Ending the Bankruptcy


Texas Station was among 11 casinos that were on the auction block in the Station Casinos bankruptcy case.

The bankruptcy judge, in a hearing that took less than 40 minutes, approved the “stalking horse” bid of $772 million submitted by members of Station’s founding Fertitta family and their lenders to retain 11 casinos that were put on the auction block.  It sets the stage for Station to emerge from bankruptcy with some $700 million in new debt in place of the $6 billion it had a year-ago when entering bankruptcy – nice trade if you can do it. One thing is certain, Las Vegas will be better off with one of its major operators out of bankruptcy and operating without a crippling debt. Those big debt payments harm operations, just ask Donald Trump how difficult it is to keep up with the competition when all of your extra cash goes to debt payment and not to upgrading or improving your facilities.


0 Responses to “Ending the Bankruptcy”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


This is a personal blog and the information in articles posted here represents my personal views. It does not necessarily represent the views of people, institutions or organizations that I may or may not be related with, and is not sponsored or endorsed by them unless stated explicitly. Comments and other public postings are the sole responsibility of their authors, and I shall not take any responsibility and liability for any libel or litigation that results from information written in or as a direct result of information written in a comment. All trademarks, copyrights, and registered names used or cited by this website are the property of their respective owners. I am not responsible for the contents or the reliability of any articles excerpted herein or linked websites and do not necessarily endorse the views expressed within them. I cannot guarantee that these links will work all of the time and have no control over the availability of the linked pages.


August 2010
« Jul   Sep »

%d bloggers like this: