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Station Casinos emerges from bankruptcy


VEGASINC.com,  Friday, June 17, 2011 at 9:07:47 PM

Station Casinos of Las Vegas today said it emerged from bankruptcy.

Nearly two years after its Chapter 11 reorganization filing, the company is out of bankruptcy after its plans were confirmed during the past few weeks by Bankruptcy Judge Gregg Zive in Reno and Nevada casino regulators.

The founding Fertitta family and key lenders will maintain control of the company and all its properties except Aliante Station, which was spun off to holders of $378 million of its debt. Station will continue to manage Aliante Station, a property in North Las Vegas.


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Station Casino cleared to turn over Aliante to lenders


Bloomberg.com,  Thursday, May 26, 2011 at 10:44:58 AM

Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, won court permission to turn over its Aliante Station casino to lenders owed more than $378 million.

U.S. Bankruptcy Judge Gregg W. Zive, in Reno, Nevada, approved a reorganization plan for the 40-acre property, owned by Las Vegas-based Station and closely held Greenspun Corp. They will hand over the resort to creditors for less than its original $662 million cost.

In March, two people familiar with the deal told Bloomberg News that TPG Capital and Apollo Global Management LLC are among the lenders that will take over Aliante. The private-equity firms bought Aliante debt at a discount and are among the biggest holders, the people said.


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Station Casinos affiliates files bankruptcy to implement Green Valley sale


Bloomberg.com,  Thursday, April 14, 2011 at 10:11:24 PM

Station Casinos Inc. affiliates including Fiesta Station Inc. filed for bankruptcy protection to implement an asset sale that is part of the parent company's reorganization plan.

Fiesta Station listed assets of as much as $500 million and debt of more than $1 billion in a Chapter 11 petition filed yesterday in U.S. Bankruptcy Court in Reno, Nevada. Green Valley Ranch Gaming LLC and 25 other related companies also sought court protection.

Green Valley Ranch Resort, Spa & Casino in suburban Las Vegas, a joint venture of Station Casinos and Greenspun Corp., will be acquired for $500 million by a group led by Fertitta family, Station Casinos said last month.


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Boyd withdraws bid for Station Casino assets


Rueters,  Friday, July 30, 2010 at 9:10:17 PM

Casino operator Boyd Gaming Corp has given up on efforts to acquire assets held by bankrupt Station Casinos Inc, citing bidding procedures that favor Station insiders.

The move clears the way for a $772 million bid led by Station's founding Fertitta family to acquire most of the assets.

"Unfortunately, given bidding procedures that favor Station insiders, and our current view of the limited potential value of the operating and development assets, we have concluded this opportunity no longer makes sense for our company," Boyd Chief Executive Officer Keith Smith said in a statement.


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Frank Fertitta Jr., founder of Station Casinos, dies at age 70


Los Angeles Times,  Saturday, August 22, 2009 at 12:31:27 AM

Frank Fertitta Jr., the founder of casino operator Station Casinos Inc. who retired when his sons took the company public in 1993, has died. He was 70.

Fertitta died Friday morning after complications from a heart condition, a spokeswoman for the company told The Associated Press.

Born in Beaumont, Texas in 1938, Fertitta moved to Las Vegas in 1960 and worked his way up in the casino industry over the next 16 years.


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