Station Casinos to Sell 11 Properties

[vegasrocks]

I just read that a bankruptcy judge has okay'd Station Casinos plan to sell off eleven casinos to satisfy some creditors.

Station Casinos filed for Chapter 11 bankruptcy protection last July, listing $5.9 billion in debt. It developed a plan it believes can put it back on its feet.

It calls for the major creditors of Station – Deutsche Bank and JP Morgan Chase – to join with casino operators Frank and Lorenzo Fertitta to hold on to five of the company’s largest hotel-casinos: Red Rock Resort in Summerlin, Sunset Station in Henderson and Boulder Station, Palace Station and the Wild Wild West in Las Vegas.

The group, together with Colony Capital of Los Angeles, would submit a “stalking horse” bid of $722 million for 11 of the casinos, including the two Fiestas, Texas Station and Santa Fe Station.

The judge did say that the auction won't be the end of it. He must approve the bankruptcy reorganization plan. He says he reserves the right to revise any matters if he sees fit.

Many Las Vegas casinos have fallen on hard times over the past couple of years. Hopefully Station Casino will be able to make a rebound.

[vegasnut]

Wow ....I do hope this will help them! I hate seeing some of the smaller casino outfits have trouble.....they are what makes vegas ... vegas.