

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 oNon-accelerated filer ý
(Do not check if a smaller reporting company)

Smaller reporting company o


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, 2009 was $0. There is no established public trading market for the common stock of the registrant.

As
of January 31, 2010, 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. The issued and outstanding equity securities of the registrant are all owned by FCP Holding, Inc., Fertitta Partners LLC and FCP VoteCo LLC.

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, 2009 ("Form 10-K") on March 31, 2010, 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

MERGER

On November 7, 2007, the Company completed its merger (the "Merger") with FCP Acquisition Sub, a Nevada corporation ("Merger
Sub"), pursuant to which Merger Sub merged with and into the Company with the Company continuing as the surviving corporation. The Merger was completed pursuant to the Agreement and Plan of Merger,
dated as of February 23, 2007 and amended as of May 4, 2007, among the Company, Fertitta Colony Partners LLC, a Nevada limited liability company ("FCP"), and Merger Sub.

As
a result of the Merger, approximately 24.1% of the issued and outstanding shares of non-voting common stock of the Company are owned by Fertitta Partners LLC, a
Nevada limited liability company ("Fertitta Partners"), which is owned by affiliates of Frank J. Fertitta III, Chairman and Chief Executive Officer of Station, affiliates of Lorenzo J. Fertitta, Vice
Chairman and President of Station, affiliates of Blake L. Sartini and Delise F. Sartini, and certain officers and other members of management of the Company. The remaining 75.9% of the issued and
outstanding shares
of non-voting common stock of the Company are owned by FCP Holding, Inc., a Nevada corporation ("FCP HoldCo") and a wholly-owned subsidiary of FCP. FCP is owned by an affiliate of
Colony Capital, LLC ("Colony") and affiliates of Frank J. Fertitta III and Lorenzo J. Fertitta. Substantially simultaneously with the consummation of the Merger, all of the shares of voting
common stock of Station were issued for nominal consideration to FCP VoteCo LLC, a Nevada limited liability company ("FCP VoteCo"), which is owned by Frank J. Fertitta III, Lorenzo J. Fertitta
and Thomas J. Barrack, Jr., Chairman and Chief Executive Officer of Colony.

At
the effective time of the Merger, each outstanding share of the Company's common stock, including any rights associated therewith (other than shares of the Company's common stock
owned by FCP, Merger Sub, FCP HoldCo, Fertitta Partners or any wholly-owned subsidiary of the Company or shares of common stock held in treasury by the Company) was cancelled and converted into the
right to receive $90.00 in cash, without interest. As a result of the Merger and the related transactions, all of the shares of capital stock are owned by FCP HoldCo, Fertitta Partners and FCP VoteCo.
The Company's common stock ceased trading on the New York Stock Exchange at market close on November 7, 2007, and is no longer listed on any exchange or quotation system. The Company's voting
common stock is registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended.

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

1

---



Board
of Directors. The following table sets forth the directors and executive officers of the Company as of March 31, 2010 and provides their respective ages and positions with the Company.

Name

Age

PositionFrank J. Fertitta III (*)


48

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


46

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


46

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


52

Executive Vice President and Chief Operating OfficerScott M Nielson


52

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


41

Vice Chairman of the BoardThomas J. Barrack, Jr.


62

DirectorJonathan H. Grunzweig


46

DirectorJames E. Nave, D.V.M.


65

Director


(*)Frank
J. Fertitta III and Lorenzo J. Fertitta are brothers.(**)Kevin
L. Kelley is Frank J. Fertitta III's brother-in-law.


Set
forth below is a description of the backgrounds, including business experience, for each of our directors and executive officers as of December 31, 2009.

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, 2009 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, 2009
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 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, 2009 for a description of
the Company's pending bankruptcy proceedings.

2

---



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, 2009 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, 2009 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, 2009 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 Merger on November 7, 2007.
Mr. Barrack is the Founder, Chairman and Chief Executive Officer of Colony Capital, LLC. Colony Capital, LLC 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, LLC and
its affiliates. Mr. Barrack is the executive chairman of Colony Financial, Inc. and served on the board of directors of Continental Airlines from 1994 through September 2007.
Mr. Barrack has served as Chairman and Chief Executive Officer of each of Colony Capital, LLC ("Colony Capital") and Colony Advisors, LLC ("Colony Advisors") since their
organization in August 1992 and September 1991, respectively. Colony Capital and Colony Advisors are international real estate investment and management firms. Mr. Barrack is 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., Challenger Financial Services Group Limited, and
Accor S.A. Within the last five years, Mr. Barrack

3

---



previously
served as a director of Continental Airlines, Inc. and First Republic Bank through September 2007. 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, 2009 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, LLC. Prior to joining Colony Capital, LLC 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, LLC's global investment program for a period of time prior to a two-year relocation to London for Colony Capital, LLC. Mr. Grunzweig is a
director of Challenger Life No. 2 Limited and is Mr. Barrack's designated proxy for 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, 2009 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 was appointed to the Board of Directors on December 19, 2007. Dr. Nave had 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. He is currently a member 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 West of Nevada since 1994, where he also serves as Chairman of the Site Committee. 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 also the Globalization
Liaison Agent for Education and Licensing for the American Veterinary Medical Association and was the Chairperson of the 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 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, 2009 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.

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 2009.

4

---





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 FCP and 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.

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, 2009 identified below, whom we refer to as our "Named Executive Officers":



5

---





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:



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.

6

---



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, 2009, 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 2009 remained unchanged from 2008.

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.



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 2009 none of these consultants nor their affiliates were paid total fees in excess of $120,000.

7

---



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 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. Fertittas'
employment agreement he was entitled to receive an increase in his base salary to $3,000,000 effective November 7, 2009, which he postponed.

8

---





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 2009, 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 respective employment
agreement. Taking into consideration the economic climate in 2009 and resulting negative impact on the business of the Company, the Board of Directors did not award bonuses to the Chief Executive
Officer and other Named Executive Officers for the year ended December 31, 2009.



Prior to the Merger, the Company provided stock-based incentives to its executives. We attempted to pay a considerable portion of such
executives' total compensation in stock in order to give the executives a long-term stake in the business and to align executives' interests with those of the Company's former
stockholders. These grants of stock options and restricted stock awards served to align the executive's interests with the former stockholders' interests as the size of the executive's reward was
dependent upon the Company's stock performance. Grants made to the Company's executives were based on the grant values for similar positions among the Peer Companies, with the Company's grant values
being at or near the high end of the range. Awards were generally granted with either 10% or 20% of the award vesting on each anniversary from the date of grant until fully vested.

There
were no restricted stock grants made in 2007. In 2007 until the Merger was completed on November 7, 2007, the Named Executive Officers received quarterly dividends on their
unvested
restricted stock awards on the same basis as all stockholders of the Company and as all other employees holding unvested restricted stock awards.

Upon
consummation of the Merger, each share of Station restricted stock vested and was cancelled and converted into the right to receive $90.00 in cash, without interest. Each Named
Executive Officer received a cash payment in an amount equal to the numbers of shares of restricted stock held by such officer multiplied by $90.00 per share, less any applicable payroll withholding
taxes. In addition, each stock option outstanding under Station's stock plans was cancelled and extinguished at the effective time of the Merger, and each Named Executive Officer holding such a stock
option was entitled to receive an amount in cash equal to the product of (i) the number of shares of Station common stock subject to such stock option and (ii) the excess, if any, of
$90.00 over the exercise price per share of such stock option, without interest and less any applicable payroll withholding taxes.



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

9

---



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 the year
ended December 31, 2009, none of the Named Executive Officers were awarded 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.



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.

10

---



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.



We provide each of our Named Executive Officers with perquisites and other personal benefits such as access to the Company's airplane,
club memberships, tax planning advice, retirement benefits and life and disability insurance. In addition, Frank J. Fertitta III was provided with personal security services. Mr. Kelley was
also entitled, under his employment agreement, to receive reimbursement for all reasonable out-of-pocket expenses incurred by him in relocating from Macao Special
Administrative Region 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 that are employed by the Company also receive group health insurance coverage through the Company's
Exec-U-Care Medical Plan, while under the Company's group life insurance program, they are eligible for supplemental life insurance in the following amounts: not less than
$70.0 million aggregate coverage for Frank J. Fertitta III, $4.0 million for Mr. Friel, $4.0 million for Mr. Haskins, $4.0 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, 2009, 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
2009, 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 Executives (the "DCPE") and
the Deferred Compensation Plan For Management (the "DCPM"). These plans are 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

11

---



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, 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 our 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 2009 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).

12

---



COMPENSATION COMMITTEE REPORT

Subsequent to the Merger, we no longer 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, 2009.

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

13

---





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, 2009, 2008 and 2007.

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


2009


2,250,000

















312,263


2,562,263Chairman of the Board


2008


2,250,000

















1,128,231


3,378,231and Chief Executive Officer


2007


2,287,500





143,155,409








1,598,080


1,187,025


148,228,014Thomas M. Friel


2009


450,000














63,939


18,990


532,929Executive Vice President,


2008


450,000





64,232





125,000


25,108


35,250


699,590Chief Accounting Officer


2007


466,250


200,000


7,895,806








58,892


71,005


8,691,953and TreasurerRichard J. Haskins


2009


594,000











125,000


71,209


22,092


812,301Executive Vice President,


2008


594,000





1,812,223











36,855


2,443,078General Counsel


2007


660,000





12,300,812





125,000


138,682


3,569,499


16,793,993and SecretaryKevin L. Kelley


2009


1,000,000














281,152


61,436


1,342,588Executive Vice President


2008


1,000,000


500,000


11,881,572








250,180


158,967


13,790,719and Chief Operating OfficerScott M Nielson


2009


864,000














134,975


65,424


1,064,399Executive Vice President


2008


864,000





1,812,223











111,470


2,787,693and Chief Development


2007


960,000





12,300,812








516,249


149,405


13,926,466Officer


(a)Amounts
shown are the salary amounts earned without consideration as to the year of payment. See the Nonqualified Deferred Compensation table for amounts
included in this column that were deferred under the Company's Deferred Compensation Plan.(b)2008
amount represents a one-time supplemental bonus. 2007 amount represents a discretionary bonus awarded upon completion of the Merger. See
the Nonqualified Deferred Compensation table for amounts included in this column that were deferred under the Company's Deferred Compensation Plan.(c)The
amounts reported for Stock Awards and Option Awards for each Named Executive Officer represent the aggregate grant date fair values for equity awards
granted during the years ended December 31, 2009, 2008 and 2007, respectively. The grant date fair values of equity awards were measured in accordance with the accounting guidance for
share-based payments. The amounts previously reported for 2008 and 2007 have been restated in accordance with new SEC rules relating to executive compensation disclosures. 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 our Annual Report on Form 10-K.(d)No
Option Awards were granted during the years ended December 31, 2009, 2008 or 2007.(e)Non-Equity
Incentive Plan Compensation amounts for 2008 and 2007 are for 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 2009, 2008 or 2007. Non-Equity
Incentive Plan Compensation amounts for 2006 were determined in January 2007 by the Governance and Compensation Committee based on achieving predetermined goals. Amounts shown are the bonus amounts
earned under the Senior Executive Annual Bonus Plan without consideration as to the year of payment. See the Nonqualified Deferred Compensation table for amounts included in this column that were
deferred under the Company's Deferred Compensation Plan.(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, 2009 and December 31, 2008 for 2009, December 31, 2008 and December 31, 2007 for
2008, and December 31, 2007 and December 31, 2006 for 2007, 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 $(542,835) and $(3,658,135) for 2009 and 2008, respectively, Mr. Haskins of $(49,926) for 2008, and
Mr. Nielson of $(635,560) for 2008.


14

---



(g)All
Other Compensation consists of the following for 2009:


Benefits and Perquisites ($)

Frank J.
Fertitta III

Thomas M.
Friel

Richard J.
Haskins

Kevin L.
Kelley

Scott M
NielsonExecutive security (i)

$
34,155

$


$


$


$
Life insurance


216,890


3,965


2,700


6,860


6,090Supplemental long-term disability





2,924





3,395


20,708Personal use of company aircraft (ii)


411











Executive medical


60,807


1,104


6,599


22,387


9,026Tax services





2,000


3,000





19,600Club membership & dues





8,997


9,793


4,620


Fitness training











16,000


10,000Relocation (iii)











8,174


Total

$
312,263

$
18,990

$
22,092

$
61,436

$
65,424


(i)During
2009, 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
Governance and Compensation Committee 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.(ii)Amount
represents the incremental cost to the Company for personal use of the Company aircraft, including landing/ramp fees, weather report fees and other
miscellaneous variable costs. In addition, the incremental cost includes the average fuel cost per mile, which is calculated as the total annual fuel costs divided by the annual number of miles flown
by the Company aircraft to derive at an average fuel cost per mile. The average fuel cost per mile is then multiplied by the miles flown for personal use to derive the incremental cost. Fixed costs
that do not change based on usage, such as pilots' salaries and non-trip hanger related costs, are excluded from the calculation.(iii)Amount
represents reimbursement for all reasonable out-of-pocket expenses incurred by Mr. Kelley in relocating from Macao
Special Administrative Region to Las Vegas, Nevada in accordance with his employment agreement.


GRANTS OF PLAN-BASED AWARDS IN 2009

There were no grants of plan-based awards in 2009 to any Named Executive Officers.

Discussion of Summary Compensation Table and Grants of Plan-Based Awards in 2009 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 2009 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 2009, 2008 and 2007 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

15

---



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 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 each such Named Executive Officer 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 is $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, 2009, 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. Fertittas' employment agreement he was
entitled to receive an increase in his base salary to $2,750,000 effective November 7, 2008, and $3,000,000 effective November 7, 2009, both 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.

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.

16

---



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.



In May 2005, the stockholders approved and the Company adopted the 2005 Stock Compensation Plan (the "2005 Plan") which provided for
grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards (collectively, the "Awards"). Individuals eligible to receive Awards under
the 2005 Plan included employees, directors and independent contractors of the Company and its subsidiaries and other entities controlled by the Company. However, incentive stock options were
available to grant only to an employee of the Company or a subsidiary of the Company.

In
2006, the Named Executive Officers received restricted stock awards pursuant to the 2005 Plan described above. There were no restricted stock grants made in 2007. In connection with
the Merger, each share of Station restricted stock vested and was cancelled and converted into the right to receive $90.00 in cash, without interest and less any applicable payroll withholding taxes,
while each stock option outstanding under Station's stock plans was cancelled and extinguished, and the holder of any such stock option was entitled to receive an amount in cash equal to the product
of (i) the number of shares of Station common stock subject to such stock option and (ii) the excess, if any, of $90.00 over the exercise price per share of such stock option, without
interest and less any applicable payroll withholding taxes. The 2005 Plan was discontinued in connection with the Merger.

The
material terms of the 2005 Plan related to recipients, grant timing, number of options, option price and duration were determined by the Governance and Compensation Committee,
subject to certain limitations. Grants to Named Executive
Officers during 2006 were all in the form of restricted stock awards which were to vest at a rate of 10% per year over a ten-year period. In 2006 and 2007 until the consummation of the
Merger on November 7, 2007, the Named Executive Officers received quarterly dividends on their unvested restricted stock awards on the same basis as all stockholders of the Company and as all
other employees holding unvested restricted stock awards.



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.

17

---



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.

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

OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2009

The following table sets forth information concerning all unvested equity-based awards for the Named Executive Officers as of
December 31, 2009.

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)


98,059
B
n/a73,394
C
n/aRichard J. Haskins (2)


156,897
B
n/a73,394
C
n/aKevin L. Kelley (3)


196,121
B
n/a97,859
C
n/aScott M Nielson (4)


156,897
B
n/a73,394
C
n/a


(a)Represents
Class B Units ("B") and Class C Units ("C") in FCP and Fertitta Partners.
(1)Mr. Friel's
unvested stock awards will vest as follows: 9,806
B Units will vest on August 1, 2010 and each anniversary thereafter until 39,226 units are fully vested; 19,611 B Units will vest on November 7, 2010 and each anniversary
thereafter until 58,833 units are fully vested; 24,465 C Units will vest on November 7, 2010 and each anniversary thereafter until 73,394 units are fully vested.(2)Mr. Haskins's
unvested stock awards will vest as follows:9,806
B Units will vest on August 1, 2010 and each anniversary thereafter until 39,226 units are fully vested; 39,224 B Units will vest on November 7, 2010 and each anniversary
thereafter until 117,671 units are fully vested; 24,465 C Units will vest on November 7, 2010 and each anniversary thereafter until 73,394 units are fully vested.(3)Mr. Kelley's
unvested stock awards will vest as follows:49,030
B Units will vest on January 7, 2010 and each anniversary thereafter until 196,121 units are fully vested; 24,465 C Units will vest on January 7, 2010 and each
anniversary thereafter until 97,859 units are fully vested.(4)Mr. Nielson's
unvested stock awards will vest as follows:9,806
B Units will vest on August 1, 2010 and each anniversary thereafter until 39,226 units are fully vested; 39,224 B Units will vest on November 7, 2010 and each anniversary
thereafter until 117,671 units are fully vested; 24,465 C Units will vest on November 7, 2010 and each anniversary thereafter until 73,394 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."(b)The
market value of the Class B Units and Class C Units is not readily determinable as the units represent equity interests in private limited
liability companies. 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.


18

---





OPTION EXERCISES AND STOCK VESTED DURING 2009

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, 2009.

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

n/aRichard J. Haskins








73,495

n/aKevin L. Kelley








73,495

n/aScott M Nielson








73,495

n/a


(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 not readily determinable as they represent equity interests in private limited
liability companies. 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, 2009

The following table provides information as of December 31, 2009 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
($)

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

SERP


15


3,339,421


Thomas M. Friel

SMRP


3


147,939


Richard J. Haskins

SMRP


5


308,302


Kevin L. Kelley

SMRP


2


531,332


Scott M Nielson

SMRP


15


1,589,269





(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.


19

---






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 2009, and the SMRP, in which the other Named Executive Officers were participants during 2009.



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.

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 means retirement at age 65 at December 31, 2009.


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 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

20

---



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.

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 means retirement at age 65 at December 31, 2009.


21

---






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.



In order to calculate the present value of accumulated benefits as of December 31, 2009, the following assumptions were made:



The assumed retirement age is the normal retirement age defined in the applicable plan (age 65 as of December 31, 2009),
and the earliest unreduced retirement age, if applicable. Since unreduced benefits are not available prior to age 65 and all Named Executive Officers are under age 65, age 65 was
used for all Named Executive Officers.



The discount rate used in calculating the present value of accumulated benefits as of December 31, 2009 is 5.5%.



The assumed mortality is the RP-2000 white collar mortality table for males and females, as developed and approved by the
Society of Actuaries, projected for 25 years. Because pre-retirement decrements are not included in the calculation, the mortality assumption affects only
post-retirement present values.



Consistent with assumptions used for financial statement purposes, married participants are assumed to elect unreduced 50% joint and
survivor annuity, with 15 years of guaranteed payments. For unmarried

22

---



participants,
the annuity is an unreduced single life annuity with 15 years of guaranteed payments. Actual spouse data was used in calculating present values.



Present values are calculated using the assumed retirement age, discount rates, mortality table and form of payment assumptions
described above; no decrements are assumed prior to retirement. Further, benefits are based on average earnings on the valuation date, without projection. The resulting benefit is prorated for current
service as a participant divided by projected service through vesting date.

NONQUALIFIED DEFERRED COMPENSATION IN 2009

Name

Plan(a)

Executive
Contributions
in Last FY
($)(b)

Company
Contributions
in Last FY
($)(c)

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

Aggregate
Withdrawals/
Distributions ($)(e)

Aggregate
Balance at
Last FYE ($)Thomas M. Friel

DCPM











687,483


Richard J. Haskins

DCPM











510,556


Scott M Nielson

DCPM








10,474


347,786


46,946Scott M Nielson

DCPE











6,661,024





(a)The
Company offers both the DCPE and DCPM. See further discussion on details of the plans below.(b)No
contributions to deferred compensation plans were made by any Named Executive Officer during the year ended December 31, 2009.(c)Effective
January 1, 2009, the Company elected to suspend its contributions to the deferred compensation plans.(d)Amount
represents change in market value for investments. None of the amounts included in this column are included in the Summary Compensation Table.(e)As
permitted by the Internal Revenue Service transition relief with respect to Section 409A of the Code, each of the Named Executive Officers
participating in the DCPE and/or DCPM elected to receive a special one time distribution from his account in January 2009.


Discussion of Nonqualified Deferred Compensation Table

In addition to the defined benefit plans that it maintains for its executives, the Company also maintains two deferred compensation
plans in which the Named Executive Officers were eligible to participate in 2009: the Deferred Compensation Plan For Executives (the "DCPE") and the Deferred Compensation Plan For Management (the
"DCPM").

The
DCPE, in effect as of November 30, 1994, as amended and restated as of September 12, 2001, as amended as of December 4, 2002 and as further amended as of
November 11, 2007, is a deferred compensation plan for executive officers whose base salaries are a rate in excess of the amount specified in Section 401(a) (17) of the Internal
Revenue Code of 1986, as amended (the "Code"), and who are selected for participation by the Board of Directors. These executive officers may defer up to 50% 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 DCPE. If the executive officer is terminated without cause or if a
Change of Control (as defined in the DCPE) occurs prior to completion of five years of continuous service, any accrued balance existing under the matching and supplemental accounts becomes fully
vested as of the date of such event. 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. An executive officer may specify a date, no earlier than 13 months after the date of such election, on which the vested accrued balances of his accounts under the DCPE will be paid.
Absent such election, the vested accrued balances will be paid following the termination of his employment with the Company.

23

---





As of January 2005, deferrals were no longer being made into the DCPE as the Named Executive Officers elected to participate in the DCPM instead. As of December 31, 2009, no Named
Executive Officer has a balance in the DCPE.

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.

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, 2009.
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)








64,937


64,937





64,937


64,937Supplemental Executive
Retirement Plan (f)














1,139,063


1,139,063


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, 2009.(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 would receive a lump sum


24

---



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 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 2009 costs and represents the 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 2009 premiums paid by the Company and represent the annual costs.


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)











5,399





5,399


5,399Supplemental Management
Retirement Plan (g)

















186,667


186,667Long-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, 2009.(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.


25

---



(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 2009 costs and represents the 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 2009 premiums paid by the Company and represent the annual costs.


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)











10,730





10,730


10,730Supplemental Management
Retirement Plan (g)

















249,700


249,700Life Insurance (h)





4,000,000











2,700


2,700


(a)Mr. Haskins
was not eligible to receive any retirement benefits as of December 31, 2009.(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 2009 costs and represents the 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 2009 premiums paid by the Company and represent the annual costs.


26

---






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)











20,518





20,518


20,518Supplemental Management
Retirement Plan (g)

















400,000


400,000Life Insurance (h)





4,000,000











6,900


6,900


(a)Mr. Kelley
was not eligible to receive any retirement benefits as of December 31, 2009.(b)Benefits
are payable if within five years following a Change in Control, Mr. Kelleys' 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 2009 costs and represents the 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 2009 premiums paid by the Company and represent the annual costs.


27

---






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)











13,157





13,157


13,157Supplemental Management
Retirement Plan (g)

















358,400


358,400Special Long-Term Disability
Plan (h)








778,800











Life Insurance (i)





7,500,000











6,100


6,100


(a)Mr. Nielson
was not eligible to receive any retirement benefits as of December 31, 2009.(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 2009 costs and represents the 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 2009 premiums paid by the Company and represent the annual costs.


28

---





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:



29

---



"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:



30

---





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

31

---



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.

32

---





DIRECTOR COMPENSATION FOR 2009

The following table discloses the compensation for our directors for the year ended December 31, 2009.

Name

Fees Earned
or Paid in
Cash
($)

All Other
Compensation
($)

Total
($)Lorenzo J. Fertitta

$


$
32,990

$
32,990James E. Nave, D.V.M.


395,375





395,375


Discussion of Director Compensation Table

Following the Merger, the Board of Directors set Dr. Nave's annual compensation for his services to the Company as a member of
the Board of Directors (including all committees thereof) as $75,000 per year. In addition, during 2009 Dr. Nave was paid additional fees totaling $320,375 for services performed in connection
with the Company's Special Litigation Committee. Lorenzo J. Fertitta's other compensation represents $31,452 in medical benefits, $823 in personal use of company aircraft, $612 in life
insurance, and $102 in short-term disability insurance. 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 2009, 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.

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 December 31, 2009, 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

33

---



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.


PRINCIPAL STOCKHOLDERS OF FERTITTA PARTNERS LLC

The following table sets forth, as of December 31, 2009, 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
%

737,837


41.7
%




Lorenzo J. Fertitta


4,038,153


40.3
%

737,837


41.7
%




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


8.9
%Richard J. Haskins


33,334


*


58,984


3.3
%

29,431


8.9
%Kevin L. Kelley








58,984


3.3
%

29,431


8.9
%Thomas M. Friel


5,556


*


35,389


2.0
%

29,431


8.9
%Named Executive Officers and Directors as a Group (5)


8,279,150


82.6
%

1,688,015


95.3
%

117,724


35.6
%


*Less
than 1%


34

---



(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, 2009, 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 Group consist of 5 persons for Class A Units, 6 persons for Class B Units and
4 persons for Class C Units.


PRINCIPAL STOCKHOLDERS OF FERTITTA COLONY PARTNERS LLC

The following table sets forth, as of December 31, 2009, 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








2,328,794


41.7
%




Lorenzo J. Fertitta








2,328,794


41.7
%




Scott M Nielson








186,167


3.3
%

92,893


8.9
%Richard J. Haskins








186,167


3.3
%

92,893


8.9
%Kevin L. Kelley








186,167


3.3
%

92,893


8.9
%Thomas M. Friel








111,699


2.0
%

92,893


8.9
%Named Executive Officers and Directors as a Group (6)








5,327,788


95.3
%

371,572


35.6
%


(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.


35

---



(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.


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

Potential Purchase of Assets of the Company

Fertitta Gaming LLC ("Fertitta Gaming"), which is owned by Frank and Lorenzo Fertitta, and the steering committee representing
over 60% of the Company's senior secured bank debt (the "Opco Lenders") to have reached an agreement (the "Opco Plan Support Agreement") support the joint plan of reorganization of the Company and its
subsidiaries that are debtors and debtors in possession (collectively, the "Debtors") in the Chapter 11 cases pending in the United States Bankruptcy Court, which is to be modified pursuant to
the terms of the Opco Plan Support Agreement (as so modified, the "Joint Plan").

Pursuant
to the Opco Plan Support Agreement, the Opco Lenders have agreed to support the $772 million "stalking horse" bid by a newly-formed company ("Newco") to be owned by
Fertitta Gaming, Colony Capital and the mortgage lenders to FCP Propco, LLC ("Propco" and the "Propco Lenders," respectively), to purchase substantially all of the assets of the Company, which
include Santa Fe Station, Texas Station, Fiesta Henderson, Fiesta Rancho and Native American gaming projects (the "Opco Properties"). The Company is not currently party to any agreement with respect
to Newco's purchase of the Opco Properties and such purchase is subject to the Company conducting a sale process for such assets under the supervision of the Bankruptcy Court. The Newco bid for the
Opco Properties will entail significant new investment in Newco by Fertitta Gaming and would result in a
substantial cash recovery to the Opco Lenders. If Newco is the successful bidder, Fertitta Gaming will manage the Opco Properties under a long-term management agreement.

Also
pursuant to the Opco Plan Support Agreement, the parties have agreed to support the Joint Plan as it relates to the restructuring of Propco, which includes the acquisition of Red
Rock Casino Resort Spa, Palace Station, Boulder Station, and Sunset Station (the "Propco Properties") by Newco. The Propco Lenders have agreed to sell 46% of the equity in Newco to Fertitta Gaming,
which will be making a new investment in Newco. The remaining equity in Newco will be owned primarily by the Propco Lenders and Colony Capital, which will also be making a new investment in the
company. Fertitta Gaming will also manage the Propco Properties under a long-term management agreement. The restructuring of Propco under the Joint Plan is not conditioned upon Newco
ultimately becoming the successful bidder for the Opco Properties.

This
report is not intended to be, and should not in any way be construed as, a solicitation of votes on the Company's reorganization plan which was filed with the U.S. Bankruptcy Court.
The plan was filed together with a proposed disclosure statement which should not be relied on for any purpose until a determination by the U.S. Bankruptcy Court is made that the proposed disclosure
statement contains adequate information, as required by the U.S. Bankruptcy Code. Following Bankruptcy Court approval of the disclosure statement and related voting solicitation procedures, the
Company will solicit acceptances of the plan and seek its confirmation by the Bankruptcy Court. There can be no assurance that such plan acceptances or confirmation will be obtained.

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

36

---



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. In July 2010, 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 being realized for owners of comparable land in Clark County or (ii) 8% per year. 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 2010, 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.

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, 2009, 2008 and 2007, the Company made payments to Zuffa
totaling approximately $0.7 million, $0.7 million, and $0.3 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 at
Palace Station for general office and administrative use. 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. 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 approximated the amount the Company paid for leasing the aircraft, and 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

37

---



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, 2009 and
2008, Ernst & Young LLP also performed quarterly reviews of the Company's consolidated financial statements and various other services during 2009 and 2008 (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 2009 and 2008 for each of the following categories of
services are set forth below:

2009

2008Audit Fees

$
1,028,872

$
1,179,789Audit-Related Fees


41,944


24,750Tax Fees


80,838


148,283All Other Fees


118,651





Ernst &
Young LLP did not provide any services related to financial information systems design and implementation during 2009 or 2008. The fees paid for tax services were
primarily related to reviews of the Company's tax returns, tax analysis of the Merger and technical services. Audit-related fees include fees paid for audits of employee benefit plans and consultation
in relation to the Merger. All other fees include services related to the 2009 exchange offer and the Chapter 11 case.

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, 2009.

38

---





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.


39

---





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, 2010

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, 2010/s/ LORENZO J. FERTITTA Lorenzo J. Fertitta

Vice Chairman and Director

April 30, 2010/s/ THOMAS M. FRIEL Thomas M. Friel

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

April 30, 2010/s/ THOMAS J. BARRACK, JR. Thomas J. Barrack, Jr.

Director

April 30, 2010/s/ JAMES E. NAVE James E. Nave

Director

April 30, 2010/s/ JONATHAN H. GRUNZWEIG Jonathan H. Grunzweig

Director

April 30, 2010


40

---



QuickLinks