Station Casinos to File For Bankruptcy
It has been a rumor for a while that Station Casinos would either sell some or all of the company or file for bankruptcy protection. Much like most rumors in the casino business this one is now true. Station Casinos will file for bankruptcy protection by April 15.
Station had its attorneys file court papers Monday opposing a motion for a court injunction sought by a bondholder who is seeking to block the debt-exchange, a key part of Station’s plan to file a pre-packaged bankruptcy petition that would keep its business operating and includes a cash infusion of $244 million by Station owners the Fertitta family and Colony Capital.
Boyd Gaming is still moving aggressively to buy Station Casinos, but they’ve not been able to get that done.
“Station employs over 13,000 people and plays an important social and economic role in the local community. There is no reason to needlessly jeopardize the economic health of this company and its various constituencies so that a single bondholder can pursue spurious claims outside of the established restructuring process.”
It will be interesting to see how this plays out. I really like Station Casinos because of their local flavor. They’re always a nice change of pace from the strip casinos. Nothing will effect my next trip to Las Vegas and I hope Station is able to fight through this. This kind of feel like a fight for the little guy. Go little guy!
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