Document:

Exhibit
10.1

SEPARATION
AGREEMENT AND GENERAL RELEASE

THIS
SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is made and entered into as of
the 29th day of March, 2007, by and between STATION
CASINOS, INC., a Nevada corporation (the “Company”), and GLENN C.
CHRISTENSON (the “Executive”).

WHEREAS,
the Company and the Executive are parties to an Employment Agreement dated as
of May 20, 2003, as amended by that First Amendment to Employment Agreement
dated July 13, 2004 (collectively, the “Employment
Agreement”); and

WHEREAS,
the Executive desires to resign his employment with the Company; and

WHEREAS,
the Company and the Executive have agreed that the Executive will resign his
employment with the Company effective March 30, 2007 (the “Termination Date”) upon the terms and
conditions set forth herein.

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.             Termination of Employment; Return of Company Property.

(a)           Section 2.2 of the Employment
Agreement is hereby amended to provide for the termination of the Employment
Agreement on March 30, 2007.  The
termination will be treated as a “Termination by the Executive” pursuant to
Section 6.3 of the Employment Agreement.

(b)           The Executive shall end his
employment and resign all offices and board memberships with the Company and
its subsidiaries and affiliates effective on the Termination Date.

(c)           On the Termination Date, or at any
time prior to the Termination Date if so requested by the Company, the
Executive shall deliver to the Company all Company Property (as defined in the
Employment Agreement) that the Executive may then possess or have under his
control.

2.             Survival of Certain Employment Agreement Provisions.  The Parties acknowledge and agree that the
provisions of Section 8.2 (“No Mitigation; No Offset”), Section 10 (“Indemnification”),
Section 11 (“Covenant Not to Engage in Certain Acts”), Section 12 (“Confidential
Information and Company Property”) and Section 15 (“Right to Seek Injunctive
Relief”) of the Employment Agreement (collectively the “Surviving Sections”) shall survive the
termination of the Employment Agreement and the termination of the Executive’s
employment with the Company, and shall remain in full force and effect, and
shall be in addition to, rather than in lieu of or replaced by, any similar
obligations set forth in the Consulting Agreement that is provided for in Section
5 below.  In addition, those
definitions contained in 

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Section 1 (“Definitions”)
of the Employment Agreement that are integral to an understanding and
interpretation of the Surviving Sections shall also survive termination of
Executive’s employment and shall remain in full force and effect only to the
extent necessary to interpret and enforce such Surviving Sections, except that
the following definitions shall be amended as indicated:

1.8           “Competing Business” shall mean any Person
engaged in the gaming industry that directly or through an affiliate or
subsidiary conducts its business within the Restricted Area;  provided, however, that a
Competing Business shall not mean a Person that is primarily engaged in the
gaming manufacturing and/or supply business so long as such Person does not
otherwise compete with the Company in the gaming business.

1.18         “Restricted Area” shall mean
the City of Las Vegas, Nevada and the area within a twenty-five (25) mile
radius of that city, provided, however, that after January 1,
2008, the Restricted Area shall exclude (a) Downtown Las Vegas (which is
defined as that area bounded by Eastern Avenue and straight extensions thereof
on the East, I-515 (U.S. Highway 93/95) on the North, I-15 on the West, and Charleston
Boulevard on the South), and (b) the Las Vegas Strip (which is defined as that
area bounded by Paradise Road and straight extensions thereof on the East,
Charleston Boulevard on the North, I-15 on the West, and Sunset Road on the
South).

1.19         “Restriction
Period” shall mean that period commencing on the date of this
Agreement and expiring on March 30, 2009.

3.             Payments and Benefits. 
Subject to the Executive’s execution, and compliance with the term and
conditions, of this Agreement, the Parties agree to the following:

(a)           Treatment
of Options and Restricted Stock.   All vested Company stock options held by the
Executive as of the Termination Date shall continue to be and shall remain
fully exercisable in accordance with the terms of the applicable awards until
the earlier of (i) the closing date (the “Closing Date”)
of the transactions contemplated by the Merger Agreement dated February 23,
2007, between the Company and Fertitta Colony Partners, LLC (the “Merger Agreement”), at which time such options would be
cashed out pursuant to the terms of the Merger Agreement, and (ii) the
expiration of the Term of Engagement under the Consulting Agreement (as defined
below), or such shorter period to the extent limited by Section 409A of the
Internal Revenue Code.  In addition, all
Company restricted stock held by the Executive as of the Termination Date shall
continue to vest in accordance with the terms of the applicable awards until
the earlier of (i) the Closing Date, at which time such restricted stock would
be cashed out pursuant to the terms of the Merger Agreement, and (ii) the
expiration of the Term of Engagement under the Consulting Agreement.

(b)           Consideration
for General Release.  Not
later than eight (8) days following the Termination Date, provided that the
Executive has executed the General Release 

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(as defined and described
in Section 4 below), and has not revoked his signature, the Company
shall pay or provide to the Executive (subject to applicable employment and
income tax withholdings and deductions) the following payments and benefits:

i.                                          Base
Salary (as defined in the Employment Agreement) through the Termination Date,
to the extent not previously paid;

ii.                                       an
additional payment equal to $85,000 in respect of thirty (30) days of Base
Salary, which compensates the Executive for the Base Salary he would have
otherwise received during the thirty (30) day notice period pursuant to Section
6.3 of the Employment Agreement, which the Company has waived;

iii.                                    an
additional payment equal to $98,077 in respect of five weeks of Base Salary,
which compensates the Executive for accrued but unpaid vacation time as of the
Termination Date;

iv.                                   until
the end of the calendar month in which the Executive reaches age 62,
continuation of the group medical and dental insurance coverages for the
Executive and his eligible dependents that are substantially comparable to the
coverages provided immediately prior to the Termination Date, after which
period the Executive and his eligible dependents shall be entitled to exercise
their rights under COBRA; provided, however, that if the
Executive enrolls in any medical or dental insurance coverage provided by a
future employer, the Company shall have no further obligations respect to the
continued Company coverages (other than its obligations, if any, under COBRA);
and provided,  further, that if such continued Company coverages
are not permitted under the applicable insurance policies, by reason Section
409A of the Internal Revenue Code or for any other reason, the Company shall
provide the Executive with an amount after taxes which is sufficient to
purchase substantially similar coverage for such period; and

v.                                      such
rights to other benefits as may be provided in the applicable plans and
programs of the Company, including, without limitation, the Company’s
Supplemental Management Retirement Program and Deferred Compensation Program
according to the terms and conditions of such plans and programs.

4.             Release of Claims. 
The Executive shall have no rights under the Employment Agreement after
the Termination Date, except as otherwise provided in Section 2
above.  In addition, as a condition of
the Executive’s receipt of the payments and benefits provided for in Section
3(b) above, on the Termination Date the Executive shall execute the terms
of the general release and covenant not to sue (the “General Release”), in favor of the Released Parties (as that
term is defined and used in the General Release) attached hereto as Exhibit “A”.

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5.             Consulting Arrangement. 
Concurrently with the execution of this Agreement, the Company and the
Executive shall enter into the Consulting Agreement attached hereto as Exhibit “B”,
pursuant to which the Executive will provide consulting services to the Company
and its subsidiaries and affiliates commencing on March 31, 2007.

6.             Effect of
a “Superior Proposal” Transaction.  In the event that a transaction constituting
a “Superior Proposal” (as defined in the Merger Agreement) is consummated and
the Merger Agreement is terminated, the provisions of this Agreement and the
Consulting Agreement shall be terminated and be of no further force or effect,
and the Employment Agreement shall be restored and continue in effect in
accordance with its terms, as if the Termination Date had not occurred.  The Parties shall take such actions as are
necessary to return the Parties as nearly as possible to the same positions and
with the same rights and obligations as existed prior to the Termination Date
(but without any duplication of rights or payments), including all rights of
the Executive with respect to compensation, benefits and equity compensation.

7.             Dispute Resolution.

(a)           Arbitrable
Claims.  Except as
provided in the immediately following sentence, all disputes between the
Parties relating in any matter whatsoever to the employment or termination of
the Executive, including, without limitation, all disputes arising out of or
relating to this Agreement (“Arbitrable
Claims”), shall be resolved by binding arbitration set as set forth
in this Section 6.  Notwithstanding
the foregoing, any claim for injunctive relief brought by the Company under
Section 15 of the Employment Agreement shall not be considered an Arbitrable
Claim.  The arbitration shall be final
and binding upon the Parties and shall be the exclusive remedy for all
Arbitrable Claims.  THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO
TRIAL BY JUDGE OR JURY IN REGARD TO ARBITRABLE CLAIMS.

(b)           Procedure.  Arbitration of Arbitrable Claims shall be in
accordance with the Commercial Rules of the American Arbitration Association,
as amended, and as augmented in this Agreement. 
Either Party may bring an action in any court of competent jurisdiction
located in Clark County, Nevada, to compel arbitration under this Agreement and
to enforce an arbitration award. 
Otherwise, neither Party shall initiate or prosecute any lawsuit, appeal
or administrative action in any way related to an Arbitrable Claim.    All arbitration hearings under this
Agreement shall be conducted in Las Vegas, Nevada.  The Federal Arbitration Act shall govern the
interpretation and enforcement of this Agreement.  The Company shall pay all fees of the
arbitrator and costs of arbitration; provided, however, that each
Party shall be responsible for paying its or his own legal fees.

(c)           Confidentiality.  All proceedings and all documents prepared in
connection with any Arbitrable Claim shall be confidential and, unless
otherwise required by law or regulation, the subject matter thereof shall not
be disclosed to any third party other than the Parties to the proceedings,
their counsel, witnesses and experts, the arbitrator, and, if involved, the
court and court staff.

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8.             Cooperation.  The
Parties agree to cooperate fully with each other in order to achieve the
purposes of this Agreement and to take all actions not specifically described
herein that may be required to carry out the purposes and intent of this
Agreement.

9.             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.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  10973 W. Summerlin Centre Drive

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Las Vegas, Nevada 89135

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Attention: Richard J. Haskins, Esq.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  If to the Executive:

  	
   

  	
  Glenn C. Christenson

  	
   

  	
   

  

 

10.           Entire
Agreement.  This
Agreement, including the exhibits hereto, 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.  Without limiting the generality of the foregoing,
the Executive acknowledges and agrees that neither the Company nor any of its
employees or agents have made any representations to the Executive concerning
the terms or effects of this Agreement other than those representations
expressly set forth herein.

11.           Assignability.  Neither Party shall have the right to assign
any rights or obligations under this Agreement without the prior written
approval of the other Party other than an assignment to a successor of the
Company, provided that such successor assumes the liabilities,
obligations and duties of the Company under this Agreement, either
contractually or  as a matter of law. 
The Parties acknowledge and agree that the provisions of this Section
11 were negotiated at arms’ length and that the Executive received separate
and adequate consideration in return for providing the Company the right to
assign this Agreement.

12.           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.

13.           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 

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provisions of this
Agreement shall be unaffected thereby and shall remain in full force and effect
to the fullest extent permitted by law.

14.           Construction.  The Parties agree that this Agreement is the
product of negotiations between sophisticated parties, both of whom were
represented by counsel, and each of whom had an opportunity to participate in
and did participate in, the drafting of each provision hereof.  Accordingly, this Agreement shall be
construed as if both Parties prepared this Agreement, and any rules of
construction to the contrary are hereby waived.

15.           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.

16.           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.

17.           Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

18.           Acknowledgement.

(a)           The Executive acknowledges that he
received a copy of this Agreement prior to its execution and has had a
reasonable amount of time to review and consider this Agreement prior to its
execution.

(b)           The Executive further acknowledges
that he has consulted with an attorney prior to executing this Agreement.

(c)           The Executive enters into this
Agreement having freely and knowingly elected, after due consideration, to
execute this Agreement and to fulfill the promises set forth herein.

[REMAINDER OF PAGE
LEFT BLANK INTENTIONALLY]

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

	
  

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STATION CASINOS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Richard J. Haskins

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard J. Haskins

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  General Counsel & Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “EXECUTIVE”

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Glenn C. Christenson

  	
   

  	
   

  
	
   

  	
   

  	
  GLENN C. CHRISTENSON

  	
   

  	
   

  

 

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EXHIBIT
A

GENERAL
RELEASE AND COVENANT NOT TO SUE

This GENERAL RELEASE AND
COVENANT NOT TO SUE (this “General
Release”) is executed and delivered by  GLENN C. CHRISTENSON (the “Executive”) to STATION
CASINOS, INC., a Nevada corporation (the “Company”).

In
consideration of the agreement by the Company to provide the separation
payments and benefits described in the Separation Agreement and General Release
to which this General Release is attached, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Executive hereby agrees as follows:

1.                                      RELEASE AND COVENANT.  The Executive, of his own free will,
voluntarily releases and forever discharges the Company and its subsidiaries
and affiliates, and each of their respective past and present agents,
employees, managers, representatives, officers, directors, attorneys,
accountants, trustees, shareholders, partners, insurers, heirs,
predecessors-in-interest, advisors, successors and assigns (collectively, the “Released Parties”) from, and covenants not
to sue or proceed against any of the foregoing on the basis of, any and all
past or present causes of action, suits, agreements or other rights or claims
which the Executive, his dependents, relatives, heirs, executors,
administrators, successors and assigns has or have against any of the General
Released Parties upon or by reason of any matter arising out of his employment
by the Company and the cessation of said employment, as of the date of
execution of this General Release, and including, but not limited to, any
alleged violation of the Civil Rights Acts of 1964 and 1991, the Equal Pay Act
of 1963, the Age Discrimination in Employment Act of 1967 (including the Older
Workers Benefit Protection Act of 1990), the Rehabilitation Act of 1973, the
Family and Medical Leave Act of 1993, the Americans with Disabilities Act of
1990, the Employment Retirement Income Security Act of 1974, the Nevada Fair
Employment Practices Act, the labor laws of the United States, and Nevada and
any other federal, state or local law, regulation or ordinance, or public
policy, contract or tort law, having any bearing whatsoever on the terms and
conditions or cessation of his employment with the Company.

2.                                      DUE
CARE.  The Executive acknowledges
that he has received a copy of this General Release prior to its execution and
has been advised hereby of his opportunity to review and consider this General
Release for up to twenty-one (21) days prior to its execution.  The Executive further acknowledges that he
has been advised hereby to consult, and has consulted, with an attorney prior
to executing this General Release.  The
Executive enters into this General Release having freely and knowingly elected,
after due consideration, to execute this General Release and to fulfill the
promises set forth herein.  This General
Release shall be revocable by the Executive during the seven (7) day period
following its execution, and shall not become effective or enforceable until
the expiration of such seven (7) day period. 
In the event of such a revocation, the Executive shall not be entitled
to the consideration for this General Release set forth above.

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3.                                      RELIANCE
BY THE EXECUTIVE.  The Executive
acknowledges that, in his decision to enter into this General Release, he has
not relied on any representations, promises or arrangement of any kind,
including oral statements by representatives of the Company, except as set
forth in this General Release.

4.                                      MISCELLANEOUS.  The Executive shall not disclose the existence
or contents of this General Release to anyone other than his immediate family,
accountants or attorneys, and the Executive shall instruct such third parties
not to disclose the same.  This General
Release 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.  If any provision of
this General Release is held invalid or unenforceable for any reason, the remaining
provisions shall be construed as if the invalid or unenforceable provision had
not been included.

This GENERAL RELEASE AND COVENANT NOT TO SUE is
executed by the Executive and delivered to the Company on the 29th day of March, 2007.

	
  

  	
  /s/ Glenn C. Christenson

  	
   

  
	
   

  	
  GLENN
  C. CHRISTENSON

  

 

	
  STATE OF NEVADA

  	
  )

  	
   

  
	
   

  	
  ) ss:

  	
   

  
	
  COUNTY OF CLARK

  	
  )

  	
   

  

 

On this 29th day of March, 2007, before me, a Notary
Public of the State of Nevada, personally appeared Glenn C. Christenson, to me
known and known to me to be the person described and who executed the foregoing
General Release and did then and there acknowledge to me that he voluntarily
executed the same.

	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NOTARY PUBLIC

  	
   

  

 

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EXHIBIT
B

CONSULTING AGREEMENT

THIS
CONSULTING AGREEMENT (this “Agreement”)
is made and entered into on the 29th day of March, 2007, by and between STATION CASINOS, INC., a Nevada corporation
(the “Company”), and GLENN C. CHRISTENSON (the “Consultant”).

WHEREAS,
the Company desires to engage the Consultant to render consulting services for
the Company and its subsidiaries and affiliates; and

WHEREAS,
the Consultant desires to be retained by the Company to render consulting
services to the Company upon the terms and conditions set forth herein.

NOW,
THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable consideration, the
Company and the Consultant (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:

1.1           “Affiliate”
shall mean any Person controlling, controlled by or under common control with
the Company.

1.2           “Competing Business” shall
have the meaning set forth in the Separation Agreement.

1.3           “Confidential
Information” shall mean all nonpublic and/or proprietary information
respecting the business of the Company or any Affiliate, including, without
limitation, its products, programs, projects, promotions, marketing plans and
strategies, business plans and practices, business operations, employees,
research and development, intellectual property, software, databases,
trademarks, pricing information, accounting and financial data.  Confidential Information also includes
information concerning the customers of the Company or any Affiliate, such as
their identity, address, playing patterns and ratings or any other information
kept by the Company or any Affiliate concerning its customers, whether or not
reduced to documentary form. 
Confidential Information does not include information that is, or
becomes, available to the public unless such availability occurs through an
unauthorized act on the part of the Consultant.

1.4           “Employment Agreement”
shall mean that Employment Agreement dated as of May 20, 2003, between the
Company and the Consultant, as amended by that First Amendment to Employment
Agreement dated July 14, 2004.

1.5           “Person”
shall mean any individual, firm, partnership, association, trust, company,
corporation or other entity.

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1.6            “Restriction
Period” shall have the
meaning set forth in the Separation Agreement.

1.7           “Separation Agreement”
shall mean that Separation Agreement and General Release dated as of March 29,
2007 between the Company and the Consultant.

2.             Term of Engagement.  The term of engagement (the “Term of Engagement”) shall commence on
March 31, 2007 (the “Commencement Date”),
and shall terminate upon the earlier of (a) the Closing Date (as defined in the
Separation Agreement) and (b) the second anniversary of the Commencement Date,
unless earlier terminated pursuant to Section 5 below; provided, however,
that the Parties may elect to extend the Term of Engagement by mutual
agreement.

3.             Consulting Services.  During the Term of Engagement, the Consultant
shall provide a maximum of forty (40) hours of consulting services as
reasonably requested by the Company (the “Consulting
Services”) per month regarding business matters involving the
Company.  The Consultant shall provide
such Consulting Services to the Company by telephone and/or in person at the
Company’s offices as reasonably requested by the Company.

4.             Fees and Expenses.  In consideration for providing the Consulting
Services provided hereunder, the Company agrees to provide the Consultant with
the following during the Term of Engagement:

4.1           Monthly Fee.  The Consultant shall be paid a monthly fee
(the “Monthly Fee”) of Twenty Thousand and
No/100 Dollars ($20,000.00).  The Monthly
Fee shall be paid on or before the first (1st) day of each month during the Term of
Engagement and shall be prorated for any partial month thereof.  If the services of the Consultant exceed
forty (40) hours in any month, the Consultant will be compensated at the hourly
rate of $500.00 per hour for such additional services.  As an independent contractor, the Consultant
will be responsible for all taxes and the Company will not have any obligation
to withhold taxes from the Monthly Fee. 
The Consultant shall submit to the Company a monthly invoice, which will
include, at a minimum, the following information:

(a)                                  a
general description of the Consulting Services being performed;

(b)           a list of any expenses for which
reimbursement is requested (together with appropriate evidence or 

4.2           Business
Expense Reimbursement. 
The Company shall reimburse the Consultant for all reasonable
out-of-pocket expenses incurred by it in performing the Consulting Services
under this Agreement.  The Consultant
shall submit monthly invoices to the Company for such expenses, which invoices
shall include, at a minimum, the amount of each expense, a description of the
purpose of the expense and appropriate backup or supporting documentation.

5.             Termination.  This Agreement and the Term of Engagement
hereunder may be terminated by either Party for any or no reason upon thirty
(30) days’ prior written notice to the 

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other Party.  In the event of a termination by the
Consultant, the Monthly Fees shall cease, and all unvested stock options and
restricted stock held by the Consultant shall be forfeited.  In the event of a termination by the Company
other than for “Cause” (as such term is defined in the Employment Agreement),
all Monthly Fees shall continue to be paid, and all unvested stock options and
restricted stock held by the Consultant shall continue to vest as provided in
Section 3 of the Separation Agreement, on the same basis as if the Term of
Engagement had continued until its scheduled expiration.

6.             Independent
Contractor.  All services
provided by the Consultant shall be performed by the Consultant directly and
independently and not as an agent, employee or representative of the
Company.  This Agreement is not intended
to and does not constitute, create, or otherwise give rise to a joint venture,
partnership or other type of business association or organization of any kind
by or between the Company and the Consultant. 
The rights and obligations of the Company and the Consultant under this
Agreement shall be limited to the express provisions hereof.  Specifically, and without limitation, the
Consultant has no power or authority to contract for, or bind, the Company in
any manner, except as specifically authorized by the Chief Executive Officer of
the Company.

7.             Indemnification. 
The Company agrees that if the Consultant is made a party or is
threatened to be made a party to any action, suit or proceeding, whether civil,
criminal, administrative or investigative (an “Indemnifiable Action”), arising out of or relating to the
Consulting Services as a consultant under this Agreement, the Consultant shall
be indemnified, defended and held harmless by the Company against all expense,
liability and loss (including, without limitation, attorneys’ fees, judgments,
fines, taxes or penalties and amounts paid or to be paid in settlement)
reasonably incurred or suffered by the Consultant in connection therewith,
except as otherwise prohibited by law and except to the extent that the
Consultant was engaged in gross negligence or willful misconduct in the course
of providing the Consulting Services. 
The Consultant shall have the right to employ its own counsel in such
Indemnifiable Action at the Consultant’s expense; and (ii) if (A) the retention
of counsel by the Consultant has been previously authorized in writing by the
Company, (B) the Company shall have reasonably concluded, based on the advice
of independent legal counsel mutually selected by the Company and the
Consultant, that there may be a conflict of interest between the Company and
the Consultant in the conduct of any such defense, or (C) the Company shall
not, in fact, have retained counsel to assume the defense of such Indemnifiable
Action, the fees and expenses of the Consultant’s counsel shall be at the
expense of the Company.  The Company
shall not settle any action or claim that would impose any limitation or
penalty on the Consultant without obtaining the Consultant’s prior written
consent, which consent shall not be unreasonably withheld.  The provisions of this Section 7 shall
survive the expiration or earlier termination of this Agreement.

8.             Covenants to Protect Confidential Information and Other Business
Interests.

8.1           General.  The Parties understand and agree that the
purpose of the restrictions contained in this Section 8 is to protect
the goodwill and other legitimate business 

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interests of the Company,
and that the Company would not have entered into this Agreement in the absence
of such restrictions.

8.2           Confidential
Information.  The
Consultant shall not, during the Term of Engagement or anytime thereafter, without
the prior written consent of the Company, divulge, disclose or make accessible
any Confidential Information to any other Person except while rendering
services to the Company or for the benefit of the Company or when required to
do so by a court of competent jurisdiction.

8.3           Notes,
Memoranda and Other Items. 
Upon the termination of this Agreement or at such earlier time as the
Company may request, the Consultant shall deliver to an appropriate officer of
the Company all memoranda, diaries, notes, records, cost information, customer
lists, marketing plans and strategies and any other documents relating or
referring to any Confidential Information made available to the Consultant by
the Company in the Consultant’s possession or control.

8.4           Non-assistance;
Non-diversion.  In
addition to the foregoing, the Consultant agrees and covenants that during the
Restriction Period, the Consultant shall not, directly or indirectly, for
itself or any third party, or alone or as a member of a partnership, or as an officer,
director, shareholder or otherwise, engage in the following acts:

(a)                                  divert
or attempt to divert any existing business of the Company or any Affiliate;

(b)                                 
accept any position or affiliation with, or render any services on behalf of,
any Competing Business; or

(c)                                  hire
or retain any employee of the Company or any Affiliate to provide services for
any other Person or induce, solicit, attempt to solicit, encourage, divert,
cause or attempt to cause any employee or prospective employee of the Company
or any Affiliate to (i) terminate and/or leave such employment, or (ii) accept
employment with anyone other than the Company or an Affiliate.

8.5           Survival.  The Consultant agrees that the provisions of
this Section 8 shall survive the expiration or sooner termination of
this Agreement.

9.             Dispute Resolution.

9.1           Arbitrable
Claims.  All disputes
between the Parties arising out of or relating to this Agreement or any alleged
breach thereof (“Arbitrable Claims”),
shall be resolved by binding arbitration set as set forth in this Section 9.  Notwithstanding the foregoing, any claim for
injunctive relief brought by the Company under Section 8 hereof shall
not be considered an Arbitrable Claim.  THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO
TRIAL BY JUDGE OR JURY IN REGARD TO ARBITRABLE CLAIMS.

 13
 

9.2           Procedure.  Arbitration of Arbitrable Claims shall be in
accordance with the Commercial Rules of the American Arbitration Association,
as amended, and as augmented in this Agreement. 
Either Party may bring an action in any court of competent jurisdiction
located in Clark County, Nevada, to enforce the provisions of Section 8
or to compel arbitration under this Agreement and to enforce an arbitration
award.  Otherwise, neither Party shall
initiate or prosecute any lawsuit, appeal or administrative action in any way
related to an Arbitrable Claim.  The
initiating Party must file and serve an arbitration claim within sixty (60)
days of learning the facts giving rise to the alleged claim.  All arbitration hearings under this Agreement
shall be conducted in Las Vegas, Nevada. 
The Federal Arbitration Act shall govern the interpretation and
enforcement of this Agreement.  The
Company shall pay all fees of the arbitrator and costs of the arbitration; provided,
however, that each Party shall be responsible for  paying its own
legal fees.

9.3           Confidentiality.  All proceedings and all documents prepared in
connection with any Arbitrable Claim shall be confidential and, unless
otherwise required by law, the subject matter thereof shall not be disclosed to
any Person other than the Parties to the proceedings, their counsel, witnesses
and experts, the arbitrator, and, if involved, the court and court staff.

10.           Compliance
with Laws.  The Consultant
shall fully comply with all applicable federal, state and local laws, rules and
regulations in performing the Consulting Services hereunder.

11.           Cooperation.  The Parties agree to cooperate fully with
each other in order to achieve the purposes of this Agreement and to take all
actions not specifically described that may be required to carry out the
purposes and intent of this Agreement.

12.           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.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  10973 W. Summerlin Centre Drive

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Las Vegas, Nevada 89135

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Attention: Richard J. Haskins, Esq.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  If to the Consultant:

  	
   

  	
  Glenn C. Christenson

  	
   

  	
   

  

13.           Entire Agreement.  This Agreement and the Separation Agreement
contain the entire agreement between the Parties concerning the subject matter
hereof and supersede all prior agreements, understandings, discussions,
negotiations and undertakings, whether written or oral, 

 14
 

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.

14.           Assignability.  Neither Party shall have the right to assign
any rights or obligations under this Agreement without the prior written
approval of the other Party other than an assignment to a successor of the
Company; provided that such successor assumes the liabilities,
obligations and duties of the Company under this Agreement, either
contractually or as a matter of law.  The
Parties acknowledge and agree that the provisions of this Section 14
were negotiated at arms’ length and that the Consultant received separate and
adequate consideration in return for providing the Company the right to assign
this Agreement.

15.           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.

16.           Section 409A Compliance.  To the extent applicable, it is intended that
this Agreement comply with the provisions of section 409A of the Internal
Revenue Code, and this Agreement shall be construed and applied in a manner
consistent with this intent.  In the
event that any of the compensation to be provided to the Consultant under this
Agreement is determined by the Company to be in the nature of nonqualified
deferred compensation, the Company and the Consultant hereby agree to take such
actions as may be mutually agreed between the parties to ensure that such
compensation complies with the applicable provisions of section 409A of the
Code and the official guidance issued thereunder.

17.           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.

18.           Construction.  The Parties agree that this Agreement is the
product of negotiations between sophisticated parties, both of whom were
represented by counsel, and each of whom had an opportunity to participate in
and did participate in, the drafting of each provision hereof.  Accordingly, this Agreement shall be
construed as if both parties prepared this Agreement, and any rules of
construction to the contrary are hereby waived.

19.           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.

 15
 

20.           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.

21.           Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which together
shall constitute one and the same instrument.

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

	
  

  	
  “COMPANY”

  
	
   

  	
   

  
	
   

  	
  STATION CASINOS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard J. Haskins

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Richard J. Haskins

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  	
   

  
	
   

  	
   

  	
  General Counsel & Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “CONSULTANT”

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Glenn C. Christenson

  	
   

  	
   

  
	
   

  	
  GLENN C. CHRISTENSON

  	
   

  	
   

  

 

 16Exhibit 10.2

CONSULTING AGREEMENT

THIS
CONSULTING AGREEMENT (this “Agreement”)
is made and entered into on the 29th day of March, 2007, by and between STATION CASINOS, INC., a Nevada corporation
(the “Company”), and GLENN C. CHRISTENSON (the “Consultant”).

WHEREAS,
the Company desires to engage the Consultant to render consulting services for
the Company and its subsidiaries and affiliates; and

WHEREAS,
the Consultant desires to be retained by the Company to render consulting
services to the Company upon the terms and conditions set forth herein.

NOW,
THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable consideration, the
Company and the Consultant (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:

1.1           “Affiliate”
shall mean any Person controlling, controlled by or under common control with
the Company.

1.2           “Competing Business” shall
have the meaning set forth in the Separation Agreement.

1.3           “Confidential
Information” shall mean all nonpublic and/or proprietary information
respecting the business of the Company or any Affiliate, including, without
limitation, its products, programs, projects, promotions, marketing plans and
strategies, business plans and practices, business operations, employees,
research and development, intellectual property, software, databases,
trademarks, pricing information, accounting and financial data.  Confidential Information also includes
information concerning the customers of the Company or any Affiliate, such as
their identity, address, playing patterns and ratings or any other information
kept by the Company or any Affiliate concerning its customers, whether or not
reduced to documentary form. 
Confidential Information does not include information that is, or
becomes, available to the public unless such availability occurs through an
unauthorized act on the part of the Consultant.

1.4           “Employment Agreement”
shall mean that Employment Agreement dated as of May 20, 2003, between the
Company and the Consultant, as amended by that First Amendment to Employment
Agreement dated July 14, 2004.

1.5           “Person”
shall mean any individual, firm, partnership, association, trust, company,
corporation or other entity.

1.6            “Restriction
Period” shall have the
meaning set forth in the Separation Agreement.

 1
 

1.7           “Separation Agreement”
shall mean that Separation Agreement and General Release dated as of March 29,
2007 between the Company and the Consultant.

2.             Term of Engagement.  The term of engagement (the “Term of Engagement”) shall commence on
March 31, 2007 (the “Commencement Date”),
and shall terminate upon the earlier of (a) the Closing Date (as defined in the
Separation Agreement) and (b) the second anniversary of the Commencement Date,
unless earlier terminated pursuant to Section 5 below; provided, however,
that the Parties may elect to extend the Term of Engagement by mutual
agreement.

3.             Consulting Services.  During the Term of Engagement, the Consultant
shall provide a maximum of forty (40) hours of consulting services as
reasonably requested by the Company (the “Consulting
Services”) per month regarding business matters involving the
Company.  The Consultant shall provide
such Consulting Services to the Company by telephone and/or in person at the
Company’s offices as reasonably requested by the Company.

4.             Fees and Expenses.  In consideration for providing the Consulting
Services provided hereunder, the Company agrees to provide the Consultant with
the following during the Term of Engagement:

4.1           Monthly Fee.  The Consultant shall be paid a monthly fee
(the “Monthly Fee”) of Twenty Thousand and
No/100 Dollars ($20,000.00).  The Monthly
Fee shall be paid on or before the first (1st) day of each month during the Term of
Engagement and shall be prorated for any partial month thereof.  If the services of the Consultant exceed
forty (40) hours in any month, the Consultant will be compensated at the hourly
rate of $500.00 per hour for such additional services.  As an independent contractor, the Consultant
will be responsible for all taxes and the Company will not have any obligation
to withhold taxes from the Monthly Fee. 
The Consultant shall submit to the Company a monthly invoice, which will
include, at a minimum, the following information:

(a)                                  a
general description of the Consulting Services being performed;

(b)                                 a
list of any expenses for which reimbursement is requested (together with
appropriate evidence or receipts therefor).

4.2           Business
Expense Reimbursement. 
The Company shall reimburse the Consultant for all reasonable
out-of-pocket expenses incurred by it in performing the Consulting Services
under this Agreement.  The Consultant
shall submit monthly invoices to the Company for such expenses, which invoices
shall include, at a minimum, the amount of each expense, a description of the
purpose of the expense and appropriate backup or supporting documentation.

5.             Termination.  This Agreement and the Term of Engagement
hereunder may be terminated by either Party for any or no reason upon thirty
(30) days’ prior written notice to the other Party.  In the event of a termination by the
Consultant, the Monthly Fees shall cease, and all unvested stock options and
restricted stock held by the Consultant shall be forfeited.  In the event of a termination by the Company
other than for “Cause” (as such term is defined in the Employment Agreement),
all Monthly Fees shall continue to be paid, and all unvested stock options and
restricted stock held by the Consultant shall continue to vest as provided in
Section 3

 2
 

of the Separation Agreement, on the same basis as if
the Term of Engagement had continued until its scheduled expiration.

6.             Independent
Contractor.  All services
provided by the Consultant shall be performed by the Consultant directly and
independently and not as an agent, employee or representative of the
Company.  This Agreement is not intended
to and does not constitute, create, or otherwise give rise to a joint venture,
partnership or other type of business association or organization of any kind
by or between the Company and the Consultant. 
The rights and obligations of the Company and the Consultant under this
Agreement shall be limited to the express provisions hereof.  Specifically, and without limitation, the
Consultant has no power or authority to contract for, or bind, the Company in
any manner, except as specifically authorized by the Chief Executive Officer of
the Company.

7.             Indemnification. 
The Company agrees that if the Consultant is made a party or is
threatened to be made a party to any action, suit or proceeding, whether civil,
criminal, administrative or investigative (an “Indemnifiable Action”), arising out of or relating to the
Consulting Services as a consultant under this Agreement, the Consultant shall
be indemnified, defended and held harmless by the Company against all expense,
liability and loss (including, without limitation, attorneys’ fees, judgments,
fines, taxes or penalties and amounts paid or to be paid in settlement)
reasonably incurred or suffered by the Consultant in connection therewith,
except as otherwise prohibited by law and except to the extent that the
Consultant was engaged in gross negligence or willful misconduct in the course
of providing the Consulting Services. 
The Consultant shall have the right to employ its own counsel in such
Indemnifiable Action at the Consultant’s expense; and (ii) if (A) the retention
of counsel by the Consultant has been previously authorized in writing by the
Company, (B) the Company shall have reasonably concluded, based on the advice
of independent legal counsel mutually selected by the Company and the
Consultant, that there may be a conflict of interest between the Company and
the Consultant in the conduct of any such defense, or (C) the Company shall
not, in fact, have retained counsel to assume the defense of such Indemnifiable
Action, the fees and expenses of the Consultant’s counsel shall be at the
expense of the Company.  The Company
shall not settle any action or claim that would impose any limitation or
penalty on the Consultant without obtaining the Consultant’s prior written
consent, which consent shall not be unreasonably withheld.  The provisions of this Section 7 shall
survive the expiration or earlier termination of this Agreement.

8.             Covenants to Protect Confidential Information and Other Business
Interests.

8.1           General.  The Parties understand and agree that the
purpose of the restrictions contained in this Section 8 is to protect
the goodwill and other legitimate business interests of the Company, and that
the Company would not have entered into this Agreement in the absence of such
restrictions.

8.2           Confidential
Information.  The Consultant
shall not, during the Term of Engagement or anytime thereafter, without the
prior written consent of the Company, divulge, disclose or make accessible any
Confidential Information to any other Person except while rendering services to
the Company or for the benefit of the Company or when required to do so by a
court of competent jurisdiction.

 3
 

8.3           Notes,
Memoranda and Other Items. 
Upon the termination of this Agreement or at such earlier time as the
Company may request, the Consultant shall deliver to an appropriate officer of
the Company all memoranda, diaries, notes, records, cost information, customer
lists, marketing plans and strategies and any other documents relating or
referring to any Confidential Information made available to the Consultant by
the Company in the Consultant’s possession or control.

8.4           Non-assistance;
Non-diversion.  In
addition to the foregoing, the Consultant agrees and covenants that during the
Restriction Period, the Consultant shall not, directly or indirectly, for itself
or any third party, or alone or as a member of a partnership, or as an officer,
director, shareholder or otherwise, engage in the following acts:

(a)                                  divert
or attempt to divert any existing business of the Company or any Affiliate;

(b)                                 
accept any position or affiliation with, or render any services on behalf of,
any Competing Business; or

(c)                                  hire
or retain any employee of the Company or any Affiliate to provide services for
any other Person or induce, solicit, attempt to solicit, encourage, divert, cause
or attempt to cause any employee or prospective employee of the Company or any
Affiliate to (i) terminate and/or leave such employment, or (ii) accept
employment with anyone other than the Company or an Affiliate.

8.5           Survival.  The Consultant agrees that the provisions of
this Section 8 shall survive the expiration or sooner termination of
this Agreement.

9.             Dispute Resolution.

9.1           Arbitrable
Claims.  All disputes
between the Parties arising out of or relating to this Agreement or any alleged
breach thereof (“Arbitrable Claims”),
shall be resolved by binding arbitration set as set forth in this Section 9.  Notwithstanding the foregoing, any claim for
injunctive relief brought by the Company under Section 8 hereof shall
not be considered an Arbitrable Claim.  THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO
TRIAL BY JUDGE OR JURY IN REGARD TO ARBITRABLE CLAIMS.

9.2           Procedure.  Arbitration of Arbitrable Claims shall be in
accordance with the Commercial Rules of the American Arbitration Association, as
amended, and as augmented in this Agreement. 
Either Party may bring an action in any court of competent jurisdiction
located in Clark County, Nevada, to enforce the provisions of Section 8
or to compel arbitration under this Agreement and to enforce an arbitration
award.  Otherwise, neither Party shall
initiate or prosecute any lawsuit, appeal or administrative action in any way
related to an Arbitrable Claim.  The
initiating Party must file and serve an arbitration claim within sixty (60)
days of learning the facts giving rise to the alleged claim.  All arbitration hearings under this Agreement
shall be conducted in Las Vegas, Nevada. 
The Federal Arbitration Act shall govern the interpretation and
enforcement of this Agreement.  The
Company shall pay all fees of the

 4
 

arbitrator and costs of the arbitration; provided,
however, that each Party shall be responsible for  paying
its own legal fees.

9.3           Confidentiality.  All proceedings and all documents prepared in
connection with any Arbitrable Claim shall be confidential and, unless
otherwise required by law, the subject matter thereof shall not be disclosed to
any Person other than the Parties to the proceedings, their counsel, witnesses
and experts, the arbitrator, and, if involved, the court and court staff.

10.           Compliance
with Laws.  The Consultant
shall fully comply with all applicable federal, state and local laws, rules and
regulations in performing the Consulting Services hereunder.

11.           Cooperation.  The Parties agree to cooperate fully with
each other in order to achieve the purposes of this Agreement and to take all
actions not specifically described that may be required to carry out the
purposes and intent of this Agreement.

12.           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.

  
	
   

  	
   

  	
  10973 W.
  Summerlin Centre Drive

  
	
   

  	
   

  	
  Las Vegas,
  Nevada 89135

  
	
   

  	
   

  	
  Attention:
  Richard J. Haskins, Esq.

  
	
   

  	
   

  	
   

  
	
   

  	
  If to the Consultant:

  	
  Glenn C. Christenson

  

 

13.           Entire
Agreement.  This Agreement
and the Separation Agreement contain the entire agreement between the Parties
concerning the subject matter hereof and supersede 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.

14.           Assignability.  Neither Party shall have the right to assign
any rights or obligations under this Agreement without the prior written
approval of the other Party other than an assignment to a successor of the
Company; provided that such successor assumes the liabilities,
obligations and duties of the Company under this Agreement, either
contractually or as a matter of law.  The
Parties acknowledge and agree that the provisions of this Section 14
were negotiated at arms’ length and that the Consultant received separate and
adequate consideration in return for providing the Company the right to assign
this Agreement.

15.           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

 5
 

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.

16.           Section 409A Compliance.  To the extent applicable, it is intended that
this Agreement comply with the provisions of section 409A of the Internal
Revenue Code, and this Agreement shall be construed and applied in a manner
consistent with this intent.  In the
event that any of the compensation to be provided to the Consultant under this
Agreement is determined by the Company to be in the nature of nonqualified
deferred compensation, the Company and the Consultant hereby agree to take such
actions as may be mutually agreed between the parties to ensure that such
compensation complies with the applicable provisions of section 409A of the
Code and the official guidance issued thereunder.

17.           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.

18.           Construction.  The Parties agree that this Agreement is the
product of negotiations between sophisticated parties, both of whom were
represented by counsel, and each of whom had an opportunity to participate in
and did participate in, the drafting of each provision hereof.  Accordingly, this Agreement shall be
construed as if both parties prepared this Agreement, and any rules of
construction to the contrary are hereby waived.

19.           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.

20.           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.

21.           Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

 6
 

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

	
  

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STATION CASINOS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By:

  	
   

  	
  /s/ Richard J. Haskins 

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Richard J. Haskins 

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel & Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “CONSULTANT”

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Glenn C. Christenson

  	
   

  
	
   

  	
   

  	
  GLENN C. CHRISTENSON

  	
   

  
						

 

 7

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