It is known that state-dependent, multi-step Lyapunov bounds lead to greatly simplified verification theorems for stability for large classes of Markov chain models. This is one component of the "fluid model" approach to stability of stochastic networks. In this paper we extend the general theory to randomized multi-step Lyapunov theory to obtain criteria for stability and steady-state performance bounds, such as finite moments. These results are applied to a remote stabilization problem, in which a controller receives measurements from an erasure channel with limited capacity. Based on the general results in the paper it is shown that stability of the closed loop system is assured provided that the channel capacity is greater than the logarithm of the unstable eigenvalue, plus an additional correction term. The existence of a finite second moment in steady-state is established under additional conditions.