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Boyd Objects to Station Casinos Bankruptcy Plan

LAS VEGAS -- Casino operator Boyd Gaming Corp. is objecting to a proposed bankruptcy plan by rival Station Casinos Inc., saying it devalues certain properties that would be sold under a court auction.

Boyd said in a Wednesday filing in federal bankruptcy court in Reno that Station's current plan would call for most of its properties to be sold without player databases and other operating tools essential for casinos.

Boyd said that makes the properties less valuable to outside buyers. Boyd has publicly declared interest in buying out its main rival in the locals casino market in Las Vegas, but its offers have been rejected.

A judge has set a May 4 hearing to discuss Station's proposal. Station owns all or part of 18 properties, and is proposing to split itself in two.

 (Copyright 2010 by The Associated Press. All Rights Reserved.)

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.

Nevada's Unemployment Rate Rises to 13.2 Percent

CARSON CITY, Nev. --  Nevada's statewide unemployment rate rose to 13.2 percent in February, while the jobless rate in the Las Vegas area climbed another notch toward 14 percent.

The state Department of Employment, Training and Rehabilitation said Friday the unemployment rate in Clark County increased from 13.8 to 13.9 percent.

There was no change in the 13.4 percent jobless rate in the Reno-Sparks area. In Carson City, the rate fell slightly from 13.8 percent to 13.7 percent.

The report says 189,000 workers were out of work in Nevada. But a top state economist says employers added 10,400 jobs in February, representing the first increase since October. Nevada's statewide unemployment rate in January was 13 percent, the second highest in the nation.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

Station Casinos Breakup Proposed

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 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. 

More than $19 Million in Unclaimed Tax Refunds

LAS VEGAS -- The IRS has more than $19 million in unclaimed refunds for Nevada taxpayers and the deadline to claim the money is nearing.

According to the IRS, the refunds are for people who did not file a tax return for 2006. The owed money equates to a median refund of about $575 for 19,000 taxpayers.

"There is about $19 million for about 19,400 Nevadans. The window of opportunity to claim this money is about to expire and they really need to act," said Jesse Weller, IRS.

To collect the money, a 2006 tax return must be filed by April 15, 2010.

"Why should I just let it go to the IRS?" said Steven Hansen a taxpayer who made the mistake of doing that once before. He's learned his lesson, and today it's a much different story.

"That could've been money for anything medical bills, even my rent."