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
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