Chapter 13 Bankruptcy Information Video

Here’s a quick information video about Chapter 13 Bankruptcy.  This video will tell you some quick information about the difference between Chapter 7 and Chapter 13 as well as what Chapter 13 bankruptcy can do for you.  If you are looking to reorganize your debt and pay it off over time, consider Chapter 13 bankruptcy.  For more information, visit this more detailed page about Chapter 13 bankruptcy.

Lenders Support Station Reorganization Plans

Recently, lenders have agreed to support Station’s plans of reorganization.  These plans include the Fertittas and Colony Capital taking ownership of the four big hotel-casino properties of Red Rock, Sunset Station, Boulder Station, and Palace Station.   They also include a $772 million bid by a new company to be formed from Fertitta Gaming, Colony Capital and the mortage lenders to the 4 big casinos.

Here is more of the story from the Las Vegas Sun:

Station said the $772 million bid is to purchase the OpCo assets of the company, in addition to the PropCo properties. These additional assets include Santa Fe Station, Texas Station, Fiesta Henderson, Fiesta Rancho and Indian gaming projects.

The company didn’t immediately say whether the $772 million bid would include Station’s joint ventures with the Greenspun family, owner of the Las Vegas Sun. These include Green Valley Ranch resort in Henderson and Aliante Station in North Las Vegas. A Greenspun affiliate in a separate bankruptcy case is trying to replace Station as manager of Green Valley Ranch, charging mismanagement there. Station has denied those allegations.

“We are pleased to have reached agreement with the steering committee of the Opco senior lenders on the acceptance of our stalking-horse bid and our plan of reorganization. This agreement is another important step toward maximizing the value of all of the Station Casinos’ properties for the benefit of our team members, guests, lenders and the Las Vegas community,” said Frank Fertitta III, chairman of the board and chief executive officer of Station Casinos.

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Las Vegas, Economy, Casinos, Debt Reorganization

Cosmopolitan Set to Open in Mid-December

The $3.9 billion casino plans to open its doors in December, CEO John Unwin announced.  The Cosmopolitan plans to open everything except around one-third of its hotel rooms, which should be phased in next July.

Here is more of the story from the AP:

Cosmopolitan CEO John Unwin said the hotel’s amenities, including 13 restaurants, a spa, nightclub, 150,000 square feet of meeting and convention space and retail stores, would open in mid-December with the casino and the bulk of its 2,995 rooms. The resort is going for approachable elegance, Unwin said, with all the offerings of larger resorts presented on 8.7 acres, meaning shorter distances between the Cosmopolitan’s features compared with other hotels.

“I think this really changes how a major casino-resort in Las Vegas is set up,” Unwin told The Associated Press. “It’s still big, but it’s not 15 minutes in terms of getting around the casino.”

Unwin, a former general manager for the 85-acre Caesars Palace who began leading the Cosmopolitan in October, told the AP that its decision to phase in about 1,000 rooms a few months after the casino opens has been in place about one year, to give more time to move furniture and finish interior work.

He said the resort’s construction is fully funded and plans are firm to have all of Cosmopolitan’s rooms open by July.