|PARADISE ISLAND, The Bahamas, February 15, 2002 - Sun International Hotels|
Limited (NYSE: SIH) ('Sun') and Station Casinos, Inc. (NYSE: STN)
('Station') today announced that Station will purchase a 50% interest in
SunOnline Ltd ('SunOnline'), a wholly-owned subsidiary of Sun. Each company
will have equal board representation and SunOnline will be the exclusive
vehicle for both Sun and Station to pursue the Internet wagering business.
In September 2001, SunOnline was awarded one of the first three online
gaming licenses granted by the Isle of Man. In December 2001, SunOnline
became the first Isle of Man licensee to commence operations when it
launched www.CasinoAtlantis.com , its
Internet wagering site. The site, operated under strict Isle of Man
regulations, prohibits wagering from jurisdictions that do not permit
Internet wagering including the United States.
'Our strategy for the Internet gaming business is threefold: (1) create a
convenient and entertaining wagering experience; (2) market the credibility
of our land based operations; and (3) maintain the highest level of
regulatory compliance. Sun has the same objectives,' stated Lorenzo
Fertitta, President of Station. 'The combination of Station and Sun will
bring together complementary skills in both operating and marketing this
'We are very pleased to have Station as our partner in this business.
Joining forces with Station enhances our effort to develop an outstanding
Internet gaming platform,' stated Butch Kerzner, President of Sun.
The purchase price will approximate $5 million. The transaction is subject
to certain conditions, including Isle of Man regulatory approval, and is
expected to close by the third quarter of calendar 2002. Because the
venture is in its early stages, the companies have determined it is too
early to provide any guidance regarding projected operating results.