QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

Station Casinos, Inc.
Ratio of Earnings to Fixed Charges
(amounts in thousands)

		Fiscal Year Ended															Six Months Ended
		31-Dec-00			31-Dec-01			31-Dec-02			31-Dec-03			31-Dec-04			30-Jun-04			30-Jun-05
Fixed Charges
	Interest Expense	$	92,381		$	92,902		$	98,985		$	95,039		$	78,266		$	40,801		$	39,504
	Capitalized Interest		3,849			10,918			2,065			3,496			6,968			2,734			7,319
	Amortization of Debt Cost		2,979			6,376			4,082			3,156			2,945			1,530			1,657
	Interest Portion of Rentals		2,907			3,153			3,435			3,655			3,722			1,887			1,806
	Total Fixed Charges	$	102,116		$	113,349		$	108,567		$	105,346		$	91,901		$	46,952		$	50,286
Interest Portion of Rentals
	Rentals	$	8,809		$	9,556		$	10,408		$	11,076		$	11,278		$	5,718		$	5,474
	Times 33%		2,907			3,153			3,435			3,655			3,722			1,887			1,806
Earnings
	Pretax Income from Continuing Operations	$	147,309		$	30,463		$	49,756		$	68,177		$	105,229		$	(1,169	)	$	128,459
	Fixed Charges		102,116			113,349			108,567			105,346			91,901			46,952			50,286
	Less: Capitalized Interest		(3,849	)		(10,918	)		(2,065	)		(3,496	)		(6,968	)		(2,734	)		(7,319	)
	Total Earnings	$	245,576		$	132,894		$	156,258		$	170,027		$	190,162		$	43,049		$	171,426
Ratio of Earnings to Fixed Charges			2.40			1.17			1.44			1.61			2.07			0.92			3.41
Deficit																		(3,903	)

QuickLinks

Exhibit 12.1