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Station Casinos to Reorganize Under Chapter 11 | Business

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Station Casinos to Reorganize Under Chapter 11

Station Casinos and its subsidiaries have announced that they have filed a Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code.

As part of the plan, the mortgage lenders that are holding debt secured by Red Rock Casino Resort Spa, Palace Station, Boulder Station, and Sunset Station will become the equity owners of a newly-formed company and will sell 46% of the equity to Frank Fertitta III and Lorenzo Fertitta, who will make a significant new investment to purchase their equity in the new company. 

The remaining equity will be owned primarily by the Propco Lenders and Colony Capital, who will also be making a new investment in the company.  Fertitta Gaming, will also manage the Propco Properties under a long-term management agreement. 

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