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Station Casinos Breakup Proposed | Gaming News

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Station Casinos Breakup Proposed
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LAS VEGAS -- It's one of the largest corporate bankruptcies in Nevada history. Station Casinos announced Thursday its plan to save some of its properties while potentially selling off more than a dozen others.

Station Casinos is keeping the Red Rock resort, as well as Palace, Boulder and Sunset Stations. But there are 14 other Las Vegas casinos that may soon be up for auction.

"Certainly Boyd Gaming has made it very public they're interested in some of these assets. I think there could be other players out in the market. Companies like Penn National or somebody else that has an interest in the Las Vegas locals market," said Brian Gordon, Applied Analysis.

Read a statement issued by Boyd Gaming Thursday afternoon

Station Casinos' spokespeople wouldn't talk on camera, but they showed 8 News Now the Chapter 11 bankruptcy plans filed in court Thursday morning.

Other gaming companies may be interested in buying up Station casinos' properties including Texas Station. But, the Fertitta brothers say they plan on making a play to save the casino business their family founded 35 years ago. They're pumping in $86 million dollars of their own cash to become majority owners of this reorganized company jointly held by equity firms. The Fertittas say they plan on "aggressively pursuing" buying back full control of a number of the 14  properties potentially on the market.

"These are complex companies, there's a lot of different legal entities involved, a lot of different lenders involved. Day to day, these hotel casino properties are operating as they always have," said Gordon.

Station Casinos says this will not affect any of the entertainment at their resorts. They add that Players Club "Boarding Passes" will be unaffected until at least the end of the year. The paperwork filed in court adds that Station Casinos plans to restart contributions to their worker's 401k programs.

 

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