Station Casinos and the Greenspun Corporation Enter into Agreement to Develop Hotel and Casino in Aliante Master Planned Community

"When we conceptualized and developed Aliante, we incorporated ahotel/casino as part of our overall master plan in order to providethe entertainment amenities that many residents are looking for," saidBrian Greenspun, Chairman of the Board of The Greenspun Corporation."We have a great relationship with the Fertittas and Station Casinosas a result of the success of Green Valley Ranch Resort and we areconfident that they will develop and operate a high-quality projectfor our residents and the surrounding North Las Vegas community,"Greenspun concluded.

"We are excited about the opportunity to develop and operate ahotel and casino in Aliante, the most successful master-plannedcommunity in North Las Vegas," said Lorenzo Fertitta, President ofStation. "North Las Vegas is one of the fastest growing cities in thecountry and Aliante is the premiere location in North Las Vegas for ahotel and casino. We believe that market is ready for our product."

The master-planned community currently features a golf course,city parks and an extensive 24-mile trail system. Aliante is apartnership between American Nevada Corporation and Del WebbCommunities.

According to City of North Las Vegas demographers, North LasVegas' population is expected to continue to double every eight yearswith an average annual growth rate of 9.4%. This year, North LasVegas' population exceeded 180,000 residents. The U.S. Census Bureaualso named North Las Vegas the second fastest growing city in thecountry from 2000-2003 with a population increase of 25%.

Station will immediately begin designing the hotel and casino andanticipates breaking ground on the project by late 2006 or early 2007."As the premiere provider of local's entertainment, we look forward tobringing hotel rooms, restaurants and entertainment such as gaming andmovie theatres to an area we believe is hungry for these types ofamenities," said Fertitta.

Subsidiaries of The Greenspun Corporation and Station are partnersin Green Valley Ranch Resort and Casino, Barley's Casino & BrewingCompany and The Greens Cafe, all of which are located in Henderson,Nevada.

About The Greenspun Corporation

The Greenspun Corporation (TGC) is a privately owned, family-runcompany that manages and oversees the financial interests of theGreenspun family of Las Vegas, Nevada. The company operates its ownbusinesses and invests in public and private securities, primarily inthe media, communications, travel and tourism, real estate and gamingindustries. These businesses include the following:

-- American Nevada Company (ANC) - A twenty-five year old real estate company that has developed the 8,000 acre master-planned community Green Valley, Seven Hills master-planned community and Aliante, a new master planned community in North Las Vegas. In addition, ANC's commercial holdings of existing and under development product totals over 5.0 million square feet.

-- Greenspun Media Group (GMG) - This is the communications division of TGC with print media that includes the Las Vegas Sun, Showbiz Weekly, Las Vegas Life, Las Vegas Weekly, VegasGolfer, The Ralston FLASH, In Business Las Vegas, VEGAS Magazine, Las Vegas Life Home & Design, and The NEWS. GMG also publishes a number of targeted and special interest products each year for businesses such as the Fashion Show Mall and the Wynn Hotel.

-- Vegas.com - The tour and travel arm of TGC operates the vegas.com and lasvegas.com websites serving as the premier gateway for visitors traveling to Las Vegas . The site is ranked as one of the 50 largest travel websites in the world providing hotel reservations, vacation packages, show tickets, tours, restaurant reservation, car rentals, golf tee times and nightclub front-of-line passes. In addition, the Company operates retail and concierge desk locations within many of the resorts in Las Vegas.

-- Las Vegas 1 - a 24 hour local, all-news cable channel, launched in 1998 as a joint venture with local CBS affiliate KLAS-8 and Cox Communications of Las Vegas.

-- UPN Las Vegas - the Las Vegas affiliate station for the UPN network, which features local access programming and news content, syndicated programming and network first-run series selections is operated as a joint venture with Catalyst Investors.

-- SkyMall - a leading in-flight specialty publishing and marketing services company is owned and operated in partnership with Spire Capital. The in-flight SkyMall magazine, with a circulation of 20 million copies, is seen by almost 90% of all domestic air passengers reaching more than 600 million air travelers and over 100 million unique individuals. The Company also administers membership loyalty programs for companies such as Marriott.

-- Gaming - TGC has partnered with Station Casinos and holds a fifty-percent interest in both Green Valley Ranch Resort and Barley's Casino and Brewing Company. In addition, TGC holds a minority ownership interest in The Palms Hotel and Casino.

Other private investments include interests in private equityfunds as well as direct investments in a variety of other early stageand growth stage operating business and projects.

About Station Casinos, Inc.

Station Casinos, Inc. is the leading provider of gaming andentertainment to the residents of Las Vegas, Nevada. Station'sproperties are regional entertainment destinations and include variousamenities, including numerous restaurants, entertainment venues, movietheaters, bowling and convention/banquet space, as well as traditionalcasino gaming offerings such as video poker, slot machines, tablegames, bingo and race and sports wagering. Station owns and operatesPalace Station Hotel & Casino, Boulder Station Hotel & Casino, SantaFe Station Hotel & Casino, Wildfire Casino and Wild Wild West GamblingHall & Hotel in Las Vegas, Nevada, Texas Station Gambling Hall & Hoteland Fiesta Rancho Casino Hotel in North Las Vegas, Nevada, and SunsetStation Hotel & Casino, Fiesta Henderson Casino Hotel, Magic StarCasino and Gold Rush Casino in Henderson, Nevada. Station also owns a50% interest in Barley's Casino & Brewing Company, The Greens Cafe andGreen Valley Ranch Station Casino in Henderson, Nevada and a 6.7%interest in the Palms Casino Resort in Las Vegas, Nevada. In addition,Station manages the Thunder Valley Casino near Sacramento, Californiaon behalf of the United Auburn Indian Community.

This press release contains certain forward-looking statementswith respect to the business, joint ventures and expansion projects ofStation and its subsidiaries which involve risks and uncertaintiesthat cannot be predicted or quantified, and consequently, actualresults may differ materially from those expressed or implied herein.Construction projects such as Aliante Station entail significantrisks, including shortages of materials or skilled labor, unforeseenregulatory problems, work stoppages, weather interference, floods andunanticipated cost increases. The anticipated costs and constructionperiods are based on budgets, conceptual design documents andconstruction schedule estimates. There can be no assurance that thebudgeted costs or construction period will be met. All forward-lookingstatements are based on Station's current expectations and projectionsabout future events. All forward-looking statements speak only as ofthe date hereof and Station undertakes no obligation to publiclyupdate any forward-looking statements, whether as a result of newinformation, future events or otherwise. Additional financialinformation, including presentations from recent investor conferences,is available in the "Investors" section of Station's website atwww.stationcasinos.com.