Exhibit 10.25

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT(this "Agreement") is made and entered
into as of the 17th day of December, 2001, by and betweenSTATION CASINOS, INC., a Nevada corporation, with its principal offices located at 2411
West Sahara Avenue, Las Vegas, Nevada 89102 (the "Company"), andLORENZO J. FERTITTA(the
"Executive").

WHEREAS, the Company and the Executive are parties to an Employment Agreement dated as of July 31, 2000 (the Former Agreement"); and

WHEREAS, the Executive has agreed to continue his employment with the Company on the terms and conditions set forth herein; and

WHEREAS, the parties to this Agreement desire to replace the Former Agreement in its entirety with this Agreement, and the Former
Agreement shall no longer be of any force or effect;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
Company and the Executive (each individually a "Party" and together the "Parties") agree as follows.

1.DEFINITIONS.In addition to certain terms defined elsewhere in this Agreement, the following terms shall have
the following respective meanings:





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Notwithstanding
the foregoing, a reincorporation, spin-off, split-off or other reorganization transaction (a "Reorganization Event"), or series of related transactions, in
which either the "beneficial owners" of the Company's Voting Stock or the Existing Equity Holders beneficially own securities representing 50% or more of the combined voting power of the Company's
Voting Stock upon the consummation of such transaction shall not constitute an Acquisition Event, Merger Event or Sale Event for purposes of this definition. For purposes of this definition,
"beneficial ownership" shall have the same meaning as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended, except that a Person shall
be deemed to have "beneficial ownership" of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time.

For
the purposes of this definition, upon consummation of an Acquisition Event, Merger Event, Sale Event or Reorganization Event, the "Company's Board" and the "Company's Shareholders" shall refer to
(i) in the case of an Acquisition Event, the Company, (ii) in the case of a Merger Event, the company surviving the merger or consolidation, (iii) in the case of a Sale Event, the
transferee of the properties, and/or assets, and (iv) in the case of a Reorganization Event, the entity or entities surviving such Reorganization Event on a consolidated basis.



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2.TERM OF EMPLOYMENT, POSITION AND RESPONSIBILITIES.



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3.COMPENSATION.



4.EMPLOYEE BENEFIT PLANS AND PROGRAMS.



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5.BUSINESS EXPENSE REIMBURSEMENT AND PERQUISITES.



6.TERMINATION OF EMPLOYMENT.



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In
the event of a termination for Cause, the Executive shall be entitled, in lieu of any other compensation and benefits whatsoever, to:



Notwithstanding
anything to the contrary in thisSubsection 6.2,if the Executive's employment is terminated for Cause (i) due to his having been
formally charged pursuant toSubsection 1.5(a)but thereafter said charges are dismissed or the Executive is acquitted, or (ii) due to his having
been convicted pursuant toSubsection 1.5(a)but said conviction is subsequently overturned on appeal and he is not required to submit to
re-trial within six (6) months thereafter, the Executive shall be entitled to

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the payments and the economic equivalent of the benefits he would have received if his employment had been terminated without Cause underSubsection
6.4.



7.CHANGE IN CONTROL.



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8.CONDITIONS TO PAYMENTS UPON TERMINATION.



9.SPECIAL REIMBURSEMENT.



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10.INDEMNIFICATION.





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11.CONFIDENTIAL INFORMATION AND COMPANY PROPERTY.



12.DISPUTE RESOLUTION.The Company agrees that in the event the Executive finds it necessary to initiate any
legal action to obtain any payments, benefits or rights provided by this Agreement to him, the Company shall reimburse the Executive for all attorney's fees and other related expenses incurred by him
to the extent the Executive is successful in such action.

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13.NOTICES.All notices, demands and requests required or permitted to be given to either Party under this
Agreement shall be in writing and shall be deemed to have been given when delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the
Party concerned at the address indicated below or to such changed address as such Party may subsequently give notice of:

If to the Company:

Station Casinos, Inc.
2411 West Sahara Avenue
Las Vegas, NV 89102
Attn: Scott M NielsonWith a copy to:

Milbank, Tweed, Hadley & McCloy
601 South Figueroa Street, 30th Floor
Los Angeles, CA 90017
Attn: Kenneth J. BaronskyIf to the Executive:

Lorenzo J. Fertitta
3360 West Sahara Avenue, Suite 200
Las Vegas, NV 89102.


14.EMPLOYEE BENEFIT PLAN DOCUMENTS.In the event that any terms and provisions of this Agreement conflict with
the terms and provisions of any employee benefit plan document, the terms and provisions of this Agreement shall govern, and the Company shall take any and all actions that may be necessary, including
amendment of any plan document, to effect the provision of benefits expressly provided upon termination of the Executive's employment pursuant toSections 6 and
7.

15.BENEFICIARIES/REFERENCES.The Executive shall be entitled to select a beneficiary or beneficiaries to
receive any compensation or benefit payable hereunder following the Executive's death, and may change such election, by giving the Company written notice thereof. In the event of the Executive's death
or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiaries, estate or other legal representative.

16.SURVIVORSHIP.The respective rights and obligations of the Parties hereunder shall survive the expiration or
earlier termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations. The provisions of this Section 18 are in addition to the survivorship
provisions of any other section of this Agreement.

17.REPRESENTATIONS AND WARRANTIES.Each Party represents and warrants that he or it is fully authorized and
empowered to enter into this Agreement and that the performance of his or its obligations under this Agreement will not violate any Agreement between that Party and any other Person.

18.ENTIRE AGREEMENT.This Agreement contains the entire agreement between the Parties concerning the subject
matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, express or implied, between the Parties with respect hereto. No
representations, inducements, promises or agreements not embodied herein shall be of any force or effect.

19.ASSIGNABILITY; BINDING NATURE.This Agreement shall be binding upon and inure to the benefit of the Parties
and their respective successors, heirs and assigns; provided, however, that no rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive, other than
rights to compensation and benefits hereunder, which may be transferred only by will or operation of law and subject to the limitations of this Agreement; and provided, further, that no rights or
obligations of the Company under this Agreement may be assigned or transferred by the Company, except that such rights or obligations may be assigned or transferred pursuant to a merger or
consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the
successor

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to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company under this Agreement, either contractually or
as a matter of law.

20.AMENDMENT OR WAIVER.No provision in this Agreement may be amended or waived unless such amendment or waiver
is agreed to in writing, signed by both Parties. No waiver by one Party of any breach by the other Party of any condition or provision of this Agreement to be performed by such other Party shall be
deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. No failure of the Company to exercise any power given it hereunder or to insist upon
strict compliance by the Executive with any obligation hereunder, and no custom or practice at variance with the terms hereof, shall constitute a waiver of the right of the Company to demand strict
compliance with the terms hereof.

21.SEVERABILITY.In the event that any provision or portion of this Agreement shall be determined to be invalid
or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted
by law.

22.GOVERNING LAW.This Agreement shall be governed by and construed and interpreted in accordance with the laws
of the State of Nevada without reference to the principles of conflict of laws thereof. In the event of any dispute or controversy arising out of or relating to this Agreement that is not an
arbitrable claim, the Parties mutually and irrevocably consent to, and waive any objection to, the exclusive jurisdiction of any court of competent jurisdiction in Clark County, Nevada, to resolve
such dispute or controversy.

23.HEADINGS.The headings of the sections and subsections contained in this agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

24.COUNTERPARTS.This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which shall constitute one and the same Agreement with the same effect as if all Parties had signed the same signature page. Any signature page of this Agreement may be detached from any
counterpart of this Agreement and reattached to any other counterpart of this Agreement identical in form hereto but having attached to it one or more additional signature pages.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

| |  | STATION CASINOS, INC.
| |  | ---------------------
| |  |                      
| |  | By:                  
| |  |                      
| |  | Name:                
| |  | Title:               
| |  |                      
| |  | Lorenzo J. Fertitta  
| |  |                      

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